DUBLIN–(BUSINESS WIRE)–The “Global Smart Mining Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The smart mining market was valued at USD 9.27 billion in 2021 and is expected to reach USD 28.05 billion by 2027. It is expected to register a CAGR of 20.62% from 2022 to 2027. Mining involves many processes, including resource allocation management of equipment, such as mining trucks, excavators, drills, conveyor belts, transportation and logistics, and more. To ensure that everything runs efficiently and finishes faster, these complex processes require a system to simplify and automate them.
- As per Komatsu, mining represents nearly 12% of the global GDP, measured by revenues and products sold. The Fourth Industrial Revolution has developed into an “integrated intelligent society” and is now spreading across all sectors. Digital solutions have become well established in day-to-day mining operations, and more mines and mining areas are set to benefit.
- According to research by Ericsson, when deployed concurrently, autonomous vehicles, real-time site monitoring, and remote-controlled drilling rigs deliver improved efficiency, productivity, safety, and a combined ROI of 207% over ten years in surface operations. In underground mining, the ROI equates to 256%. Digital technology is driving fundamental changes in mining.?
- In recent years, mining businesses across emerging countries have faced an increase in the number of challenges, including price instability, the need to drill deeper to uncover new resources, and a skills shortage across the industry. Many mining businesses have resorted to digital transformation to overcome these issues. The market is focusing on using advanced technology to transform traditional mines into smart mines that are more efficient, safer, and more productive.
- Various companies launched innovative solutions to deal with unprecedented challenges due to the COVID-19 pandemic. For instance, in May 2020, Axora, one of the prominent players in the smart mining market, launched its Smart Mining Resource Center to aid companies in recovering from the pandemic. According to companies, the mining sector can get back on track by adopting digital technologies to enhance safety, increase profits, and minimize overall operational costs. Thus, the launch of the online Smart Mining Resource Center is anticipated to help companies regain their market value post-pandemic.
Key Market Trends
Data Management & Analytics Expected to Show Highest Growth
- Data is one of the most valuable assets. Every day automated drills, trucks, shovels, conveyors, trains, and ships produce vast amounts of valuable data. By combining this data with smart analytics, artificial intelligence, machine learning, and automation, various vendors are making their businesses safer and more productive.
- According to the World Economic Forum, digital transformation initiatives in the mining sector will generate more than USD 320 billion of industry value over the next decade. InterSystems IRIS for Mining Operations is next-generation digital transformation software for mining operators that works seamlessly with existing machinery and software applications. It delivers real-time, customizable Key Performance Indicators (KPIs), including Overall Equipment Effectiveness (OEE) and real-time alerts as data levels and KPIs approach pre-defined thresholds.
- Big data, driven by the accelerating progress of information and communication technology, is a promising technology that can reshape the entire mining landscape. Despite numerous attempts at applying big data in the mining sector, fundamental problems of big data massive data management (BDM) in the mining sector persist.
- Harnessing the potential of BDM and BDA (Big Data Analytics) might help the mining sector increase its productivity and respond more actively to uncertainties. Cost estimation for adopting BDM in the mining sector should be performed, and instant data communication should be improved. With the support of Big Data, companies can save up to 80% while locating new mines, compared to the traditional methods, which have complicated and expensive bureaucratic processes that precede field exploration.
- Machine learning has shown to be a promising tool in processing an overwhelming amount of data collected during exploration and is key to finding more complex deposits. Goldspot Discoveries Corp. uses artificial intelligence (AI) to improve mineral exploration by ingesting different data sets to discover potential gold deposit locations. The company can add more than USD 11 billion in additional value to the mining sector through AI, advanced analytics, and simulation modeling.
- Growing Emphasis on Worker Safety and Health
- Rising Adoption of Wireless Monitoring and Centralized Solutions among Several Large Mining Installations
- Technological Advancements and Convergence of Various Digital Transformation Practices
- Operational and Cost Challenges Remain a Concern in Emerging Regions
- Initial Success of Connected Mining Installations
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
5 MARKET DYNAMICS
6 MARKET SEGMENTATION
7 COMPETITIVE LANDSCAPE
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
- Cisco Systems Inc.
- Wenco International Mining Systems Ltd
- SAP SE
- Rockwell Automation Inc.
- Komatsu Mining Corporation (Joy Global)
- Symboticware Inc.
- ABB Ltd
- Trimble Inc.
- IBM Corporation
- Epiroc AB
- Metso Outotec OYJ
For more information about this report visit https://www.researchandmarkets.com/r/ncsoyc
Laura Wood, Senior Press Manager
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