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Global Smart Mining Technologies Market Analysis by Type, Automated Equipment, Component, Region and segments forecast till 2033
Market Overview
The Global Smart Mining Technologies Market valued at USD 2,300 million in 2022 is anticipated to reach a value of USD 9,000 million in 2033, growing at a CAGR of 14.3%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 2,300 million |
Market Forecast in 2033 | USD 9,000 million |
CAGR % 2023-2033 | 14.3% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Hitachi Construction Machinery Co. Ltd., ABB Ltd., Komatsu Ltd., Outotec Oyj, Copco, Caterpillar Inc., Atlas Joy Global Inc., Cisco Systems Inc., and Alcatel-Lucent. |
Global Smart Mining Technologies Market- Description
Smart mining is a process that uses information, autonomy, and technology to obtain enhanced safety, reduce operational costs, and gain better productivity for a mine site. Mining corporations emphasize on enhancing productivity by providing state-of-the-art software & solutions. It also comprises remote-controlled robotic equipment for mineral & metal extraction, which is stated as tele-robotic mining, and decreases the danger for miners.
Increased awareness regarding the harsh influences of mining atmospheres such as UV exposure, dust, noise, chemical hazards, ground instability, and others cause health problems in the mine workers. This is influencing many key manufacturers to introduce advanced smart mining solutions in the smart mining market, which is one of the key drivers of the global market.
Integration of autonomous fleet, remote-controlled equipment, and ventilation solutions offer safe working conditions and also improve the operational productivities. In addition, the growth of the market is driven by increased focus on safety & health, rise in adoption of IoT solutions, and increase in the implementation of autonomous equipment.
Key Trends of Global Smart Mining Technologies Market:
Robust Adoption of Internet of Things (IoT)
Rapid advancement in technology will continue to influence mining operations. While a fully connected mining site may be still a few years away, IoT is increasingly being adopted in mining equipment and vehicles. To increase operational efficiency and reduce downtime, miners are using advanced tools for predictive maintenance. The use of IoT in scheduling and predicting maintenance and repair tasks is expected to play a key role in its widespread adoption.
Investment in Simulation Technology
Simulation technology is gaining traction among miners owing to its proven benefits in responding to emergency situations. While the technology per se is highly efficient, shrinking budgets have resulted into limited adoption. However, the technology is poised to witness widespread adoption in the long run.
Segmental Analysis of Global Smart Mining Technologies Market:
Based on Type
Underground Mining
Surface Mining (Open Pit or Open cast)
Smart mining operators can build on their existing wireless network of embedded sensors. For example, on the installation of automated software, the user can remotely control both static and moving assets. Similarly, computerized trucks rely on both the physical network of sensors and the remotely programmed and controlled software to autonomously carry out mining operations that previously needed a fleet of truck drivers.
Based on Category
Automated Equipment
Excavator
Robotic Truck
Driller and Breaker
Load Haul Dump
Others
Based on Component
Hardware
o Sensors
o RFID Tags
o Intelligent Systems
o Others
Software
o Data and operation Management
o Safety and Security Systems
o Connectivity Solutions
o Analytics Solutions
o Remote Management and Logistics
o Asset Management Solutions
Services
o Support and Maintenance (Engineering Services)
o System Integration (Deployment Services)
Consulting Services
Geographical Analysis of global Smart Mining Technologies Market:
The global smart mining technologies market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America and Middle East and Africa. Asia Pacific excluding Japan will continue to remain the largest market for smart mining globally. North America and Western Europe will remain the other lucrative markets for smart mining equipment and services during the forecast period. APEJ accounted for nearly 35% revenue share.
Global Smart Mining Technologies Market: Recent Developments
In June 2020, Trimble introduced the Trimble SX12 Scanning Total Station.
In January 2021, ABB delivered trolley assist solution to meet Copper Mountain Minings sustainable development goals in Canada
Global Smart Mining Technologies Market: Key Companies
Hitachi Construction Machinery Co. Ltd.
ABB Ltd.
Komatsu Ltd.
Outotec Oyj
Copco
Caterpillar Inc.
Atlas Joy Global Inc.
Cisco Systems Inc.
Alcatel-Lucent.
Others
Global Smart Mining Technologies Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
Why to buy this Report?
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Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.
Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.
Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.