Global Connected Mining Market Analysis by Component, Type, Mining Type, Deployment, Application and Region and segments forecast till 2033

Market Overview

The global Connected Mining market was worth USD 12,700 million in 2022 and is anticipated to amplify at a CAGR of 13.3% over 2023-2033, thereby accumulating USD 23,600 million by end of the analysis timeline.

Connecting mining is a multi-esteem solution for successfully oversee industrial mining activities. The motivation behind associated mining is to connect end to end tasks of mining. This assists with deciding significant experiences and deliver a real-time holistic view of all the mining through cell phones. Expanded perceivability assists with lessening the issues connected with mining and increment creation yield, and resource use.

Critical development in the mining business across the globe addresses one of the key variables making an uplifting perspective for Connected Mining Market. In addition, the rising prerequisite for improved safety and security solutions for mineworkers is likewise driving Connected Mining Market development. Associated mining empowers undertakings to expand their creation limits by constant checking and correspondence with the coordinated systems.

In accordance with this, it additionally offers prescient upkeep that gives nearby expense checking and use of assets through digital tail observing controls. Furthermore, the appearance of the Industrial Internet of Things (IIoT), huge information and cloud computing solutions with the mining frameworks, is going about as another development inciting factor. Service organizations are likewise creating planned adaptable stages, sensors, processors, and programming to deliver a better encounter to the client, which, thus, is driving Connected Mining Market further.

The mining business is quickly embracing digitalized solutions in this technological time. IoT, AI, cloud technologies are quickly taken on by mining organizations to survive and accomplish high efficiency focus in this serious time. Developing interest in IT foundation, virtual sensor, and AI apparatus is expanding valuable open doors in this market. digital solutions given by different organizations empower mine administrators to follow health of resources, constant perceivability, predictive maintenance in the surface, and underground mining.

New arising patterns of Industry 4.0 is helping the reception of technologies, for example, cloud computing, IoT, cybersecurity, huge information, independent robots, added substance manufacturing, and AR to help digital change of mining tasks. Change of mines carefully is tied in with associating each resource, hardware, and labour force and to help communication between mine administrators prompting the expansion in life pattern of resource by routinely observing resource health.

Report Scope

Impact of COVID

The connected mining market has been impacted by the COVID-19 pandemic in various ways. The temporary suspension of mining operations in several countries due to lockdowns and restrictions has significantly affected the production and supply of minerals and metals, leading to a decline in demand for connected mining solutions. Additionally, disruptions in the supply chain, shortage of labor, and reduced availability of raw materials and equipment have also affected Connected Mining Market growth. However, the pandemic has also accelerated the adoption of digital technologies and automation in the mining industry. As a result, there has been an increased demand for connected mining solutions to enhance operational efficiency, ensure worker safety, and optimize resource utilization. This has opened up new opportunities for players in the connected mining market.

Component Insights

The services segment dominates the connected mining market because the implementation of connected mining solutions requires extensive services such as consulting, system integration, maintenance, and support services. These services are essential for the successful implementation and maintenance of connected mining solutions. Moreover, connected mining solution providers offer various services to their customers, such as real-time monitoring, predictive maintenance, and remote operation control, which help mining companies to optimize their operations, reduce costs, and increase productivity. Therefore, the demand for connected mining services is high, and it is expected to continue dominating Connected Mining Market in the coming years.

Type Insights

The automated mining excavator segment dominates the connected mining market due to several reasons. Firstly, automated mining excavators are more efficient and productive compared to traditional mining excavators as they do not require a human operator to be physically present in the machine, which minimizes the risk of accidents and increases the accuracy of the excavation process. Secondly, automated mining excavators can operate 24/7 without the need for breaks or shift changes, which further increases their efficiency and productivity. Thirdly, these excavators can be remotely monitored and controlled, which reduces the need for on-site personnel and enhances safety, especially during hazardous mining operations. Finally, the adoption of automated mining excavators is also driven by the need for cost reduction and increased profitability in the mining industry. Automated mining excavators reduce labor costs, increase excavation accuracy, and improve mining operations' overall efficiency, resulting in significant cost savings for mining companies.

Mining Type Insights

The surface mining type segment dominates the connected mining market due to the higher adoption of surface mining methods for extracting minerals and ores. Surface mining methods, such as open-pit mining and strip mining, are less expensive than underground mining methods and require less technical expertise, making them more accessible for small and medium-sized mining companies. The implementation of connected mining technologies in surface mining operations enables companies to enhance operational efficiency, improve safety measures, and reduce costs. Additionally, surface mining companies are increasingly adopting digital technologies to optimize production processes and improve productivity, further driving the growth of the connected mining market in the surface mining segment.

Deployment Insights

The cloud segment in the connected mining market is the fastest growing segment due to the benefits it provides to mining companies. Cloud-based solutions offer flexibility, scalability, and cost-effectiveness to mining companies by allowing them to store and process large amounts of data securely. Additionally, cloud-based solutions can be easily integrated with existing systems, allowing for streamlined operations and increased efficiency. The use of cloud technology in mining also enables remote monitoring and management of equipment and assets, resulting in reduced downtime and increased productivity. With the increasing adoption of IoT devices and sensors in mining, cloud-based solutions are becoming essential to managing and analyzing the vast amounts of data generated.

Application Insights

The connected mining market is growing in the Exploration application due to the increasing adoption of connected technologies such as Internet of Things (IoT), sensors, and automation in the mining industry. These technologies provide real-time data on various mining operations, including exploration, which helps in identifying potential mineral deposits and optimizing the exploration process. With the help of connected mining solutions, mining companies can gather and analyze data from different sources such as geospatial data, geological data, and drill hole data to make informed decisions regarding exploration activities. This improves the efficiency and effectiveness of the exploration process, thereby reducing costs and increasing productivity. Furthermore, the COVID-19 pandemic has also led to a shift towards remote exploration activities, which has further accelerated the adoption of connected mining solutions in the exploration application.

Regional Insights

In term of geographic region, the Global Connected Mining Market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. APAC is supposed to develop at the most elevated CAGR during the gauge time frame. In Asia Pacific, China, India, Indonesia, Papua New Guinea (PNG), and the Philippines are supposed to drive Connected Mining Market with China as the most possible player in smart mining drives.

Competitive Analysis

Key players operating in the worldwide Connected Mining Market are Accenture, Applied Vehicle Analysis (Pty) Ltd), Axora, Caterpillar, Cisco, Eurotech Communication, GE Digital, Getac, Groundhog, Hexagon, Howden, IBM, Intellisense.io, Komatsu, Mst Global, PTC, Rockwell Automation, SAP, Schneider Electric, Siemens, Telefonaktiebolaget LM Ericsson, Symboticware, Trimble, Wipro, and Zyfra.

Recent News

·         In November 2021, Hexagon AB, a global leader in digital reality solutions, announced the launch of HxGN MineEnterprise Platform, a new solution designed to improve mining operations through enhanced real-time data management and analytics.

·         In September 2021, Sandvik Mining and Rock Solutions, a leading global mining equipment supplier, announced the launch of its AutoMine® Concept vehicle, a connected and autonomous solution for underground mining operations.

·         In August 2021, Komatsu Ltd., a leading mining equipment manufacturer, announced the acquisition of Immersive Technologies, a provider of training solutions for the mining industry, to strengthen its position in the connected mining market.

·        In July 2021, BHP, one of the world's largest mining companies, announced a partnership with JFE Steel Corporation to explore the use of technology, including connected mining solutions, to reduce emissions in the steelmaking process.

·         In June 2021, Cisco Systems, a global technology leader, announced the launch of its Connected Mining Solution, a new offering designed to help mining companies improve safety, productivity, and efficiency through advanced networking and analytics technologies.