Global Smart Mining Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Smart Mining Market: Overview
“The global Smart mining Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Smart mining supports the sustainable extraction and processing of minerals and metals, while minimizing the harmful impact on health, safety, and environment.
Global Smart Mining Market: Dynamics
Increasing metal, mineral and coal extraction activities, coupled with rising adoption of autonomous equipment are some of the factors expected to boost growth of the target market over the forecast period. In addition, rise in replacement of conventional mining technologies with smart automated technologies is also anticipated to propel growth of the smart mining market. Increasing emphasis on safety & health, along with environmental concern has significantly bolster demand for smart mining solutions and services and expected to drive growth of the target market over the forecast period.
One of the latest trend in the market is integration of automation in mining sector i.e. remote monitoring, tele–operated mining, and connectivity, and is expected to create a lucrative opportunity for growth of the global underground mining equipment market.
However, high cost of smart mining equipment, solutions, and services along with the stringent government regulations regarding health and safety, environmental concerns are key factors expected to restrain growth of the global market over the forecast period.
Global Smart Mining Market: Segment Analysis
The global smart mining market report has been segmented on the basis of solution, service, type, and region.
On the basis of solution, the target market is segmented into smart control system, smart asset management, safety and security system, data management and analytics software, and monitoring system. Smart asset management segment is expected to hold significant share in the market over the forecast period.
On the basis of services, global market is segmented into system integration, consulting, and engineering and maintenance. System integration segment dominates the global market and expected to witness significant growth over the forecast period.
Global Smart Mining Market: Region Analysis
The market in the North America dominates the global smart mining market in terms of revenue, owing to increasing exploration activities for power generation, rapid adoption of IoT solutions, and autonomous equipment in countries such as US and Canada. Stringent government regulations such as Clean Air Act (CAA), Clean Water Act (CWA), and other regulations are forcing mine operators to deploy advanced machineries & equipment to reduce emission, also expected to propel growth of the market in the region.
Furthermore, the Asia Pacific market is estimated to witness rapid growth owing to increasing mining activities and growing demand for technically advanced solutions in the region. Moreover, high investments related to automated equipment and intelligent systems in developing countries such as China, and South Korea, is also estimated to fuel the target market in the region during the forecast period.
Market in Europe is expected to register moderate growth in the near future.
Global Smart Mining Market Segmentation:
Segmentation by Solution:
- Smart Control System
- Smart Asset Management
- Safety and Security System
- Data Management and Analytics Software
- Monitoring System
Segmentation by Service:
- System Integration
- Engineering and Maintenance
Segmentation by Mining Type:
- Underground Mining
- Surface Mining
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Cisco Systems Inc.
- Wenco International Mining Systems Ltd
- SAP SE
- Rockwell Automation Inc.
- ABB Ltd
- Komatsu Ltd.
- Trimble Navigation Limited
- Joy Global, Inc.
- Hexagon AB
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