Global Connected Mining Market By Component (Solutions (Asset Tracking and Optimization, Fleet Management, Industrial Safety and Security, Workforce Management, Analytics And Reporting, Process Control, Others) and Services), Deployment (On-premises and Cloud-based), Mining Type (Surface and Underground), Application (Exploration, Processing and Refining, and Transportation), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030
Market Perspective
The global Connected Mining Market was valued at USD 9.42 billion in 2022 and is projected to reach USD 28.74 billion by 2030, growing at a CAGR of 14.09% from 2023 to 2030.
Connected mining, also known as smart mining, refers to the integration of advanced technologies and data-driven solutions in the mining industry to enhance operational efficiency, safety, and sustainability. This approach leverages a range of technologies, including the Internet of Things (IoT), automation, big data analytics, and remote monitoring. In connected mining, sensors, devices, and equipment are interconnected to gather real-time data and facilitate seamless communication and control. These technologies find applications in various aspects of mining, such as equipment and vehicle tracking, predictive maintenance, supply chain management, and environmental monitoring.
Major factors supporting the growing adoption of connected mining technologies include the need to improve productivity, reduce operational costs, enhance worker safety, and meet environmental regulations. Furthermore, as ore grades decline and mining operations go deeper and into more remote areas, the industry increasingly relies on these technologies to stay competitive and sustainable.
Key Insights
- Based on component, the solution segment acquired the largest market share in 2022
- Based on deployment, the cloud-based segment captured the largest industry share in 2022
- Based on mining type, the underground segment generated the highest market share in 2022
- Based on application, the exploration segment accrued a significant revenue share in 2022
- By region, North America accounted for the largest market share in 2022
Increasing Adoption of Industry 4.0 Technologies in Improving Environmental Sustainability Fosters Market Growth
Connected mining, coupled with the adoption of Industry 4.0 technologies, holds immense potential for improving environmental sustainability in the mining industry. By leveraging advanced technologies such as IoT, AI, and big data analytics, mining operations can be optimized and made more efficient. This enables real-time monitoring and analysis, leading to better resource management, reduced energy consumption, minimized waste generation, and improved water usage. Additionally, the implementation of intelligent automation systems can contribute to safer working conditions for miners, thus enhancing sustainability efforts. Overall, the integration of connected mining and Industry 4.0 technologies offers a promising avenue toward achieving a greener and more sustainable mining industry.
High Initial Implementation Costs Impede Market Growth
A significant restraint in the adoption of connected mining technologies is the high initial implementation cost. Implementing IoT, automation, and data analytics systems in mining operations involves substantial upfront investments. These costs encompass equipment installation, sensor deployment, data infrastructure establishment, software development, and employee training. This capital-intensive nature can be a substantial barrier, particularly for smaller mining companies with limited budgets. However, it is essential to recognize that these upfront costs often yield long-term benefits in terms of increased efficiency, safety, and sustainability. Overcoming this restraint may involve exploring financing options, government incentives, or forming partnerships with technology providers to share the cost burden.
Recent Development
September 2023: Gold Fields, a multinational mining corporation, deployed an integrated digital platform provided by ABB to enable efficient coordination of production scheduling and execution at their Granny Smith Mine located in Western Australia.
March 2022: Hexagon, a leading technology company, introduced a cutting-edge mobile application called HxGN MinePlan GeoSlate, designed to streamline the process of collecting geological drillhole data in the field. It offers a user-friendly interface and advanced functionalities to ensure efficient and accurate data collection during drilling operations.
Segmentation Analysis
Based on component, the market is categorized into solutions and services. The solution segment is further bifurcated into asset tracking and optimization, fleet management, industrial safety and security, workforce management, analytics and reporting, process control, and others. The asset tracking and optimization segment garnered the highest revenue in 2022, mainly driven by the rising demand for solutions across diverse industries. These solutions aim to enhance worker productivity and operational efficiency, particularly within the mining sector. Furthermore, this segment offers real-time monitoring capabilities for mining vehicles, including GPS location tracking, engine hours monitoring, mileage tracking, geofencing, and fuel usage monitoring.
Based on deployment, the market is categorized into on-premises and cloud-based. The cloud-based segment accounted for the highest revenue in 2022. This growth can be attributed to the increasing adoption of cloud-based solutions, which offer cost-effectiveness, enhanced flexibility, and eliminate the need for additional infrastructure. Moreover, cloud-based solutions enable faster deployment, heightened security, and real-time data visibility, thereby driving the transition toward cloud adoption in enterprises. The advantages offered by cloud-based solutions, including pay-per-use subscription models, scalability, flexibility, and personalized client interactions that enhance customer experience, are expected to propel the demand for these solutions among large organizations.
Based on mining type, the market is categorized into surface, and underground. The underground segment accumulated the largest market share in 2022, primarily due to its numerous advantages, including cost-effectiveness, improved safety, and ease of operation. Underground mining focuses on extracting ore resources from water sources such as rivers, lakes, and the ocean. Another method, known as mountaintop removal mining, involves mining ores from steep mountainous terrains. Additionally, surface mining connected systems encompass various monitoring capabilities such as assessing wall slope stability, and surface movement, detecting fractures and faults, and monitoring natural seismic activity.
North America Emerges as the Dominating Region Owing to Strong Emphasis on Technology Adoption
North America is emerging as the largest market for connected mining, mainly attributed to its well-established mining industry and a strong emphasis on technology adoption. The United States and Canada, in particular, have been leaders in implementing connected mining solutions. The mature mining sector in North America has recognized the potential of these technologies in improving efficiency, reducing operational costs, and complying with strict safety and environmental standards. Additionally, favorable government regulations and incentives have spurred mining companies in the region to invest heavily in connected mining. With numerous key players and technology providers present in North America, the adoption of these solutions is poised to grow, thereby solidifying the region's dominant position.
Asia Pacific to Witness Substantial Growth Due to Booming Infrastructure and Manufacturing Sectors
Asia Pacific is expected to grow at the highest CAGR over the forecast period as a result of its robust demand for minerals and metals driven by booming infrastructure and manufacturing sectors. The region is witnessing a surge in technology adoption and innovation, with local and international technology providers collaborating with mining companies to introduce cutting-edge solutions. Moreover, the growing awareness of environmental and safety concerns is prompting mining companies in Asia-Pacific to adopt technologies that can help them adhere to stricter regulations. With these driving factors, Asia-Pacific emerges as a key growth area for the connected mining market, offering significant opportunities for technology providers and mining companies.
Competitive Landscape
The global connected mining market is fragmented with key players such as ABB, Accenture, IBM Corporation, SAP SE, Cisco, Schneider Electric, Komatsu, Hexagon AB, Caterpillar, Rockwell Automation, Inc., and Siemens, amongst others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.
The global Connected Mining Market is segmented as follows:
By Component
- Solutions
- Asset Tracking and Optimization
- Fleet Management
- Industrial Safety and Security
- Workforce Management
- Analytics and Reporting
- Process Control
- Others
- Services
By Deployment
- On-premises
- Cloud-based
By Mining Type
- Surface
- Underground
By Application
- Exploration
- Processing and Refining
- Transportation
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Global Connected Mining Market By Component
- April-2024
- 148
- Global
- information-technology-communication-iot
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