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CHICAGO, Aug. 2, 2023 /PRNewswire/ -- IoT, AI, and 5G technological breakthroughs will have a major impact on the direction of the market for connected mining. As a result, mining operations will become more automated, operate remotely, and put an emphasis on sustainability and safety. Collaboration ecosystems, edge computing, and cybersecurity will all be crucial in advancing industry innovation and productivity.

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The global Connected Mining Market is expected worth USD 13.3 billion in 2023 and USD 22.7 billion by 2028, growing at CAGR of 11.3% during the forecast period, according to a new report by MarketsandMarkets. The need for real-time data analytics and decision-making in mining operations is fueling the adoption of connected mining technologies.

Browse in-depth TOC on "Connected Mining Market"

306 - Tables 48 - Figures264 - Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2023-2028

Base year considered

2022

Forecast period

2023-2028

Forecast units

Value (USD) Million/Billion

Segments Covered

By Component, Solutions, Services, Mining Type, deployment mode, Application, Regions

Region covered

North America, Europe, Asia Pacific, Middle East and Africa, and Latin America

Companies covered

ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMining SpA (Chile), and Applied Vehicle Analysis (Africa).

The Solution segment to record the higher market share during the forecast period

During the forecast period, the Solution segment is anticipated to achieve a higher market share in the Connected Mining Market. The demand for integrated and customized solutions is expected to grow significantly as the mining industry increasingly focuses on digital transformation and operational efficiency. The Solution segment is poised to dominate the market by providing mining companies with the tools and capabilities to address their specific challenges and achieve sustainable growth. With continuous technological advancements and increasing capabilities of connected mining solutions, the Solution segment is well-positioned to lead the market during the forecast period.

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By Mining type, the Surface segment is expected to hold a larger market share during the forecast period

By mining type, the Surface segment is expected to hold a larger market share during the forecast period in the Connected Mining Market. Surface mining refers to the extraction of minerals and resources from the Earth's surface, such as open-pit mining and strip mining. This type of mining is widely used for coal, iron ore, copper, and other minerals closer to the surface. Connected mining solutions offer significant benefits in surface mining operations, enabling real-time equipment monitoring, efficient fleet management, and optimized resource utilization. The ability to track and manage surface mining operations in real-time enhances safety measures, reduces operational costs, and improves overall productivity fueling market growth.

Asia Pacific to hold the larger market size during the forecast period

During the forecast period, the Asia Pacific region is expected to hold a larger market size in the Connected Mining Market. The Asia Pacific region is rich in mineral resources and has witnessed significant growth in mining activities in recent years. The increasing demand for metals, minerals, and resources from various industries, coupled with rapid urbanization and infrastructure development in the region, drives the need for efficient mining operations. As a result, mining companies in the Asia Pacific are increasingly adopting connected mining solutions to improve operational efficiency, safety, and sustainability.

Top Key Companies in Connected Mining Market:

The major players in the Connected Mining Market are ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMining SpA (Chile), and Applied Vehicle Analysis (Africa).

Recent Developments

June 2022 - Metso Outotec and Dynamox worked together to implement the condition monitoring platform of Dynamox in mining and aggregating operations. The solution is being provided by Metso Outotec to the installed equipment base of the business. Dynamox is a new member of the Metso Outotec partner ecosystem and aids in creating and offering customers simple-to-use digital solutions. The corporation is leveraging analytics and AI to further advance its mining operations.

November 2021 - Hexagon AB, a market pioneer in virtual reality solutions, introduced the HxGN MineEnterprise Platform in November 2021. This new product is intended to increase real-time data management and analytics for mining operations.

August 2021 - A cooperation between Caterpillar and BHP, a global mining, oil, and metals corporation, was established. In order to reduce greenhouse gas (GHG) emissions at BHP's mining locations around the world, the alliance planned to build and execute zero-emissions mining vehicles. In order to enable future mine sites and emission-free machinery, the alliance would help shape the processes, infrastructure, and technology needed.

August 2021 - To improve its position in the Connected Mining Market, Komatsu Ltd., a top manufacturer of mining equipment, said in August 2021 that it had acquired Immersive Technologies, a supplier of training solutions for the mining sector.

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Connected Mining Market Advantages:

Real-time monitoring of machinery, the environment, and employees is made possible by connected mining technology like IoT sensors and wearables. As a result, there are fewer chances of accidents occurring and possible hazards are given early warnings.

Connected Mining improves workflows, equipment use, and maintenance schedules by integrating data from diverse mining processes. As a result, operational effectiveness is improved, downtime is decreased, and productivity is raised overall.

Connected Mining provides predictive maintenance of mining equipment using data analytics and machine learning. Preventing unforeseen malfunctions, lowering repair costs, and extending equipment lifespan all result from proactive maintenance needs assessment.

With connected mining, mining operations may be remotely monitored and managed from centralised control points. This makes it possible to make decisions and changes in real-time to increase efficiency, especially in difficult-to-reach places.

Connected Mining supports resource management optimisation by utilising data-driven insights to reduce resource utilisation such as water and electricity use. This lowers operating expenses and lessens the impact of mining operations on the environment.

Connected Mining promotes more environmentally friendly mining techniques by streamlining operations and resource use. This entails cutting back on carbon emissions, water use, and the mining industry's total ecological imprint.

Real-time data analytics and reporting are offered by connected mining platforms, which enable stakeholders to learn useful information about various elements of mining operations. Better strategic planning and decision-making are made possible by this data-driven methodology.

Better communication and cooperation amongst various stakeholders, including miners, engineers, and management, are encouraged by connected mining. With better coordination as a result of this improved connectedness, operations become more effective.

Regulations pertaining to safety, environmental protection, and working conditions can be met with the help of connected mining solutions. This guarantees that mining firms operate in accordance with pertinent laws and norms.

Report Objectives

To define, describe, and forecast the Connected Mining Market based on segments based on offering, solutions, services, mining type, deployment mode, and application, with regions covered.

To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Connected Mining Market.

To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Connected Mining Market.

To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Connected Mining Market.

To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.

To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.

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SOURCE MarketsandMarkets

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Connected Mining Market worth $22.7 billion by 2028 - Exclusive Report by MarketsandMarkets - Yahoo Finance