Smart Mining Market: Competitive Landscape and Industry Share Analysis

According to the new research report on "Smart Mining Market Forecast to 2030 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 28.53 billion by 2030 and register a CAGR of 10.3% from 2022 to 2030.

Although 77% of mining companies are at the beginning of their digital transformation journey, most of them have already taken significant initiatives to introduce IIoT in operation. For instance, the Bulgarian Chelopech, an underground gold and copper mine operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services. The introduction of IIoT helps increase production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is anticipated to be one of the leading trends in the smart mining market growth, which adds to the safety of miners on-site. Major technology companies such as AMD, Intel, STMicro, Softbank (Arm), Microsoft Corporation, Cisco, and Infosys Limited are leveraging technologies to enhance mining operations by improving worker’s safety. These companies are also creating awareness about the benefits of IIoT and AI in the mining industry, which is driving the smart mining market growth. For instance, Microsoft Corporation influenced the power of its IIoT and AI technology at the World Mining Congress 2023 in Brisbane, Australia. The company showcases that its technologies can provide sustainable mine production by profitably and efficiently meeting energy demands, which boosting the global smart mining market in the near future.

AI and wearables are also being used to provide real-time data of workers in the mining site, which boosting the smart mining market. Also, with the development of 5G infrastructure, the smart mining market is paving its path toward greater growth. From improving planning and operational efficiencies to mine workflow productivity and safety, rapid developments in AI technologies would make mine operations successful. For instance, by utilizing pattern matching and predictive analysis, AI programs can analyze quantities of geological data and find new and potentially valuable sites to mine.

The North America smart mining market is segmented into US, Canada, and Mexico. Across North America, technological advancements have led to a highly competitive smart mining market. North America has several economically strong countries which are ready to adopt technological advancements. Companies continuously improve their overall business processes to fulfill customers' demand for high-quality products and services.

The smart mining market in US is experiencing sustainable growth. Growing mining activities and expansion of production capacities by miners is boosting the smart mining market growth during the forecast period. For instance, Arch Resources owns Black Thunder Mine. The greenfield mine in Wyoming produced ~76.61 Mt of ROM in 2022. Additionally, there are many more mines in America, including Mont Wright Mine, Highland Valley Copper Mine, North Antelope Rochelle Mine, Fort Knox Mine, Safford Mine, Bagdad Mine, Sierrita Mine, and Kennecott Copper Project. Smart mining allows the miners in better resource management. They also offer several benefits in the mining industry such as optimum resource utilization, data-driven insights, conserving valuable resources, reduce operation cost & waste, and protect accidents in the mining sites. Moreover, rising government initiatives and funding to improve mining operations is fueling the smart mining market in the country. For instance, in June 2022, Biden-Harris administration invested more than US$ 74 million in Federal-State partnerships for mapping critical minerals in 30 states of US. This investment will support mapping, scientific interpretation, geoscience data collection, and data preservation of areas that as critical minerals. These investments are a crucial step to secure a sustainable and reliable supply of the essential minerals in the industries is expected to surge the demand for the smart mining market.

Canada is taking initiatives regarding smart mining. Canada's economy heavily relies on resource production as the world's second-largest country. Canada's investment in modern mining technology has many advantages, including reduced operational costs, improved workflow and decision-making, increased accuracy in drill and blast mining, predictive equipment maintenance, improved recruiting and employee retention, better worker safety. Canada is known internationally for its leadership in defense, prosperity, and political stability. According to the Mining Association of Canada (MAC), it is listed as the world leader in producing potash. Canada has more than 3,700 companies providing various mining facilities. It also ranks among the top five global producers of diamonds, gemstones, gold, indium, niobium, platinum group metals, titanium concentrate, and uranium. Additionally, Canada is also the world's fourth-largest primary aluminum producer. Canada produced 60 minerals and metals at almost 200 mines and 6,500 sand, gravel, and stone quarries. The value of Canada's mineral production reached US$ 55.5 billion in 2021. The Canada smart mining industry is in a luxurious geological position that gives access to the output of more than 60 minerals. It has also become one of the largest mining nations in the world. The industry directly employs 403,000 employees in mineral extraction, smelting, refining, and processing worldwide.

The global smart mining market size is segmented into component and mining type. Based on components, the smart mining market is segmented into hardware, software, and services. The hardware segment is further sub-segmented into RFID tags, sensors, intelligent systems, and others. The software segment is further divided into logistics software, data & operation management, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. Based on mining type, the smart mining market is bifurcated into underground and surface mining.

Smart Mining Market: Key Findings of Study

In the global smart mining market size, APAC is expected to register the highest CAGR in the market from 2022 to 2030. APAC is witnessing tremendous growth in the manufacturing sector, which is raising manufactures demands for smart mining solutions. Minerals and Metals extracted from the region are transported to several manufacturing hubs in South & East Asia, forming the world's most technologically proficient manufacturing region and assisting in global construction. The growing need for technology equipment and miners' pressing infrastructure needs is driving the Asia Pacific smart mining sector. Thus, strict regulations by government bodies are expected to fuel the growth of the smart mining market in APAC.

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