Smart Mining Market: Current Analysis and Forecast (2021-2027)

Smart mining is a process that uses information, autonomy, and technology to obtain enhanced safety, reduce operational costs, and gain better productivity for a mine site. Mining corporations emphasize on enhancing productivity by providing state-of-the-art software & solutions. These solutions are largely aimed at attaining the convergence of machines and intelligent data in order to meet energy businesses' operational efficiency requirements. Furthermore, connected solutions improve analytics-based decision-making by reducing market threats and vulnerabilities using effective tools and methodologies. This has resulted in the rising adoption of smart mining solutions by mining operators across the world. In addition, new-age mining companies run analytics on data produced by IoT sensors and devices. This aids in efforts to reduce costs, enhance productivity, and improve safety. IoT is being used in the mining industry to overcome some of the safety and production difficulties that many mining businesses confront.

Global smart mining market is expected to register a CAGR of around 15% over the period of 2021-2027. This is mainly due to the growing focus of mine operators to achieve cost and productivity optimization, improve safety measures, and develop their artificial intelligence needs by integrating the Internet of Things (IoT)..

Cisco Systems Inc., International Business Machines (IBM) Corporation, Accenture plc, Caterpillar Inc., ABB Ltd., SAP SE, Schneider Electric SE, Komatsu Ltd., Hexagon AB, and Rockwell Automation Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Component, solutions category accounted for the majority share in the market in 2020"

Based on component, the market is classified into solutions and services. Amongst component, the solutions category accounted for a significant share of the market. This is mainly due to the continuous development in the industry by key players and the launch of new solutions and services to streamline various processes of mining. For instance, in November 2021, Hexagon introduced the Power of One, a unified technology platform and partnership, which connects all parts of the mine. The Power of One is Hexagon's set of solutions that connects all processes of a mine from the pit to the plant. It happens through a platform that connects all sensors and software with an intelligent monitoring system that can be accessed from the field to the cloud. Furthermore, solutions such as asset tracking solutions do track mining assets and constantly monitor the quality and safety of the mining environment. Thus, ensuring the efficiency, productivity, and safety of mineworkers. It majorly involves tracking mining vehicles in real-time, including GPS location, engine hours, and geofences, among others.

"Amongst Mining Type, underground mining is expected to witness highest CAGR during the forecast period"

Based on mining type, the market is categorized into underground mining and surface mining. Among these, underground mining is expected to witness the highest CAGR during the forecast period. Smart mining solutions are used to track underground mining assets while reducing costs with the use of Real-Time Location Systems (RTLS), RFID tracking, Wi-Fi, sensors, mobile devices, software, and other technologies to gain full visibility of underground mining operations. The solution offers improved worker safety by tracking mine workers, monitoring entrances/exits and evacuation status, and receiving alerts. Furthermore, new mines are being developed using advanced IoT systems and digitization. For instance, Syama underground gold mine, located in Mali, is the first fully automated gold mine in the world built by Resolute Mining. The underground project comprises a fiber-optic network, installed as part of the automation process. Resolute has connected the fiber-optic network to the cloud data with the help of SES Networks' fiber-like service. The fully automated underground mine employs AutoMine and OptiMine automation control systems along with an automated fleet.

"Amongst Deployment, Cloud-based deployment to witness faster growth rate during the forecast period"

Based on deployment, the market is categorized into on-premises and cloud-based. In 2020, cloud deployment mode is expected to lead the market growth during the forecast period. Cloud computing is one of today's most effective technologies offering benefits such as scalability, speed, 24x7 service, enhanced IT security, and operational efficiency. Furthermore, the growing digitization of systems and data for reducing costs, improving business productivity, and transforming mining practices are further driving the adoption of cloud-based solutions, ensuring worldwide accessibility by key stakeholders involved in the mining operations. Although the mining industry has unique challenges when it comes to digital transformation, the adoption of cloud technology and the Mining IoT will set the industry on the path to becoming more sustainable and productive. Cloud computing is the key enabler for mining IoT by providing connecting and monitoring mining operations, data driven real-time decisions, simulating scenarios in the virtual world before they are implemented in the real world. Thus, cloud category to witness significant growth during the forecast period.

"APAC to witness significant growth during the forecast period"

Asia-Pacific is expected to show the highest CAGR growth in the Smart Mining market. The major contributors to the growth of this market are China, India, and Australia. The increase in infrastructure development in emerging economies, as well as the expansion of mining operations, has contributed to the growth of the APAC market. Asia-Pacific is the largest coal mining market with almost 75% of it being done within the region. China, Australia, and India are global leaders in the production of coal which is used for many essential activities like power generation and steel production. Hence these require high mining activities in the region which drives the demand for smart mining solutions and services in the region. Furthermore, an increasing number of mine exploration sites in developing countries of the region such as India and China is further expected to drive the market. For instance, ABB launched ABB Ability MineOptimize to connect all electrification, automation and digital offerings to boost Indian government's digitalization move at mines, following the announcement of the new National Mineral Policy 2019. As per the company, the ABB Ability MineOptimize portfolio offers open, digitally connected mining applications for unmatched operation, maintenance, process and production performance.

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Deep dive regional level analysis of the industry.

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