Visiongain has published a new report on Smart Mining Market Report 2021-2031: Forecasts by Component (Hardware (RFID Tags, Sensors, Intelligent System, Others), Software & Solution (Smart Control System, Smart Asset Management, Safety and Security System, Data Management and Analytics Software, Monitoring System, Other), Services (System Integration, Consulting Service, Engineering and Maintenance)), by Type (Underground Mining, Surface Mining) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Smart Mining Companies AND COVID-19 Recovery Scenarios.
The global smart mining market is anticipated to be valued at US$9.66 Bn in 2021 and is projected to reach US$55.15 Bn in 2031, garnering a CAGR of 19.0%. Smart mining comprises the deployment of technology and information that facilitates enhanced safety, high productivity, and low operational costs in mining operations. The smart mines that have already incorporated advanced technologies can automate their operations at a quicker pace compared to the conventional mines.
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Mining activities across the world are increasing at a rapid pace owing to the increasing demand for fibers and metals. Further, the increasing concerns or safety at the site, increasing automation, and rising environmental concerns are supplementing the growth of the smart mining market.
COVID-19 Impact on Smart Mining Market
For the minerals and mining companies across the world, the COVID-19 pandemic has been disrupting the overall value chain. To take precautionary measures, the organizations have been imposing travel bans, restricted access at mine sites, manufacturing facilities, and offices. Mining and metal companies are not operationally flexible to adapt to the production as speedily as it is required for the pandemic. This can also result in non-optimal and unbalanced operations increasing the costs. In the current scenario, with the rising concerns over the spread of COVID-19 added to the mix, the autonomous hauling trucks have added a greater value to the demand. The ability to operate a mine remotely enables the continuation of work without risking the lives of the miners and engineers.
Rising Need for Data Analytics & Security
Data sources in the mining sector are classified into direct and indirect measurements. Direct measurement sources are the ones that are measured by instruments including GPS & conventional geodetic surveys. Indirect sources refer to the systems that gather data as a by-product of the operations or processes including Fleet Management Systems, DCS or SCADA data, blast hole drill, and geomodelling data. The availability of accurate mining data with the help of real-time data analytics aids in the right mining decisions. These decisions are crucial for exploration, mining production, and other operations.
Increasing demand for operational efficiency and worker safety
A mining site is one of the riskiest places for people to work, and worker safety is a crucial challenge. It is also observed that the workers that conduct manual readings in the remote mining sites are at the highest risk of harm. Thus, deployment of automated mobile assets including wireless devices, vehicles, and remote sensors in these sites aid in reducing the need for the workforce to be on site, which safeguards the workers. Predictive analysis and estimations also help the mining operators to foresee and avoid hazardous accidents. Workforce monitoring through wearable wireless devices assists the operators to efficiently organize the staff and keep the workers away from unpredictable events. Advanced smart mining technologies minimize the threats and damages that are caused during mining operations. Further, integration of IoT in mining helps in communicating and monitoring the data in real-time and keeps the workers safe. The sensors are also attached to the workers’ clothing for monitoring their health by data tracking and transmitting and raising alerts at the time of accidents.
Rising digitization and implementation of IIoT technology
Many mining companies have integrated digital transformation and are taking prominent initiatives for introducing IIoT in their operations. For instance, the Bulgarian Chelopech, an underground copper and gold that is operated by Dundee Precious Metals in Canada, is incorporating digitization, modernization, and introduction of the mobile IP network (along with the companies Dassault Systèmes GEOVIA, Cisco, and Sandvik for the network and connectivity) for uninterrupted and efficient services and enhanced productivity. The introduction of IIoT also helps in gaining cheaper and better communication possibilities, fast productivity data, real-time maintenance, better collaboration, and instant resolution of bottlenecks. This also enhances the safety of the miners on site.
Growth in Adoption in the Emerging Economies
The Asia Pacific is projected to witness the fastest growth over the forecast period in the smart mining market. The metals and minerals that are extracted from this region are further exported to various manufacturing hubs in South and East Asia, supporting the construction sector across the world. The demand for smart mining solutions in the region is mainly steered by the persistent infrastructure requirements and growing need for operational efficiency.
Further, the Middle East & Africa regions are the largest centres in the world for mineral mining (gold, diamond, phosphate) as well as for oil & gas operations. Mineral mining is an evolving industry that offers notable opportunities for intelligent mining and infrastructure companies. The Gulf countries also look forward to diversifying their economies and reduce the dependency on the oil & gas sector. Thus, growth in the adoption of smart mining solutions in emerging economies is opportunistic for the growth of the market.
Some of the companies profiled in the report include ABB Ltd, Intellisense.io, Hexagon AB, Hitachi, Ltd., MineSense, Rockwell Automation Inc., SAP SE, Trimble Inc., Caterpillar Inc., Alastri Software, Honeywell, IBM Corporation, Robert Bosch GmbH, Rio Tinto, Komatsu Ltd., Sandvik AB, BHP, Cisco Systems, Accenture, and Atlas Copco.
Type of Development
Rio Tinto and Oyu Tolgoi LLC, in partnership with
BHP Oldendorff along with GoodFuels completed
Sandvik AB launched an innovative drilling system
Trimble established an alliance with Vayavision (a LeddarTech company) intending to integrate advanced perception technology into the mining, construction, and agriculture markets.
Honeywell announced that Aker Carbon Capture selected the company as a crucial contributor for
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