Global Smart Mining Market is projected to reach US$55.15 Billion in 2031: Visiongain Research Inc

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.

Market Drivers

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.

Market Opportunities

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.

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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.

Competitive Landscape

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.

1 Smart Mining Market Recent Developments
Date	Company	Type of Development	Details
April 2021	Rio Tinto	Partnership	Rio Tinto and Oyu Tolgoi LLC, in partnership with the Mongolian University of Science and Technology (MUST) launched a combined project to develop the capabilities of mining and geotechnical professionals in Mongolia. Oyu Tolgoi LLC and Rio Tinto Mongolia aimed to provide funding of $2.75 million for the project that will run until 2025.
April 2021	BHP	Product Development	BHP Oldendorff along with GoodFuels completed the first trial of sustainable biofuel supply in Singapore successfully.
March 2021	Sandvik AB	Product Development	Sandvik AB launched an innovative drilling system — Top hammer XL for large top hammer drilling in surface mining applications.
March 2021	Trimble	Agreement	Trimble established an alliance with Vayavision (a LeddarTech company) intending to integrate advanced perception technology into the mining, construction, and agriculture markets.
March 2021	Honeywell	Expansion	Honeywell announced that Aker Carbon Capture selected the company as a crucial contributor for its effort on some of the largest in the world CO2 capture & storage endeavors’ focused on assisting Europe to attain its long-term climate goals.

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Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.

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