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

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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.

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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, 24×7 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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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global Smart Mining Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global smart mining market were the three major steps undertaken to create and analyze the adoption of smart mining in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart mining market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of smart mining market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the smart mining market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as component, mining type, and deployment. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of smart mining market. Further, we conducted factor analysis using dependent and independent variables such as various component, mining type, and deployment of smart mining. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Smart mining market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart mining market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of smart mining market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global smart mining market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global smart mining market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, mining type, and deployment in the global smart mining market.

The main objective of the Global Smart mining Market Study

The current & future market trends of global smart mining market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of smart mining market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component, mining type, and deployment.
• Define and analysis of the regulatory framework for the smart mining market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the smart mining market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the Smart mining market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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