Smart Mining Market to Exceed $36.3 Billion by 2032 Amid Growing Adoption of Smart Technologies and Automation in the Mining Industry – Future Market Insights, Inc.

Future Market Insights Global and Consulting Pvt. Limited.

Future Market Insights Global and Consulting Pvt. Limited.

The smart mining market in China is anticipated to grow 3.5 times during the forecast period of 2022 and 2032. IBM, Schneider and Komatsu are leading the forefront of the digital revolution in smart mining. North America has the largest share in 2022

NEWARK, Del, Oct. 03, 2022 (GLOBE NEWSWIRE) — The global smart mining market is expected to rise with a phenomenal CAGR of 11.1% over estimate between 2022 and 2032. The global market reached revenue of around US$11.5 billion in 2021 and is expected to reach US$12.7 billion in 2022. During the evaluation period, the market is projected to exceed a valuation of US$36.3 Bn by 2032. The rapid growth of the smart mining market is attributed to the widespread adoption of automation in various mining processes.

The smart mining market is forecast to grow at a strong CAGR of 11.1% during the forecast period from 2022 to 2032, compared to the CAGR of 9.5% recorded during the historical period from 2017-2021 . Technological advancements are being used in the mining industry, including AI, machine learning, consumer drones, etc. To address core issues and help mining organizations increase productivity and reduce operating costs, IoT is used.

The need to smart mining technologies including mining analytics platforms has been scaled up to provide new and enhanced capabilities for planning, analysis and maintenance of mining operations. Therefore, sustainable mining automation solutions help increase energy efficiency, productivity and safety in mines.

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key takeaways

  • Mining is considered a capital intensive industry that incorporates maximum asset utilization and performance. One of the most vital resources in mining is data. On a daily basis, automated drills, trucks, conveyors, ships, and trains produce massive amounts of useful data. Several companies are improving the safety and productivity of their operations by fusing this data with smart analytics, artificial intelligence, machine learning, and underground mining automation.

  • Mining companies are expected to unlock value-augmenting capabilities by collecting and using big data from numerous data sources, analyzing it with modern data analytics, and implementing the results. The mining sector helps improve productivity, reduce operational inefficiencies and react to risks more effectively with reliable data.

  • The development of an intelligent infrastructure is done by employing big data analytics and BDM (big data management) in mining that advances over time. Therefore, analytics is expected to be a crucial factor in improving asset utilization, increasing productivity, and addressing material flow delays.

  • The adoption of artificial intelligence in mining operations helps in the transformation of operations from being people-oriented to being process-oriented. AI-enhanced smart mining streamlines the supply chain with features like real-time shipment tracking, predictive mine maintenance, smart inventory management and more. Therefore, through the use of automated mining equipment and mining analytics platforms, the mining process is digitally integrated, minimizing complexity and improving decision-making.

  • Technology is responsible for affecting the fundamentals of business in the digital age. IoT solutions are being over-implemented by asset-intensive businesses including utilities, oil and gas, energy, manufacturing, and construction to improve productivity and reduce costs.

  • The smart mining market is anticipated to be driven by the growing adoption of IoT in the mining industry for performance enhancements, analytical maintenance, cost optimization, and enhanced security, presenting lucrative growth opportunities for smart mining providers.

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competitive landscape

Prominent players in the smart mimicry market are focusing on broadly expanding their product portfolios by launching new products and services. In addition to that, they are also adopting strategies including acquisitions, partnerships, mergers, and collaborations to expand their global footprint.

More information about the Smart Mining Market

According to IMF analysis, China is expected to show a lucrative market growth of 3.5 times during the forecast period of 2022 and 2032, making it one of the most profitable markets in East Asia. The growth in China’s smart mining market is driven by the booming mining industry and the increasing adoption of advanced technologies in mining processes.

The growth of smart mining technologies is projected to increase in the US and is expected to account for around 74.7% of the North American market share by 2022. The country is expected to witness a favorable growth in the market due to the introduction of connected technologies in the mining industry as a result of its technological advances

India is another country that is projected to grow 5.6 times during the 2022-2032 forecast period due to the rapid growth of the mining industry coupled with the growing need to improve overall productivity and improve worker safety.

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Smart mining market by category

By Automated Equipment:

By component:

  • Hardware

  • Smart System

  • RFID tag and sensor

  • other hardware

By solution:

For Services:

By region:

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Table of Contents

1. Executive Summary

1.1. World Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key market trends

3.1. Key trends affecting the market

3.2. Product Innovation / Development Trends

TOC continued..!

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About Future Market Insights, Inc.

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