NEW YORK, Jan. 16, 2024 /PRNewswire/ — The connected mining market is expected to grow by USD 28.44 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 20.44% during the forecast period. The market is segmented by type (surface mining and underground mining), product type (automated equipment and components), and geography (North America, APAC, South America, Middle East and Africa, and Europe).
Technological improvements in automated mining equipment are the key factors driving market growth. The mining industry extensively employs automated equipment, encompassing autonomous trucks, transportation systems, mobile robotic platforms, industrial robots, robotic loaders, and autonomous excavating systems. Companies are integrating technologies to predict failures and minimize unscheduled breakdowns, consequently extending the lifespan of automated equipment, decreasing downtime, and enhancing maintenance services. Increased investment in research and development to develop machine learning capabilities so that automated equipment can adapt to the changing environment. Hence, these factors are expected to drive market growth during the forecast period.
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Key Highlights:
- The report recognizes the following as some of the key players in the connected mining market: ABB Ltd., Accenture Plc, Caterpillar Inc., Cisco Systems Inc., Hexagon AB, Hitachi Ltd., Komatsu Mining Corp., Larsen and Toubro Ltd., Mining TAG, Rockwell Automation Inc., SAP SE, Telefonaktiebolaget LM Ericsson, Thales Group, Trimble Inc., Wipro Ltd., Alastri Software, Epiroc AB, Micromine Ltd., Symboticware Inc., and Intellisense.Io
- Connected Mining Market is fragmented in nature.
- Market to observe 18.56% YOY growth in 2023.
Market Dynamics:
Major trend
- Increasing adoption of mobile-based technologies is a major trend in the market.
- Connected logistics is on the ascent due to technology solutions offering a unified platform.
- Mobile technology plays a key role in enabling real-time tracking of mining operations, enhancing flexibility and mobility in the mining industry.
Significant Challenge
- The closure of mines is a significant challenge restricting market growth.
- There are a lot of mines in the world that have been shut down due to environmental, legislative or financing reasons.
- In many countries where mining has a significant role to play in GDP growth, the decrease of inward and outward FDI is evident.
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Keg Segments:
The surface mining segment will account for a major share of the market’s growth during the forecast period. The shift from underground mining to open pit mining is expected to lead to growth in the segment of surface mining. In surface mining operations, a wide range of mining equipment is used, such as trucks, dozers, excavators, shovels, and loaders. In emerging economies, mining activity is moving from advanced countries. The surface mining segment is estimated to grow as a result of the shift in key mining centers towards emerging economies. Hence, these factors are expected to drive segment growth during the forecast period.
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The Connected Mining Market is revolutionizing with technologies like IoT, AI, and Machine Learning, enhancing efficiency through Automation and Robotics. Key innovations include Remote Monitoring, Advanced Sensors, and Fleet Management for optimal operations. Predictive Maintenance, powered by Big Data and Data Analytics, ensures equipment longevity. Cloud Computing and Edge Computing provide robust data handling, while Digital Twins, AR, and VR offer immersive operational insights. Blockchain and Cybersecurity ensure data integrity.
Wireless Communication and Geospatial Technology enable seamless connectivity. Smart Grids, Autonomous Vehicles, Wearable Technology, and Drones are pivotal in modern mining. 3D Printing, Telematics, and Smart Sensors play crucial roles in Asset Tracking and Environmental Monitoring, marking a new era in mining technology.
Related Reports:
The mining automation market size is estimated to grow at a CAGR of 7.4% between 2022 and 2027. The market size is forecast to increase by USD 1,612.56 million.
The mechanical connectors market size is estimated to grow at a CAGR of 5.54% between 2022 and 2027. The market size is forecast to increase by USD 4.46 billion.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Product Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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