Connected Mining Market : Introduction
Connected mining also known as smart mining is related to the next generation land mine design that incorporates surface and underground mining for improved efficiency in the extraction and management of mining resources. It creates a multi-service network and highly secured information protocol (IP) to monitor wall slope stability, detection of fractures and faults, natural seismicity and surface movement in the mines.
It consists of various solutions and systems such as smart assets, control systems, logistics, operational data processing and analytics, security systems, remote management solutions and control systems, and safety.
They are dispensed on the machine used for mining operations and offers various benefits such as improved production efficiency, reduced production costs, real-time visibility of assets, and safety for mineworkers.
Market Forecast:
The Global Connected Mining Market size was at USD 12.7 Billion in 2022, and it is predicted that it will reach a valuation of USD 34.49 Billion by the end of 2030 with an annual development rate (CAGR) of 13.3 % between 2022 and 2030.
Market Overview:
Since advanced technologies and the Internet of Things have been introduced, it has improved the scope of functionalities in the worldwide connected mining market. It allowed small businesses to enter the industry with a lot of ease, andhas substantially improved the cost efficiency of connected mining technology globally. Consequently, the Global connected mining market has registered a significant progression in terms of demand and implementation.
Global Connected Mining Market: Market Dynamics
Drivers: Mining 4.0 adoption to accelerate the connected mining market growth:
Since the 17th century, miners have been facing many issues related with sustainability of equipment, mine workers’ safety, onsite & underground decision marking, and several technological developments.
But now, these issues faced by the mining industry have been resolved due to the implementation of Mining 4.0 solutions along with high investments of mining companies to facilitate these solutions.
Industry 4.0 allows Mining 4.0, which is involved in IoT, big data, AI technologies and 5G, to incorporate operations in the mining industry. Mining companies use Software Development Lifecycle (SDLC) process to implement the Industry 4.0 method.
With the rapid advancement in technologies, there is a huge surge in digital solutions and demand for IoT systems and connected devices. The rapid rise in the adoption of digital solutions has accelerated the progression of the connected mining market.
Opportunities: Increasing demand for digitalization to boost the connected mining market
The mining industry has been rapidly adopting digitalized solutions in this technological era. Mining companies have understood the value of digitalization; therefore, they have adopted the latest technologies such as IoT, AI and cloud technologies to survive and achieve productivity goals in this competitive era. Rising investment in the IT infrastructure, AI tools, and Virtual Sensors aid in expanding the connected mining market.
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The Key Market Segmentation of this Market:
This Research Report Categorized The Global Connected Mining Market Based on Component, Solution, Services, Mining Type, Development Mode, Application and Geographical Landscape.
By Component:
- Solution
- Services
By Solution:
- Asset Tracking and Optimization
- Fleet Management
- Industrial Safety and Security
- Workforce Management
- Analytics and Reporting
- Process Control
- Others (Operational performance, Quality optimization solutions)
By Services:
- Professional Services
Advisory and Implementation
Support and Maintenance
Training
- Managed Services
By Mining Type:
- Surface
- Underground
By Development Mode:
- On-premises
- Cloud
By Application:
- Exploration
- Processing and Refining
- Transportation
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players in the Global Connected Mining Market Are:
- ABB Group,
- Accenture Plc,
- Alastri, Cisco Systems Inc.,
- Hexagon AB,
- Io,
- Rockwell Automation,
- SAP SE,
- Symboticware Inc.
- Trimble Inc.
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The Covid-19 Impact Analysis:
COVID-19 has negatively impacted the mining sector, and several mine operators were forced to close their mines temporarily by the government. This situation decreased the productivity of the mining industry globally.
After one year of pandemic, the mining industry was trying to restore from this crisis; therefore, the focus of industries was to develop strong operations and supply chain, decrees carbon emissions and take the help of advanced digital technologies.
However, after the pandemic, the mining industry has recovered quickly due to the implementation of new strategies in the mining operations.
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