The Global Smart Mining Technologies Market valued at US 11979.02 Billion in 2022 is anticipated to reach a value of US 40092.13 Billion in 2030, growing at a CAGR of 16.3%.
Smart mining technologies market– Overview
Traditional mining activities mainly includes hazards that are associated with coal dust inhalation, concerns with access to capital and power supplies.
There is requirement for smart mining technologies that includes, mining analytics platform and emission management software, which have surged for providing enhanced capabilities for planning, analysing and maintenance of mining operations.
The adoption of smart mining technologies in mining process has also gained significance because of the shifts in mining business operations, higher requirement of safety with error-free decision-making processes.
Digital integration of mining process with use of automated mining equipment, modular mobile machines, and also mining analytics platforms has reduced the complexities with improved decision-making process.
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Key market trends- Growth determinant and challenges
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the higher demand for safety during constructions over the forecast period.
The key benefits of automation in mining industry includes better fuel efficiency, improved working conditions, reduction in unscheduled maintenance, and also enhanced vehicle utilization. All these factors have driven the demand for smart mining technologies over the forecast period.
Also, automated mining technologies have brought better predictability resulting in easier adjustments with lower downtimes. These have eliminated the need for human intervention in hazardous situations over the forecast period.
Segmental analysis of the market
Based on technology
- AI/ML-enabled Supply Chain Management
- Mining Analytics Platform
- Blockchain-based Metal Trading Platform
- Emissions Management Software
- Others
Blockchain-based Metal Trading Platform segment has dominated the market growth over the forecast period. This is because it ensures efficient remote trade executions with high security across metals and mining value chain.
Based on Application
- Risk & Compliance Management
- Mining Operations & Process Control
- Mining Data Warehousing
- Others
Risk and compliance management segment has dominated the market growth over the forecast period. This is because of the risks of cyberattacks and cybersecurity threats that are prevailing in mining industry with threats that are related to mining control systems.
North America is anticipated to amplify at a considerable CAGR
The smart mining technologies market is segmented into 5 main regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of the introduction of connected technologies in the mining industry that has boosted the market growth.
Competitive Landscape
Some of the prominent companies operating in the market are
- Aveva Group Plc
- Wipro
- Dataparc
- Infosys
- Huawei Technologies
- ABB Ltd
- Skuchain
- Sphera
- Envirosuite
- Locus Technologies
- io
- ai
- ZE Power Group Inc.
- Phinar Software
- Open Text Corporation
Major questions answered in this report
- what is the growth rate of the smart mining technologies market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The smart mining technologies market is projected to expand at a CAGR of 16.3% over the forecast period.
- The higher demand for safety is aiding market progression.
- The Risk and compliance management segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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Scope of the report:
Global Smart Mining Technologies Market: Historical Year- 2018-2021
Global Smart Mining Technologies Market: Forecast Years- 2022-2030
Global Smart Mining Technologies Market USD value in 2022- $11979.02 Billion
Global Smart Mining Technologies Market USD value in 2030- $40092.13 Billion
Global Smart Mining Technologies Market CAGR- 16.3%
Segments Covered- Type, Category and Region
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