Smart Mining Market size was over USD 14.18 billion in 2023 and is set to cross USD 57.03 billion by 2036, growing at more than 11.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart mining is estimated at USD 15.46 billion. The growth of the market can be attributed to the increasing adoption of autonomous equipment around the world, surge in technological advancements in AI and IoT technologies, and growing demand for minerals and metals in various industry verticals. In 2018, more than 77 percent consumers in the world used AI. About 48 percent of organizations in the world already have a well-defined AI strategy. Along with these, as a result of high costs of operations in the mining industry, over the last few years, companies are extensively adopting smart mining at several nodes to analyze real time data and accelerate the decision-making process. Thus, the rise in demand for cost optimization in the mining industry is also expected to drive smart mining market growth in the upcoming years. Furthermore, escalating demand for durable goods in automotive industry is projected to provide promising growth opportunities to the market by the end of 2030.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
11.3% |
|
Base Year Market Size (2023) |
USD 14.18 billion |
|
Forecast Year Market Size (2036) |
USD 57.03 billion |
|
Regional Scope |
|
The market is segmented by services into system integration & implementation services, support & maintenance, product training services, and consulting services, out of which, the system integration & implementation services segment is anticipated to hold the largest share in the global smart mining market. This can be accounted to the growing integration of smart system and internet of things for replacing the legacy parts of systems, and rise in incorporation of radiofrequency technology and wireless sensor networks inside the mines. Additionally, on the basis of hardware component, the intelligent systems segment is predicted to grab the largest share over the forecast period owing to the significant reduction in the time taken to perform a task, and ability of these systems to perform complex tasks without major cost outlays.
Our in-depth analysis of the global smart mining market includes the following segments
|
By Hardware Component
|
|
|
By Software Solution |
|
|
By Service
|
|
|
By Automated Equipment
|
|
On the basis of geographical analysis, the global smart mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Latin America is expected to account for largest revenue share by 2036, on the back of rising demand for mine plants equipped with remote surveillance and collaborated environment, and increasing government expenditure for technological advancements in the region. It was calculated that the total IT spending in Latin America is expected to increase by approximately 8 percent from the year 2020 to 2021. Argentina, among all the other countries is evaluated to observe the highest growth of about 10.5 percent the same year. Moreover, the smart mining market in North America is anticipated to gather the largest share during the forecast period, which can be credited to the growing amount of investments in process optimization and automation in the mining industry, and early adoption of smart mining techniques in the region. In addition, strong presence of prominent market players is also assessed to drive market growth in the region in the future.
December 2020: Caterpillar and Guardhat signed a partnership deal for providing safety solutions to surface mining operations via Cat dealers, by developing a system called Cat Connected Worker. It uses wearable technology to offer enhanced protection to mine workers.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?