NEW YORK, Aug. 27, 2021 /PRNewswire/ -- According to our new research study on "Smart Mining Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software and Solution, and Service) and Mining Type (Underground Mining and Surface Mining)," Increase in surface mining activties to contribute heavily to smart mining market growth. The market is projected to reach US$ 23,055.4 million by 2028 from US$ 9,614.5 million in 2021; it is expected to grow at a CAGR of 13.3% from 2021 to 2028.
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The mining industry is witnessing growth in its activities owing to the rising demand for coal for power generation and growing demand for minerals and metals. In the industry, mining projects are rising rapidly. For instance, Aurania Resources (a Toronto-headquarter company) is putting efforts into exploring gold in southeastern Ecuador in the Cordillera del Cutucu. The region consists of gold-copper skarn, porphyry copper clusters, and epithermal gold deposits. Similarly, another Toronto-located large-scale gold mining company, Ari Sussman-led Continental Gold developed a wholly-owned Buritica gold mine project in Antioquia, which was scheduled for production in 2020. New mining projects prevailing across different countries are expected to promote the mining business, which would bolster the growth of the smart mining market during the forecast period.
APAC held the largest share in the smart mining market, followed by North America and Europe. Upsurge in the middle-class population and rise in urbanization across Asian countries offer lucrative opportunities for key players in the smart mining market. Many of the largest mining companies in the world reside in the region, i.e., of the top 40 mining companies by market capitalization globally, close to half are in or closely tied to the region. Furthermore, the most important recent mining deals involve the region. The mentioned factors are anticipated to contribute to the growth generated by the smart mining market in APAC
The smart mining market in MEA is expected to grow fastest during the forecast period. Industry players in Middle East point to the fact that most of the area has yet to be explored utilizing contemporary techniques and equipment. Even though Africa has more than 30% of the world's mineral reserves, the region receives less than 5% of the overall global mining exploration and extraction budget. The potential for a thriving mining sector in the MEA region is enormous. Many nations in the MEA have recently enacted or are in the process of enacting new mining regulations to stimulate investment.
Strategic Insights
Report Coverage | Details |
Forecast Period | 2020 - 2028 |
No. of Pages | 181 |
No. of Tables, Charts & Figures | 192 |
Market Size in 2021 | 9614.5 Million (USD) |
Market Size by 2028 | 23055.4 Million (USD) |
Forecast Period CAGR | 13.3% |
Segments covered | Mining Type, Automated Equipment, Component |
Country Scope | US, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Smart Mining Market for Hardware Segment to Grow in Coming Years
Wearable devices found applications in the mining industry for regulating production processes in hard rock mines, health and safety management in coal mines, and monitoring environmental quality in industrial mineral mines. For instance, wearable cameras are used at mining sites for many purposes, depending on the characteristics of the mining activity. In most cases, the cameras are useful tools for site monitoring and process controlling in outdoor environments. Nevertheless, there are a few regulations that need to be considered before introducing any smart mining hardware component.
Smart Mining Market: Mining Type Overview
Based on mining type, the smart mining market is bifurcated into underground mining and surface mining. The surface mining segment dominates the market. The market growth for the segment is driven by the surging demand for both nonmetallic and metallic minerals, increasing consumption of energy, growing concerns regarding energy security across various countries, rising technological advancements in mining, an abundance of reserves that can be exploited utilizing surface mining, and the lesser capital requirement.
Smart Mining Market: Competitive Landscape and Key Developments
ABB Ltd.; Alastri; Atlas Copco; Caterpillar Inc.; Cisco Systems Inc.; Hexagon AB; Hitachi Construction Machinery Co. Ltd.; Komatsu Mining Corporation; Rockwell Automation, Inc.; and Trimble are among key players operating in the global smart mining market. The leading companies are focusing on the expansion and diversification of their market presence and acquisition of a new customer base, thereby tapping prevailing business opportunities.
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In 2019, ABB launched breakthrough digital application for real-time integration in open-pit and underground mines. The company developed ABB Ability Operations Management System for mining (OMS) in collaboration with Boliden AB and ArcelorMittal Mining Canada. It connects and coordinates mine operators, workforce, equipment, and all mining activities in real-time, from face preparation to the crusher.
In 2021, Kalmar, a subsidiary of Cargotec, has entered into an agreement with Companhia Siderúrgica Nacional (CSN) for the supply of nine Kalmar Rubber-Tyred Gantry Cranes (RTGs). The cranes will be delivered to Sepetiba Tecon terminal in Rio de Janeiro, Brazil.
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