Smart Mining Market is expected to reach US$ 28.53 billion by 2030

Adoption of Automated Mining Equipment to Provide Opportunities for Smart Mining Market During 2022–2030

According to our latest market study on "Smart Mining Market Size and Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component and Mining Type," the market was valued at US$ 13.06 billion in 2022, and it is expected to reach US$ 28.53 billion by 2030; it is estimated to register a CAGR of 10.3% from 2022 to 2030.

Smart mines with already installed technologies can automate their operations faster than those lagging in technological adoption. By implementing advanced technologies, mining operators can expand their current wireless network of embedded sensors, which is boosting the smart mining market. For instance, installing automation software enables the operator to monitor static and moving assets remotely and program automated interaction between both. Automated trucks carry out mining operations with the help of a physical sensor network and the remotely configured and managed software system, which previously required a truck driver fleet for service. Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization, such as automating key mining processes are generating opportunities in the global smart mining market. The growing use of Operational Intelligence (OI) technologies, wireless monitoring, and predictive maintenance supports mining operators in tracking operational properties to overcome the risks associated with mining and other crucial tasks. In real-time, the digital data collection process replaces the manual data collection at the operational site, which increases the demand for automated mining equipment and creates opportunities in the smart mining market growth.

Smart Mining Market – by Geography, 2022

The pressure of pore water plays a significant role in the dam site. The fluctuation in pore water pressure may lead to a sudden break in the dam. Instead of manual pressure measurement, operators can continuously track pore water pressure levels with real-time digital readings, giving them better capabilities to protect their critical assets. Mining automation not only provides protection but also makes complex operations simpler, which is fueling the global smart mining market. For instance, Rio Tinto and BHP Billiton set up remote operation centers in Western Australia to enhance worker productivity and achieve effective mining operations. The nation also focuses on setting up broadband networks to collect, monitor, and process data for process optimization. The system allows resource-efficient usage and promotes the effective use of water and electricity to ensure sustainability in the environment and economy, which is creating opportunities in the smart mining market.

Numerous mining and technology companies are developing automated mining equipment to improve worker safety and working conditions, increase productivity, improve fuel efficiency and vehicle utilization, reduce driver fatigue and attrition, and reduce unscheduled maintenance. These factors are anticipated to create opportunities in the smart mining market.

• In May 2023, Komatsu Ltd. launched a series of medium-sized hydraulic excavators equipped with a hydrogen fuel cell to achieve carbon neutrality in the mining and construction workplaces. This excavator delivers powerful digging performance and high operability to mining operations.
• In March 2023, Roll Hill announced the expansion of its autonomous haulage system (AHS) by partnering with Epiroc and ASI. The companies are working on converting Roy Hill’s 96 conventional haul trucks into the world’s first autonomous haul truck solution. The autonomous haul truck provides driverless operation and helps Roll Hill to create the world's largest autonomous mine.
• In November 2020, ABB launched the ABB Ability Safety Plus for hoists, a suite of mine hoist safety. The products consist of Safety Plus Hoist Protector, Safety Plus Hoist Monitor, and Safety Plus Brake System with Safety Brake Hydraulics. ABB Ability Safety Plus is the first independently certified Safety Integrity Level 3 mine hoist system in the mining industry.

Thus, all the above benefits of automated mining equipment are expected to boost its demand in various mining companies, creating an opportunity for the growth of the smart mining market during the forecast period. 

ABB Ltd, Alastri, Caterpillar Inc, Intellisense.io, Hexagon AB, Hitachi Ltd, MineSense, Rockwell Automation Inc, SAP SE, and Trimble Inc. are among the key smart mining market players that were profiled in the report. Several other major smart mining market players were studied and analyzed during this market research study to get a holistic view of the smart mining market and its ecosystem. The smart mining market report provides detailed market insights, which help the key players strategize their growth.

The European mining industry excels in developing and implementing smart mining processes, enabling sustainable extraction and ore processing under technically and economically viable conditions, and meeting stringent environmental standards. Such factors contribute to smart mining market growth. The European smart mining market is considered one of the most innovative mining sectors. High-level smart mining technologies support mining extraction, exploration, and beneficiation. The mining industry also promotes environmental, health, and safety protection advancements. Europe's industrial minerals and metal consumption has increased in the past few years. Europe produces a large number of industrial minerals and aggregates. However, it is one of the net importers of most metals and metal ores. The extraction and supply of minerals in Europe continue to play a crucial role in the European economy. Minerals are used daily as construction materials (sand, crushed rock, and gravel) for buildings, infrastructure, and roads, and for industrial purposes (e.g., kaolin, silica sand, metals, lime, and talc) in the production of steel, computers, medicines, and animal foodstuffs and fertilizers, among others. Europe relies on importing many of its mineral and metal needs. Europe has several underground mines, including Kiruna Mine, Verbundwerk Hattorf Wintershall Mine, Malmberget Mine, Polkowice-Sieroszowice Mine, Bogdanka Mine, Rudna Mine, Lubin Mine, and Borynia-Zofiowka Mine. The presence of several underground mines is increasing the demand for smart mining as these mines require innovative technologies, is driving the smart mining market.

In Europe, the Rest of Europe dominated the smart mining market in 2022. The Rest of Europe includes Spain, Austria, Poland, Portugal, and Turkey. The increasing ICT spending, fluctuating commodity prices, and enhanced safety and security of mine workers drive smart mining in the Rest of Europe. Rise in investment in mining projects and commercialization of mining production are among the other factors driving the smart mining market in the Rest of Europe. For instance, in May 2020, Öksüt Gold Project in Turkey achieved commercial production and received funding of US$ 221 million from the European Bank for Reconstruction and Development (EBRD) and UniCredit. This funding supports the project to adopt smart mining techniques that help workers predict equipment failure, schedule maintenance, and improve production.

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