Smart Mining Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2030

The smart mining market size was valued at US$ 13.06 billion in 2022, and it is expected to reach US$ 28.53 billion by 2030. The smart mining market is estimated to register a CAGR of 10.3% from 2022 to 2030. The introduction of the Internet of Things (IoT) is likely to remain a key trend in the market.

Smart Mining Market Analysis

Rising awareness related to the benefits provided by smart mining equipment and technologies and the growing need to keep the workforce safe are driving the market. The market is anticipated to grow during the forecast period, due to the growing demand for smart mining components among firms to improve data security. Moreover, government support for the installation of smart mining technologies and the rising adoption of automated mining equipment are creating lucrative opportunities for the market.

Smart Mining Market Overview

Smart mining refers to the use of linked technology in the mining sector. These technologies include cameras, sensors, and drones that communicate with one another and their surroundings over the Internet. Device networks help to automate processes, simplify operations, collect data, and connect various sections of the mining process. Smart mining technology helps mines boost efficiency, save money, keep workers safe, and reduce pollution.

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Smart Mining Market: Strategic Insights

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Smart Mining Market Drivers and Opportunities

Rising Awareness Related to the Benefits Provided by Smart Mining Equipment and Technologies to Favor the Market

The world is exploring smart mining technologies to improve its mining industry. The growth in digitalization and industrial automation helps mining companies improve their operational efficiency. These benefits help the country expand its mining activities. For instance, in 2023, the Government of Italy announced the resuming of critical raw materials mining operations. The mine contains numerous materials, such as lithium, cobalt, nickel, copper, zinc, beryllium, and tungsten. The government also estimated that the country holds at least 15 of the 34 elements in the ground. The resuming of mining activities require smart equipment and technologies to streamline the mining operations. These smart mining techniques help the workers improve productivity by minimizing environmental impact.

Government Support for the Installation of Smart Mining Technologies

The government has also installed smart mining technologies in more than 1,000 working coal facilities to increase the annual production capacity to over 620 million tons. Furthermore, the country is modernizing coal facilities by deploying The Hongliulin "intelligent mine" in coal-belt Shaanxi province to remove peak greenhouse gas emissions by 2030. The sustainability benefits of smart mining technologies fuel the market in the country. Thus, the increasing number of awareness programs, conferences, exhibitions, etc., are likely to create growth opportunities in the smart mining market during the forecast period.

Smart Mining Market Report Segmentation Analysis

Key segments that contributed to the derivation of the smart mining market analysis are component and mining type.

• Based on component, the smart mining market is divided into automated equipment, hardware components, software solutions, and services. The automated equipment segment is segmented into load haul dump, robotic truck, driller & breaker, excavator, and others. The hardware component segment is divided into RFID tags, sensors, intelligent systems, and others. The software solution segment is segmented into logistics software and solutions, data & operation management software and solutions, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions. The automated equipment segment held a larger market share in 2022.
• On the basis of mining type, the market is divided into underground mining and surface mining. The underground mining segment held a larger market share in 2022.

Smart Mining Market Share Analysis by Geography

The geographic scope of the smart mining market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The market in Europe is projected to expand during the forecast period due to the growing number of mining activities. For instance, in October 2022, Imerys Mining launched the EMILI (Imerys' Lithium mica mining project) project to mine lithium in France. The project will produce 34,000 tons of lithium hydroxide annually from 2028 onwards, which improve France's and Europe's industrial sovereignty to increase lithium-battery production. The projects help Imerys Mining to integrate and enhance its energy transition capabilities to reduce the carbon footprint associated with mining activities. Lithium mining often involves using autonomous vehicles and robotic systems to increase the efficiency and safety of mines. The growing adoption of smart mining technologies in France is expected to fuel the market.

Smart Mining Market Regional Insights

The regional trends and factors influencing the Smart Mining Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Mining Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Mining Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Mining Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Smart Mining Market are:

1. ABB Ltd
2. Alastri
3. Caterpillar Inc
4. Intellisense.io
5. Hexagon AB
6. Hitachi Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

Smart Mining Market News and Recent Developments

The smart mining market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart mining market are listed below:

• The mining leader has deployed the ABB Ability Operations Management System & (OMS 41; at the Mine 740 km northeast of Perth. The OMS contributes to GoldField's digital transformation of the Granny Smith operation, aiming to improve productivity and streamline data flow to enable timely decision-making. Approximately 1.6 million tpy of gold-bearing ore is extracted from the underground Mine and treated at the site's processing plant. (Source: ABB Ltd, Company Website, September 2023)

Smart Mining Market Report Coverage and Deliverables

The “Smart Mining Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Smart mining market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Smart mining market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Smart mining market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart mining market
• Detailed company profiles