South America Smart Mining Market Size, Share, and Analysis by 2028

The SAM smart mining market is expected to grow from US$ 388.52 million in 2021 to US$ 865.93 million by 2028; it is estimated to grow at a CAGR of 12.1% from 2021 to 2028.

Brazil and Argentina are major economies in SAM. Ensuring data security will surge the SAM smart mining market. Data sources in the mining industry can be classified into two parts, namely, direct, or indirect (ancillary) measurements. Direct measurement sources are those taken by instruments such as GPS and conventional geodetic surveys. Indirect references refer to systems that collect data as a by-product of processes or operations such as Fleet Management Systems, SCADA or DCS data, blast hole drills, and geomodelling data. For improving ore recovery, an ore body modelling technique is used. The model provides geological patterns that help in determining the drill holes. The right mining decisions, therefore, depends on the availability of correct data from multiple systems combined with real-time data analytics. These decisions can be applied to mining production, exploration, and operations. They can also be used for monitoring and reporting metrics and KPIs.    Additionally, they help in identifying root causes for operational bottlenecks such as unscheduled truck maintenance delays, long queuing time of trucks and LHDs, delays in lab samples undergoing quality control and batch processing, etc. Mining companies usually have confidential data, which needs to be protected during accidents and unpredicted natural hazards. Digitizing the mining processes may pave the way for hackers to access the network and regulate the operations of the mine. An effective way to protect the on-site data is by using on-site data acquisition systems that help prevent data, as their wireless network of geophysical sensors is concentrated in an area being tracked at the site. Smart mining systems collect and process their data on servers located / near the site, which are only connected to the network. This ensures that hackers are unable to access the system, and thus, provides data security. Therefore, growing security concerns will escalate the demand of smart mining, thereby driving the SAM market growth in coming years.

In case of COVID-19, SAM is highly affected especially Brazil, followed by Ecuador, Chile, Peru, and Argentina, among others. Most of the commercial operations in the region have been shut down to prevent the spread of the disease. Lockdowns imposed in cities have compelled most production plant operators to suspend their operation indefinitely, which has led to the discontinuation in the demand for mechanical and electronic parts. Therefore, the COVID-19 pandemic is restraining the smart mining market growth in SAM. However, the mining industry is likely to pick up pace soon after the governments across the region steadily lift the various containment measures in order to revive the economy. The production of the mining equipment is anticipated to gain pace from 2022, which is further foreseen to positively influence the mining industry, including hardware components of mining.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM smart mining market. The SAM smart mining market is expected to grow at a good CAGR during the forecast period. 

SAM Smart Mining Market Segmentation   

SAM Smart Mining Market – By Component

• Hardware
  • RFID Tags
  • Sensors
  • Intelligent System
  • Others
• Software and Solution
  • Logistics Software
  • Data & Operation Management Software
  • Safety & Security Systems
  • Connectivity Solutions
  • Analytics Solutions
  • Remote Management Solutions
  • Asset Management Solutions
• Services

SAM Smart Mining Market – By Mining Type

• Underground Mining
• Surface Mining

SAM Smart Mining Market, by Country

• Brazil
• Argentina
• Rest of SAM    

SAM Smart Mining Market -Companies Mentioned

• ABB Ltd.
• Caterpillar Inc.
• Hexagon AB
• Hitachi, Ltd.
• Intellisense.io
• MineSense
• Rockwell Automation, Inc.
• SAP SE
• Trimble Inc.

South America Smart Mining Report Scope