by Smart mining refers to the use of data analytics and connected technologies to optimize mining operations. It incorporates various technologies such as AI, IoT, data analytics, robotics, and autonomous vehicles to improve safety, productivity, and efficiency throughout the mining lifecycle. Smart mining solutions help streamline mining operations by facilitating extraction and processing of minerals at reduced costs. It involves real-time monitoring of assets and processes, predictive maintenance, connected operations, and automated mining equipment such as drills, trucks, and loaders. This reduces unplanned shutdowns and increases asset utilization.
The global smart mining market is estimated to be valued at US$ 17.45 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Streamlining Mining Operations: Real-time data insights from smart mining technologies help streamline operations across the entire mining value chain from exploration to closure. Operators can remotely manage and coordinate activities to extract minerals more efficiently. This improves productivity, reduces truck cycle times, and enhances mined material tracking throughout processing. It allows for lean planning and scheduling of facilities and assets.
Reducing Operating Costs: Smart mining solutions optimize energy and water consumption throughout mining processes such as material handling, grinding, separation, and refining. Connected equipment continuously monitor performance to minimize unplanned downtime and maintenance costs. Predictive analytics aids preventive maintenance planning to reduce repairs. Automation of mineral extraction and loading activities lowers labor expenses. Overall smart technologies significantly cut down operating costs per unit of production.
Segment Analysis
The global smart mining market is segmented based on type, technology and region. Based on type, the market is segmented as underground mining and surface mining. The underground mining segment captured higher market share in 2023 and is expected to continue its dominance during the forecast period. This is attributed to rising demand for continuous monitoring and automation processes in underground mining activities.
PEST Analysis
Political: Governments across major economies are promoting adoption of smart mining technologies to improve safety, productivity and reduce environmental impact of mining activities. Favorable regulatory frameworks are boosting investments.
Economic: Rising urbanization and industrialization have increased demand for metals and minerals. Smart technologies help optimize operations and reduce production costs. This is a major driver for their adoption.
Social: Mining companies are under increasing pressure to improve workplace safety and reduce accidents. Smart mining fulfills this need of continuous monitoring and remote operations.
Technological: Emerging technologies like AI, IoT, robotics, automation and analytics are transforming mining landscape. Their integration is facilitating data-driven decision making and autonomous operations.
Key Takeaways
Global Smart Mining Market Size is expected to witness high growth at a CAGR of 12% during the forecast period. Underground mining segment dominates currently due to growing need for continuous monitoring in complex underground environments.
Regional analysis:
North America accounts for largest share presently led by U.S.,Canada. This is attributed to rapid technological advancement and large presence of top players. Asia Pacific is poised to grow at fastest pace owing to increasing mining activities and government initiatives in major countries like China, India.
Key players:
Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics are some of the prominent players in smart mining market. Diadem srl. offers end-to-end monitoring solutions while Proteomedix focuses on diagnostic biomarkers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
