May 29, 2024
Smart Mining Market
Ict

The Global Rise Of Digital Transformation In Mining Is Driving The Smart Mining Market

Smart mining refers to the integrated use of data analytics and machine intelligence in mining operations. Smart mining utilizes digital technologies like Internet of Things (IoT), robotics, simulation and automation, artificial intelligence and sensors to modernize mining activities. It provides real-time data analysis for optimized exploitation of mineral resources. Smart mining solutions enable remote operation and monitoring of mining equipment as well as predictive maintenance to reduce downtime. They facilitate automated extraction and transportation of raw materials. Adoption of smart mining technologies aids in improving productivity, safety, sustainability and transparency in mining operations.

The global Smart Mining Market is estimated to be valued at US$20.11 Billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Global Smart Mining Market Size is the growing adoption of 5G network technology. 5G technology enables mining companies to connect equipment and workers remotely through high-speed networking. It allows real-time data exchange between autonomous mining vehicles, machinery and control centers. Rapid provision of connectivity boosts data collection from various sources in mines. This further aids remote operation and improves productivity as well as operational efficiency. Apart from 5G, increasing application of technologies like artificial intelligence, robotics, augmented reality and virtual reality in mining is also providing boost to the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Mining activities require complex heavy machinery and processes and sustainable regulatory clearances, limiting new players entry.
Bargaining power of buyers: Large mining companies have significant bargaining power over technology providers due to their purchasing power and scope of operations.
Bargaining power of suppliers: Few technology providers have capabilities for smart mining solutions, giving them negotiating leverage over mining companies.
Threat of new substitutes: No close substitute exists for core mining activities; however renewable energy and recycling pose long-term threats.
Competitive rivalry: Competition is intense as technology providers aim to strengthen footprint with mining giants and gain access to their mining sites for technology trials and deployments.

Key Takeaways

The global smart mining market is expected to witness high growth. Mining activities are increasingly incorporating smart technologies like AI, IoT and automation to improve safety, productivity and reduce costs.

Regional analysis: North America dominates the smart mining market currently due to active government support and presence of leading technology providers in the region. Asia Pacific is expected to witness fastest growth led by China, Australia and India increasing digitization of mining activities.

Key players operating in the smart mining market are 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. Key players are focused on developing advanced IoT and AI based solutions to improve various mining operations including exploration, planning, monitoring, autonomous equipment and workforce productivity.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it