According to the new research report titled “Smart Mining Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 23,055.4 million by 2028, registering a CAGR of 13.3% from 2021 to 2028.
Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization, such as atomization of key mining processes. Wireless monitoring and predictive maintenance, with the help of Operational Intelligence (OI) technologies, enables mining operators to track operational properties, such as dams, to overcome the risk associated with the mining and other crucial tasks. In real time, the digital data collection process is replacing the manual collection of data in the operational site.
Increasing demand for minerals and metals leads to growing need for the expansion of mining activities that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increasing concerns about safety and security, and growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared with the traditional mining technology.
Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operations. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services. The introduction of IIoT helps attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market that adds to the safety of miners on-site.
North America is known to adopt the highest number of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. Despite the suspension of activities in several sectors, shutdown of various manufacturing plants, and people’s reluctance about joining the work floors, governments of several countries in North America have maintained their budget. As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.
Key Findings of Study:
The global smart mining market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Asia Pacific accounted for the largest market in 2019 and is expected to maintain its dominance during the forecast period. Metals and minerals extracted from the region are transported to a large number of manufacturing hubs in South and East Asia, creating the world’s technologically sophisticated manufacturing region and also supporting the world’s construction. The smart mining industry in APAC is mainly driven by the rising demand for technological equipment, coupled with the pressing infrastructure needs of miners.
In North America, the US mining industry was benefited from the global increase in commodity prices, which increased its total output value of non-fuel minerals. Due to mines and processing facilities remaining idle or permanently shuttered due to the COVID-19 outbreak, the US experienced a reduced total output value of metals in 2020. Drilling activities have decreased across the US, resulting in a drop in output of several industrial mineral products. Although the US is seeing a minor drop in output, the rise in global commodity prices has allowed it to retain a steady industry.