Home > Construction > Construction Tech > Smart Mining Market

Smart Mining Market Size

Report ID: GMI12217
Published Date: Nov 2024
Report Format: PDF

Download Free Sample

Smart Mining Market Size

The global smart mining market size was valued at USD 15.9 billion in 2024 and is projected to grow at a CAGR of 9.8% between 2025 and 2034. The increasing demand for operational efficiency and safety in mining operations drives the adoption of innovative technologies. Enhanced automation, IoT integration, and data analytics improve productivity while reducing operational costs. Additionally, growing environmental regulations push companies to adopt sustainable practices, prompting investments in smart technologies that ensure compliance and optimize resource management. This convergence of needs fuels the shift towards advanced mining solutions.

To get key market trends

Download Free Sample

For instance, in July 2024, Sany introduced its Smart Mining Solution 3.0, which has been successfully implemented at over 10 mining sites across China, including locations in Inner Mongolia and Jiangsu province. This solution addresses common challenges encountered in conventional open-pit mining operations, such as inefficient vehicle usage, insufficient real-time feedback, and fragmented safety management.

Smart Mining Market Report Attributes
Report Attribute	Details
Base Year:	2024
Smart Mining Market Size in 2024:	USD 15.9 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	9.8%
2034 Value Projection:	USD 40.5 Billion
Historical Data for:	2021 - 2024
No. of Pages:	200
Tables, Charts & Figures:	180
Segments covered:	Component, Mining, Application, End Use
Growth Drivers:	Increased demand for operational efficiency and productivity Growing emphasis on worker safety and health Advancements in automation and IoT technologies Enhanced asset management through digital solutions
Pitfalls & Challenges:	High initial investment costs for technology implementation Lack of skilled workforce for advanced technologies

Learn more about the key segments shaping this market

Download Free Sample

The surge in investments in technology startups specializing in mining innovations is a key factor driving growth. These startups are developing cutting-edge solutions that enhance automation, data analytics, and IoT applications, which improve operational efficiency and safety. Increased venture capital interest encourages rapid advancements, enabling mining companies to adopt smart technologies that optimize resource management and reduce costs, ultimately reshaping industry practices.

For instance, in April 2024, Rio Tinto announced a substantial investment of USD 9.3 million over the following three years in partnership with Founders Factory. The goal of this collaboration is to assist pre-seed and seed-stage companies that are committed to improving safety in mining operations, developing exploration processing, encouraging decarbonization, and expanding automation in the mining sector.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of smart mining reached USD 15.9 billion in 2024 and is set to grow at a 9.8% CAGR from 2025 to 2034, driven by the increasing demand for operational efficiency and safety in mining operations.

The hardware segment accounted for 48% of the market share in 2024 and is expected to exceed USD 19.4 billion by 2034, characterized by the integration of advanced technologies such as IoT sensors, RFID tags, and intelligent systems.

The surface mining segment held 65% of the market share in 2024, with growth focused on automation and advanced technologies to optimize operations, improve safety, and reduce environmental impact.

The North America market accounted for a 34% share in 2023 and is expected to exceed USD 13.9 billion by 2034, driven by significant advancements in smart mining technology and increased automation and digitalization efforts.

The key players in the industry include ABB, Cisco Systems, Epiroc, Ericsson, IBM, Komatsu, Rockwell Automation, SAP, Trimble, and Wenco International Mining Systems.