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Smart Mining Market Trends

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

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Smart Mining Market Trends

The mining industry is increasingly embracing digitalization, with companies integrating advanced technologies to streamline operations and enhance productivity. This shift includes implementing data analytics, IoT connectivity, and automated systems for real-time monitoring and decision-making. By digitizing processes, mining operations can achieve greater efficiency, improve safety measures, and respond more effectively to market demands, thereby transforming traditional practices into smart, data-driven strategies.

For instance, in September 2024, Epiroc unveiled Groundbreaking Intelligence, a flexible digital mine ecosystem designed to transform the mining industry's approach to digitalization. This initiative was presented at MINExpo 2024 and marks a significant expansion of Epiroc's digital and automation solutions portfolio.

High initial investment costs pose a significant challenge for companies looking to implement advanced technologies in mining operations. The expense associated with acquiring and integrating smart systems can be prohibitive, particularly for smaller companies. Additionally, the lack of a skilled workforce to operate and maintain these sophisticated technologies further complicates adoption. This skills gap can hinder the effective implementation of digital solutions, leading to potential inefficiencies and underutilization of investments. As a result, organizations may struggle to realize the full benefits of technological advancements, slowing down progress in modernizing mining practices.

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.