Connected mining market: product innovation and optimization

Connected mining market

The global connected mining market size is expected to reach $21. 9 billion by 2028, rising to a market growth of 11.8% CAGR during the forecast period.

Connected Mining is the next generation land mining system that combines surface and underground mining for increased efficiency in mining resource extraction and administration.

The growing demand for improved safety and security measures for mine workers is propelling the industry forward. By monitoring and communicating with integrated systems in real time, connected mining enables companies to increase production capabilities. It also enables predictive maintenance, which includes monitoring on-site costs and resource usage through digital monitoring controls.

Another growth area is the integration of Industrial Internet of Things (IIoT), big data and cloud computing technologies with mining equipment.

Based on components, the market is segmented into solutions and services. On the basis of solution type, the market is segmented into asset tracking and optimization, industrial safety and security, fleet management, workforce management, analytics and reporting, and others.

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The services segment observed a substantial revenue share in the connected mining market in 2021. Support and maintenance services, consulting services, and system integration services are examples of professional services.

Consulting services typically focus on managing business operations revolution programs and the latest technology updates to help clients achieve strategic business goals through technology and business improvements.

Integration is the process of linking many subsystems or components into a larger system so that it can function as a single IoT system. Integration and deployment services combine various technology products and applications, including legacy platforms, to reduce IT challenges and increase a company’s return on investment.

Based on application, the market is segmented into exploration, processing & refining, and transportation. The transportation segment has secured a promising revenue share in the connected mining market in 2021.

Some mining companies are already using autonomous trucks and trains that can be tracked and operated remotely. In addition to enabling efficient transport of materials and allowing personnel to focus on other activities, autonomous transport has the potential to improve safety.

Transportation accidents are a big threat to the safety of miners. Autonomous transport can solve this problem.

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Based on deployment mode, the market is segmented into on-premises and cloud. The cloud segment recorded a major revenue share in the connected mining market in 2021.

Industries are gradually migrating their on-premises storage to the cloud, due to the increased efficiency of work processes and storage capacity provided by cloud services. An organization’s capital and operating costs can be reduced by using the cloud. With no internal server application and storage requirements, it saves significant capital expenditure.

Based on mining type, the market is segmented into surface and underground. The surface mining segment acquired the largest revenue share of the connected mining market in 2021. Surface mining is a type of mining that extracts minerals and ores that are near the Earth’s surface.

Additionally, surface mining is the deliberate removal of the outer layers of rock from the earth to obtain ore reserves. This type of mining is used in the majority of mining projects because it is relatively more profitable, simple to manage and less dangerous.

Mountaintop Removal (MTR), surface mining, surface mining, dredging, and high wall mining are all examples of surface mining. The most common type of mining technology is surface mining, which is used to extract ores near the surface. Mineral resources are extracted from water sources such as rivers, lakes and the ocean.

Based on regions, the market is segmented into North America, Europe, Asia-Pacific and Latin America, Middle East & Africa. APAC region acquired the maximum revenue share in the connected mining market in 2021.

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China, Indonesia, India, the Philippines and Papua New Guinea (PNG) are likely to lead the industry in the Asia-Pacific region, with China the most promising player in mining efforts smart. Due to the country’s growing demand for minerals, India can be seen as the next high-potential preference for the world’s leading suppliers in the mining industry.

Investment projects stimulate the development of industrial capacity in the region. The adoption of technologies such as remote monitoring, operational analytics and data processing, and mine safety systems is high in this region.

The major strategies followed by market players are partnerships. Based on the analysis presented in the cardinal matrix; Cisco Systems, Inc. and Siemens AG are pioneers of the connected mining market. Companies such as IBM Corporation, SAP SE and ABB Group are among the leading innovators in the market.

The market research report covers the analysis of major market players. Key companies profiled in the report include ABB Group, IBM Corporation, SAP SE, Cisco Systems, Inc., Schneider Electric SE, Komatsu Ltd., Hexagon AB, Caterpillar, Inc., Rockwell Automation, Inc., and Siemens AG.

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