Connected mining market worth $23.6 billion by 2027

CHICAGO, March 17, 2022 /PRNewswire/ — According to a research report Connected Mining Market by Component (Solutions, Services), Solution (Asset Tracking & Optimization, Fleet Management), Service (Professional, Managed), Mining Type (Surface, Underground), Application, Deployment Mode & Region – Global Forecast until 2027“, published by MarketsandMarkets™, the size of the connected mining market will grow from $12.7 billion in 2022 at $23.6 billion by 2027, at a compound annual growth rate (CAGR) of 13.3% over the forecast period. The presence of various key players in the ecosystem has led to a competitive and diverse market. Mining 4.0 initiatives in industries are leading the way in connecting the mining market. The growing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market.

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The Solution segment will register the highest market share during the forecast period

In the component-connected mining market, solutions are expected to hold the largest market size. Connected solutions refer to the deployment of IoT solutions in the mining industry. These solutions are mainly aimed at converging machines and intelligent data to achieve the operational efficiency objectives set by energy companies. Connected solutions in mining also improvise analytics-based decision making by diminishing market threats and vulnerabilities with the help of effective tools and techniques. Additionally, connected mining solutions have enabled energy companies to control assets from anywhere to monitor their performance.

Asset Tracking & Optimization Segment to Record Highest Market Share During Forecast Period

In the solution-connected mining market, the asset tracking and optimization segment is expected to register a larger market share during the forecast period. Asset tracking solutions track mining assets, automate processes, and continuously monitor the quality and safety of the mining environment. This helps ensure that the mine and the workers are efficient and productive. This involves real-time mining vehicle tracking, including GPS location, engine hours, mileage, geofences, and fuel consumption. To track underground mining assets while reducing costs, real-time location systems (RTLS), RFID tracking, Wi-Fi, sensors, mobile devices, software and other technologies are used to obtain complete visibility of underground mining operations. The solution improves worker safety by tracking mine workers, monitoring entry/exit and evacuation status, and receiving alerts.

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Professional services segment to register the highest market share during the forecast period

In the service-connected mining market, the professional services segment is expected to hold a larger market share in 2027. Professional services include consulting services, system integration services, and support and maintenance. Consulting services mainly focus on managing business operations revolution programs and latest technology updates to help the client achieve their strategic business goals through technical and business improvements. Integration is the process of connecting different subsystems or components into one larger system, allowing it to function as a single IoT system. Integration and deployment services consolidate different technology products and applications, including legacy platforms, and can significantly reduce IT-related complexities and maximize business return on investment. Support and maintenance services category includes 24/7 customer support services, repair and exchange services, release maintenance, bug fixes, updates technical support, license upgrades, proactive services and training.

By type of mining, the surface segment is expected to hold a larger market share during the forecast period

By mining type, the surface segment is expected to have a higher growth rate. Surface mining is a form of mining technique used to extract minerals and ores that lie closer to the Earth’s surface. In surface mining, the extraction of ore deposits is done by the systematic removal of the outer rock layers of the ground. Most mining projects start with surface mining because it is more profitable, easier to mine, and less dangerous. There are various forms of surface mining, including surface mining, surface mining, surface mining (MTR), dredging, and highwall mining. Surface mining is the most common form of mining techniques used primarily to dig ores near the surface. The extraction of minerals from water sources, such as rivers, lakes and oceans. Mountaintop mining is involved in the extraction of ores from steep mountainous terrain. Connected solutions for surface mining enable monitoring of wall slope stability, surface movement, fracture and fault detection, and natural seismicity. Connected mining solutions are also available for asset network, asset operation and maintenance, transportation management, and employee and environmental safety.

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Asia Pacific hold the largest market size over the forecast period

Asia Pacific is expected to hold the largest market size in the global connected mining market over the forecast period. In Asia Pacific, China, India, Indonesia, Papua New Guinea (PNG) and The Philippines should energize the market with China as the most potential player in smart mining initiatives. India can be considered as the next high potential preference for the global leading vendors in connected mining market as the country has growing demand for minerals. New investments will boost the Indian market, in line with the country’s ambitious goal of adding $210 billion of the mining and mining sectors to the country’s GDP by 2050. The increase in production capacities in the region is driven by investment programs. This region is experiencing a high rate of technology adoption, such as operational analytics and data processing, remote monitoring, and mine safety systems.

Key and emerging market players Connected mining market includes ABB (Switzerland), IBM (USA), SAP (Germany), Cisco (USA), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (USA), Rockwell Automation (USA), Trimble (USA), Siemens (Germany), Howden (Scotland)Accentur (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), (UK), Zyfra (Finland), Axora (UK), GroundHog (USA), SmartMining SpA (Chile), and applied vehicle analysis (Africa). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market share in the connected mining market.

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