Image default
AI IOT

IoT, AI to Cut Costs, Increase Growth of Mining Industry by 2027

The “Smart Mining Market by Type and Category: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.

The global smart mining market size is expected to reach $24,047.6 million in 2027, from $9,256.7 million in 2019, growing at a CAGR of 13.0% from 2020 to 2027.

Smart mining is a process of extracting minerals, resources, and metals utilizing a varied range of technology and planning solutions. It contains IT planning and logistics, detection of poisonous gases, extraction, and remote communication. In addition, it offers varied benefits such as increased production efficiency, high protection of workers, increased productivity, and reduction of risks & production costs. Smart mining has witnessed unprecedented adoption in recent years due to increase in concerns pertaining to growing pollution and environment protection. In addition, there is an increase in the adoption of smart mining due to the rise in awareness regarding health hazards, owing to air pollution and land pollution.

Increasing penetration of advanced technologies in mining automation such as internet of things (IoT), artificial intelligence, and machine learning are anticipated to cut down substantial costs of the workforce, and thereby, result in significant cost optimization. IoT solutions offer opportunities in the complex mining industry to track visibility, safety, and efficiency. It connects the workforce, machines, and products in addition to services. Mining companies have deployed advanced digital technologies at mine sites to monitor safety controls; thereby, fostering the mining efficiencies.

These factors drive the growth of the smart mining market significantly. In addition, the safety & health concerns of miners and operators due to harsh mining atmospheres drive the demand for autonomous equipment in the mining industry. The implementation of IoT and AI in the mining industry has resulted in a low fatality rate. Further, the adoption of digital technologies such as logistics software, remote-controlled equipment, and high-precision GPS drives productivity. Major companies such as Caterpillar, Cisco, and Siemens have established software & solutions that meet safety standards of the National Mining Association and Mine Safety and Health Administration (MSHA). These factors drive the growth of the smart mining industry globally.

However, the scarcity of skilled and qualified labor and mining graduates for operating the smart mining equipment and software restrains the market growth.

Key Benefits

  • The report provides an extensive analysis of the current and emerging global smart mining market trends and dynamics.
  • In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
  • Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global smart mining market forecast analysis from 2020 to 2027 is included in the report.
  • The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.

Key Findings

  • The report provides an extensive analysis of the current and emerging smart mining market trends and dynamics.
  • By type, the surface mining segment dominated the global smart mining market in 2019, in terms of revenue.
  • By component, the automated equipment segment is expected to generate high revenues in the smart mining industry globally.
  • By region, Asia-Pacific is projected to be one of the most dominant regions and is expected to witness a high growth rate during the forecast period.

Market Dynamics

Drivers

  • Improved effort towards safety & health of mineworkers
  • Increasing penetration of advanced technologies
  • Surge in demand for automation in mining equipment

Restraint

  • Dearth of skilled and qualified labor, and mining graduates

Opportunities

  • Rise in application of environmental laws concerning mining industry
  • Initiatives offered by governments and mining companies

Key Players

  • ABB Ltd.
  • Caterpillar Inc.
  • Cisco Systems, Inc.
  • Hexagon AB
  • Hitachi Ltd.
  • Komatsu Ltd.
  • Robert Bosch GmbH
  • Rockwell Automation Inc.
  • Sandvik AG
  • Trimble Inc.

For more information about this report visit https://www.researchandmarkets.com/r/w4up73

Related posts

Waylay Revolutionizes Provisioning in Industrial IoT

Business Wire

Telit ME310G1-W2 Enables 450 MHz LTE IoT Applications

PR Newswire

Observe.AI Leads Talkdesk AppConnect Marketplace Downloads

Business Wire