DUBLIN--(BUSINESS WIRE)--The "Global Smart Mining Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The smart mining market was valued at USD 9.27 billion in 2021 and is expected to reach USD 28.05 billion by 2027. It is expected to register a CAGR of 20.62% from 2022 to 2027.
Mining involves many processes, including resource allocation management of equipment, such as mining trucks, excavators, drills, conveyor belts, transportation and logistics, and more. To ensure that everything runs efficiently and finishes faster, these complex processes require a system to simplify and even automate them.
Key Highlights
Even today, mining represents nearly 12% of the world GDP, measured by revenues and products sold (source: Komatsu). The Fourth Industrial Revolution has developed into an "integrated intelligent society" and is now spreading across all industries. Today, digital solutions have become well established in day-to-day mining operations, and more mines and mining areas are set to benefit.
According to research by Ericsson, when deployed concurrently, autonomous vehicles, real-time site monitoring, and remote-controlled drilling rigs deliver improved efficiency, productivity, and safety and a combined ROI of 207% over ten years in surface operations. In underground mining, the ROI equates to 256%. Digital is driving fundamental change in mining.
In recent years, mining businesses across emerging countries faced an increase in the number of challenges, including price instability, the need to drill deeper to uncover new resources and a skills shortage across the industry. Many mining businesses resorted to digital transformation to overcome these issues. The market is focusing on using advanced technology to transform traditional mines into smart mines that are more efficient, safer, and more productive.
Key Market Trends
Data Management & Analytics is Expected to Show Highest Growth Rate
Data is one of the most valuable assets. Every day automated drills, trucks, shovels, conveyors, trains, and ships produce vast amounts of valuable data. By combining this Data with smart analytics, artificial intelligence, machine learning, and automation, various vendors are making their business safer and more productive.
According to the World Economic Forum, digital transformation initiatives in the mining industry will generate more than USD 320 billion of industry value over the next decade. InterSystems IRIS for Mining Operations is next-generation digital transformation software for mining operators that works seamlessly with the existing machinery and software applications. It delivers real-time, customizable Key Performance Indicators (KPIs), including Overall Equipment Effectiveness (OEE) and real-time alerts as data levels and KPIs approach pre-defined thresholds.
Big data, which is driven by the accelerating progress of information and communication technology, is a promising technology that can reshape the entire mining landscape. Despite numerous attempts in applying big data in the mining industry, fundamental problems of big data massive data management (BDM) in the mining industry persist.
Harnessing the potential of BDM and BDA (Big data analytics) might help the mining industry increase its productivity and respond more actively to uncertainties. Cost estimation for adopting BDM in the mining industry should be performed, and instant data communication should be improved. With the support of Big Data, companies can save up to 80% while locating new mines, compared to the traditional methods with all the complicated and expensive bureaucratic processes that precede field exploration.
Machine learning has shown to be a promising tool in processing an overwhelming amount of data collected during exploration and is key to finding these more complex deposits. Goldspot Discoveries Corp uses artificial intelligence (AI) to improve mineral exploration by ingesting different data to discover potential gold deposit locations. Through AI, advanced analytics, and simulation modeling, the company can add more than USD 11 billion in additional value to the mining industry.
North America to Hold Major Share
The North American region is a significant contributor to the global smart mining market, with major countries being the United States and Canada.
The search for extraction, beneficiation and processing of naturally occurring solid minerals from the earth are all part of the mining business in the United States. Coal, metals like iron, copper, or zinc, and industrial minerals like potash, limestone, and other broken rocks, are mined minerals. This industry excludes oil and natural gas extraction (NAICS code 211).
Metals and other minerals are vital raw resources for the construction and chemical industries in the United States, as well as for the manufacture of everyday electronics and consumer goods. A modern computer, for example, necessitates the use of over 65 distinct minerals. Furthermore, coal is responsible for nearly half of the electricity generated in the United States.
The discovery of shale formations, together with the world's reliance on oil and gas resources, has accelerated the expansion of mining activities, particularly in the oil and gas industry, to unprecedented levels.
Competitive Landscape
The smart mining market has been gaining a competitive edge in recent years. Major players include Cisco Systems Inc., SAP SE, Rockwell Automation Inc., among others. A few recent developments are:
Companies Mentioned
- Cisco Systems Inc.
- Wenco International Mining Systems Ltd.
- SAP SE
- Rockwell Automation Inc.
- Komatsu Mining Corporation (Joy Global)
- Symboticware Inc.
- ABB Ltd
- Trimble Inc.
- IBM Corporation
- Epiroc AB
- Metso Outotec OYJ
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