PUBLISHER: The Business Research Company | PRODUCT CODE: 1392572
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392572
“Connected Mining Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected mining market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected mining? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The connected mining market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Connected mining refers to a process that uses variously integrated and, indeed, connected mining solutions to manage industrial mining operations more efficiently. Connected mine is a multi-value solution that makes use of mobile, tracking, analytics, and cloud technology.
The main types of connected mining market components are solutions and services. Solutions are used in plant and mine operations, industrial safety and security, mobile fleet operations, and workforce enabled. A solution is an offering that uses a product that is customized for each client to address a particular or common issue. The services are professional and managed. The various solutions are asset tracking and optimization, industrial safety and security, analytics and reporting, process control, operational performance, and quality optimization solutions. The various automated types of equipment are driller and breaker, load haul dump, mining excavator, and robotic truck. The various end users are engineering and maintenance, consulting services, production training service, and implementation and integration service.
The connected mining market research report is one of a series of new reports from The Business Research Company that provides connected mining market statistics, including connected mining industry global market size, regional shares, competitors with a connected mining market share, detailed connected mining market segments, market trends and opportunities, and any further data you may need to thrive in the connected mining industry. This connected mining market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The connected mining market size has grown rapidly in recent years. It will grow from $13. 66 billion in 2023 to $15. 65 billion in 2024 at a compound annual growth rate (CAGR) of 14. 6%. The growth in the historic period can be attributed to increased resource extraction demands, advances in sensor technologies, cost reduction pressures, remote monitoring and control needs, safety and environmental regulations.
The connected mining market size is expected to see rapid growth in the next few years. It will grow to $26. 95 billion in 2028 at a compound annual growth rate (CAGR) of 14. 6%. The growth in the forecast period can be attributed to increased focus on sustainability and esg practices, rising energy costs and environmental concerns, growing demand for minerals and metals, need for improved safety and productivity, rising energy costs and environmental concerns. Major trends in the forecast period include digital twin technology in mining operations, edge computing for real-time data processing, robotics and automation in mining processes, blockchain for transparent and secure transactions, cloud-based platforms for collaborative mining operations.
Increasing demand for digitalization is expected to propel the growth of the connected mining market going forward. Digitalization is the transition to a digital business that involves the use of digital technologies to alter a business model and offer new revenue and value-producing opportunities. Digitalization in connected mining involves the usage of advanced technology such as mixed reality, automation, IoT-driven temperature sensors, and others. For instance, in May 2022, according to the International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021. In addition, there was a 13% increase in organizations adopting artificial intelligence (AI) in 2022 compared to 2021. Therefore, the increasing demand for digitalization is driving the connected mining market growth.
Increasing demand for metals and minerals is expected to propel the market for connected mining. Metals and minerals encompass both metallic elements and non-metallic substances extracted from the earth, crucial for various industrial applications in manufacturing, construction, and energy production. Connected mining allows for real-time monitoring of equipment, mineral extraction, and operational conditions, enabling better decision-making, predictive maintenance, and optimized resource utilization in the extraction and processing of metals and minerals. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, critical minerals production experienced a significant surge, increasing by 30% to reach $41 billion in 2021, following a 20% gain in 2021. Over the past five years, the demand for critical minerals has notably escalated, with a threefold increase in lithium consumption and a 70% rise in cobalt demand. Thus, Increasing demand for metals and minerals will drive the connected mining market going forward.
Technology advancements are a key trend gaining popularity in the connected mining market. Major companies operating in the market are developing new technologies, such as smart monitoring systems that are connected to cloud servers, to sustain their position in the market. For instance, in September 2021, Hexagon AB, a Sweden-based provider of information technology solutions, introduced Power of One, a life-of-mine smart solution that connects sensors, software, and infield apps. This helps to connect the mine to the boardroom through a single onboard ecosystem comprising a smart computer, an antenna, and a display. By using cloud servers, mine data is automatically stored in the systems and can be easily accessed. It also reduces the complexity of the supply chain and increases operator adoption.
Major companies operating in the market are developing an innovative solution such as SmartFloat Reagent Optimization System to gain a competitive advantage and expand their customer base. SmartFloat reagent optimization system is a solution designed specifically for base metal flotation in mining operations. For instance, In October 2022, Solvay, a Belgium based chemical company, unveiled 'SmartFloat', a pioneering AI-driven reagent optimization system for the mining industry, revolutionizing base metal flotation by enhancing operational efficiency, metallurgical outcomes, and sustainability. Similar to SolvExtract's impact on solvent extraction, SmartFloat offers an additional means for flotation operations to incorporate enhancements. Leveraging Solvay's Flotation Matrix 100 strategy, SmartFloat utilizes real-time flotation data to suggest optimal reagent formulations and dosages, considering ore characteristics and operational factors. This allows operators to promptly adapt to ore composition changes, minimizing metal loss, conserving energy, and cutting reagent expenses. Additionally, the system can be customized to meet individual customer process requirements.
In January 2022, Hexagon AB, a Sweden-based information technology company, acquired Minnovare for an undisclosed amount. With the acquisition, Hexagon will provide innovative technologies to improve the accuracy, cost, and speed of underground drilling. The acquisition strengthens Hexagon's formidable drill and blast portfolio while also accelerating and enhancing its underground development roadmap. Minnovare is an Australia-based mining technology company that offers drilling technology services.
Major companies operating in the in the connected mining market report are ABB Ltd., International Business Machines Corporation (IBM), SAP SE, Cisco Systems Inc., Schneider Electric SE, Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hexagon AB, Sandvik AB, Epiroc AB, Wenco International Mining Systems Ltd., MineWare Pty Ltd., RPMGlobal Holdings Limited, Siemens AG, Rockwell Automation Inc., Trimble Inc., OSIsoft LLC, Maptek Pty Ltd., Dassault Systemes SE, IntelliSense. io Ltd., Motion Metrics International Corp., Thingstream Ltd., MST Global Pty Ltd., Fluidmesh Networks LLC, Swift Navigation Inc., MineSense Technologies Ltd., Micromine Pty Ltd., TrenDS
North America was the largest region in the connected mining market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the connected mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The connected mining market consists of revenues earned by entities by providing connected mining for surface and underground mining enabling companies to gather data to gain complete visibility of their operations and to make wise business decisions that help to enhance mining operations. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.