Northbrook, IL 60062 -- (SBWire) -- 08/09/2023 --The global Connected Mining Market size is expected worth USD 13.3 billion in 2023 and USD 22.7 billion by 2028, growing at CAGR of 11.3% during the forecast period, according to research report by MarketsandMarkets™. The need for real-time data analytics and decision-making in mining operations is fueling the adoption of connected mining technologies.
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264 – Pages
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The Solution segment to record the higher market share during the forecast period
During the forecast period, the Solution segment is anticipated to achieve a higher market share in the connected mining market. The demand for integrated and customized solutions is expected to grow significantly as the mining industry increasingly focuses on digital transformation and operational efficiency. The Solution segment is poised to dominate the market by providing mining companies with the tools and capabilities to address their specific challenges and achieve sustainable growth. With continuous technological advancements and increasing capabilities of connected mining solutions, the Solution segment is well-positioned to lead the market during the forecast period.
By Mining type, the Surface segment is expected to hold a larger market share during the forecast period
By mining type, the Surface segment is expected to hold a larger market share during the forecast period in the connected mining market. Surface mining refers to the extraction of minerals and resources from the Earth's surface, such as open-pit mining and strip mining. This type of mining is widely used for coal, iron ore, copper, and other minerals closer to the surface. Connected mining solutions offer significant benefits in surface mining operations, enabling real-time equipment monitoring, efficient fleet management, and optimized resource utilization. The ability to track and manage surface mining operations in real-time enhances safety measures, reduces operational costs, and improves overall productivity fueling market growth.
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Asia Pacific to hold the larger market size duringthe forecast period
During the forecast period, the Asia Pacific region is expected to hold a larger market size in the connected mining market. The Asia Pacific region is rich in mineral resources and has witnessed significant growth in mining activities in recent years. The increasing demand for metals, minerals, and resources from various industries, coupled with rapid urbanization and infrastructure development in the region, drives the need for efficient mining operations. As a result, mining companies in the Asia Pacific are increasingly adopting connected mining solutions to improve operational efficiency, safety, and sustainability.
Market Players
The major players in the connected mining market are ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMining SpA (Chile), and Applied Vehicle Analysis (Africa).
Key Dynamic Factors For Connected Mining Market:
The Connected Mining Market was experiencing significant growth and evolution driven by several dynamic factors.. Here are some of the key dynamic factors that were influencing the Connected Mining Market:
Automation and digital transformation: The mining industry was going through a digital transformation as a result of the adoption of cutting-edge technology like the Internet of Things (IoT), artificial intelligence (AI), and automation. In order to boost efficiency and safety, these technologies were being utilised to monitor the machinery, gather real-time data, and optimise operations.
Operational Efficiency: Connected mining solutions were created with the goal of enhancing operational efficiency by offering real-time information on a variety of mining operations' elements, such as equipment performance, maintenance requirements, and production levels. Better decisions could be made and downtime was decreased thanks to this data-driven methodology.
Safety Improvements: The mining sector placed a high priority on safety, and connected technologies were crucial in making that improvement. IoT sensors and wearable technology were utilised to track the whereabouts of miners in risky locations, check their health and safety, and send out early alerts in the event of emergencies.
Remote Monitoring and Control: Connected mining technologies made it possible to monitor and manage processes and equipment remotely. This was especially useful for mining operations in distant or dangerous areas where human assistance would be limited. From a central location, operators may check on the operation of their equipment, make adjustments, and even operate their equipment.
Predictive Maintenance: The connected mining business placed a lot of emphasis on predictive maintenance. Mining companies could forecast when machinery was likely to fail and do out maintenance before failures happened by analysing data from sensors and equipment. This strategy decreased downtime and increased asset use.
Data analytics and visualisation: Mining operations provided a platform for advanced data analytics and visualisation due to the collection of data from multiple sources. These insights were being used by mining businesses to streamline processes, spot patterns, and develop sound business plans.
Environmental Monitoring: Connected mining solutions also included this capability. Air quality, water use, and trash management were monitored using IoT devices and data analysis.
Integration of Ecosystem Partners: Partnerships between mining corporations, technology providers, equipment manufacturers, and software developers were frequent features of the linked mining ecosystem. Collaboration was essential to developing all-encompassing solutions that addressed particular mining demands.
Regulation Compliance and Reporting: The mining sector must adhere to strict regulations in different jurisdictions. Connected technology made it easier to collect and report correct data, ensuring that mining operations adhered to environmental and safety norms.
Cost reduction and resource optimisation: By utilising connected mining technologies for optimal resource allocation, effective logistics, and improved asset management, operating costs have been reduced.
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Competitive and Segmentation Analysis:
Established mining equipment producers, IoT and data analytics-focused IT firms, as well as suppliers of industrial automation, were in competition with one another for market share. Technology companies were providing specialised software solutions for data collecting, analysis, and optimisation, while conventional mining equipment manufacturers were integrating connectivity elements into their products. Mining operations were more effective and safe as a result of the competitive environment's spurring of innovation.
The degree of technological integration and the particular requirements of mining operations were what led to segmentation within the connected mining sector. While some businesses concentrated on offering simple IoT sensors for monitoring equipment, others provided all-encompassing solutions that included predictive maintenance, real-time data analytics, and even autonomous mining machinery. The type of mining activity, such as open-pit, underground, and mining for a particular mineral, was also taken into account when segmenting the market.
Geographically, different regions adopted linked mining solutions differently. These technologies were more quickly adopted in mining areas that had developed infrastructure and an emphasis on operational effectiveness. In order to improve production, adhere to changing environmental standards, and improve safety, emerging mining markets were rapidly adopting linked technologies.
In conclusion, competition between traditional mining equipment makers and technology-driven solution providers characterised the connected mining sector. The degree of technology integration, the breadth of solutions provided, and regional variances in adoption all influenced market segmentation. The industry's emphasis on enhancing sustainability, productivity, and safety through connectivity and automation remained crucial to its development. Please be aware, though, that this data can be stale. For the most up-to-date competition and segmentation analyses of the connected mining business, I suggest looking for more recent sources.
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The Worldwide Connected Mining Market Is Projected to Reach $22.7 Billion by 2028
This research report categorizes the connected mining market to forecast revenues, analyze trends, component, solutions, services, mining type, deployment mode, application, regions.