Smart Mining Market Size, Share, Growth & Industry Analysis 2022-2027

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According to the latest report by IMARC Group, titled “Smart Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global smart mining market reached a value of US$ 9.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 17.77% during 2022-2027.

Smart mining is a process that employs several technologies to automate operations and improve safety, productivity, and operational costs for mining. It uses advanced technologies, such as three-dimensional (3D) imaging software, cloud computing, and automated hardware, to allow remote and real-time visibility of equipment conditions. It also provides enhanced safety, minimizes operational costs, optimizes workplace safety, reduces downtime and operational pressure, eliminates maintenance costs, and improves productivity. Owing to these benefits, smart mining is gaining immense traction across the globe.

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Market Trends:

The market is primarily driven by the rising demand for smart mining solutions due to the increased safety requirements and changes in mining business operations. In addition, the growing awareness regarding ground instability, several chemical hazards, and ultraviolet (UV) exposure that causes health problems led to the widespread adoption of smart mining, offering flexible, safe, adaptable, and reliable systems that allow plant managers and operators to make informed decisions.

Moreover, the emerging technological advancements, such as the adoption of the internet of things (IoT) to develop digital solutions for deploying connected mines and underground wireless networks to help improve maintenance, track employees and equipment, and boost efficiency, represent another major growth-inducing factor. Besides this, various governments are implementing stringent regulations to control emissions and air pollution, which is propelling market growth. Furthermore, the continuous product innovations, including remote-controlled equipment, autonomous fleet, and ventilation solutions providing safer working conditions, are also creating a favorable market outlook.

Breakup by Type:

  • Underground Mining
  • Surface Mining

Breakup by Component:

  • Hardware
  • Sensors
  • RFID Tags
  • Intelligent System
  • Others
  • Software
  • Data and Operation Management Software
  • Safety and Security Systems
  • Connectivity Solutions
  • Analytics Solutions
  • Remote Management and Logistics Solutions
  • Asset Management Solutions
  • Services
  • Support and Maintenance
  • System Integration
  • Consulting Services

Breakup by Automated Equipment:

  • Excavator
  • Robotic Truck
  • Driller and Breaker
  • Load Haul Dump
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

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

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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