Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The "Global Connected Mining Market by Offering (Solutions (Asset Tracking and Optimization, Fleet Management) and Services (Professional, Managed)), Mining Type (Surface, Underground), Application, Deployment Mode and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global connected mining market 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. The connected mining market is witnessing remarkable growth driven by technological advancements and the quest for operational excellence. The industry is realizing the potential of connected mining solutions in optimizing processes, ensuring worker safety, and improving overall efficiency.
Connected mining empowers companies to leverage IoT, cloud computing, and data analytics to enable real-time monitoring, remote collaboration, and informed decision-making. This transformative approach reshapes the mining industry, driving productivity, sustainability, and cost-effectiveness. From exploration to resource management, connected mining solutions offer a seamless and integrated approach to enhance operational performance and maintain a competitive edge in the dynamic mining landscape.
Premium Insights
- Need for Operational Efficiency in Mining to Impact Market Growth
- North America: Asset Tracking & Optimization and Surface Segment to Account for Largest Respective Market Shares
- Europe: Asset Tracking & Optimization and Surface Mining Segment to Account for Largest Market Shares
- Asia-Pacific: Asset Tracking & Optimization and Surface Mining Segment to Account for Largest Market Shares
Market Dynamics
- Drivers
- Mining 4.0 Initiative in Industries Paving Way for Connected Mining
- Usage of Sensors to Improve Operational and Automated Processes
- Greater Adoption of IoT to Accelerate Use of Digital Solutions in Developing Connected Mines
- Provision of Ventilation Systems in Mines to Enhance Safety and Security of Workers
- Restraints
- Depletion of Natural Resources and Increase in Population
- Opportunities
- Rise in Demand for Digitalization
- Need for Metals and Minerals
- Emergence of 5G Technology
- Challenges
- Shortage of Skilled Labor
- Differences in Standards, Models, Interfaces, and Protocols Would Impact Convergence of IT and OT
The Solution segment to record the higher market share during the forecast period
During the forecast period, the Solution segment is expected to record a higher market share in the connected mining market. Connected mining solutions encompass a comprehensive range of technologies and software applications that enable mining companies to optimize their operations and enhance productivity. The demand for integrated and tailored solutions will surge as the industry continues prioritizing digital transformation and operational efficiency. The Solution segment is poised to dominate the market, providing mining companies the tools and capabilities to address their specific challenges and achieve sustainable growth in a highly competitive landscape.
The Asset tracking and optimization segment to record the higher market share during the forecast period
The Asset Tracking and Optimization segment is expected to record a higher market share during the forecast period in the connected mining market. This segment focuses on solutions that enable mining companies to track and optimize their assets, including vehicles, equipment, and machinery. By leveraging technologies like IoT, GPS, and advanced analytics, mining companies can gain real-time visibility into their assets, enhance operational efficiency, and maximize productivity. The ability to monitor asset location, performance, and utilization empowers mining companies to make data-driven decisions, improve maintenance planning, and optimize resource allocation. As mining companies increasingly recognize the importance of asset tracking and optimization for cost savings and operational excellence, the Asset Tracking and Optimization segment is poised to dominate the market, driving innovation, and reshaping how mining assets are managed.
Asia Pacific region to grow at a higher CAGR during the forecast period
During the forecast period, the Asia Pacific region is projected to experience a higher compound annual growth rate (CAGR) in the connected mining market. The Asia Pacific region boasts significant mineral reserves and is witnessing substantial growth in mining activities. The increasing adoption of advanced technologies, such as IoT, AI, and cloud computing, in the region's mining industry is driving the demand for connected mining solutions. Moreover, rapid industrialization, urbanization, and infrastructure development fuel the need for efficient resource management and optimized mining operations. As a result, the Asia Pacific region presents lucrative opportunities for connected mining solution providers, positioning it as a key growth market during the forecast period.
Research Coverage
The market study covers the connected mining market across different segments. It aims at estimating the market size and the growth potential across different segments based on offerings, services, applications, end users, applications, and regions. The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The major players in the connected mining market are:
- ABB Ltd.
- Accenture
- Applied Vehicle Analysis
- Axora
- Caterpillar Inc.
- Cisco
- Eurotech Communication
- GE Digital
- Getac
- Groundhog
- Hexagon AB
- Hitachi Construction Machinery
- Howden
- IBM
- Intellisense.io
- Komatsu
- MST Global
- PTC
- Rockwell Automation, Inc.
- SAP
- Schneider Electric
- Siemens
- Smartmining
- Symboticware
- Trimble Inc.
- Wipro
- Zyfra
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, product launches and enhancements, and acquisitions to expand their footprint in the connected mining market.
Case Study Analysis
- Implementation of Accenture Life Safety Solution to Achieve Operational Efficiency
- Shell and IBM Developed Oren to Support Digital Transformation for Mining Industry
- Significant Growth in Production Capacity Observed with Help of Hitachi Machinery
- Deployment of Cisco's Connected Mining Solutions to Support Digital Transformation
- Deployment of Velocity EHS to Improve Safety Standards
- Rio Tinto Chose Caterpillar to Create Connected Value Chain in Gudai-Darri Mine
Key Attributes
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $13.3 Billion |
| Forecasted Market Value (USD) by 2028 | $22.7 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/eg7h79
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