DUBLIN--(BUSINESS WIRE)--The "Smart Mining Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Hardware, Software and Solution, and Service) and Mining Type (Underground Mining and Surface Mining)" report has been added to ResearchAndMarkets.com's offering.
The market is expected to reach US$ 23,055.4 million by 2028, registering a CAGR of 13.3% from 2021 to 2028.
Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization, such as atomization of key mining processes. Wireless monitoring and predictive maintenance, with the help of Operational Intelligence (OI) technologies, enables mining operators to track operational properties, such as dams, to overcome the risk associated with the mining and other crucial tasks. In real time, the digital data collection process is replacing the manual collection of data in the operational site.
Increasing demand for minerals and metals leads to growing need for the expansion of mining activities that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increasing concerns about safety and security, and growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared with the traditional mining technology.
Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operations. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systemes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services.
The introduction of IIoT helps attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market that adds to the safety of miners on-site.
North America is known to adopt the highest number of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth.
Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country, to control the spread of infection. Despite the suspension of activities in several sectors, shutdown of various manufacturing plants, and people's reluctance about joining the work floors, governments of several countries in North America have maintained their budget.
As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Smart Mining Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Smart Mining Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 The growing need to keep the workforce safe
5.1.2 Ensuring data security
5.1.3 Growth in mining projects
5.2 Market Restraints
5.2.1 Stringent government regulations concerning greenhouse effect, air and environment effect
5.3 Market Opportunities
5.3.1 The Mining Technological Advancement Across the World is Leading to the Adoption of Various Automated Mining Equipment
5.4 Future Trends
5.4.1 Rapid Adoption of Industrial Internet of Things (IIoT), Transforming the Mining Sector to be More Productive and Sustainable
5.5 Impact Analysis of Drivers and Restraints
6. Smart Mining - Global Market Analysis
6.1 Smart Mining Market Overview
6.2 Smart Mining Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Smart Mining Market - By Component
7.1 Overview
7.2 Smart Mining Market Breakdown, by Component (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
7.3.3 RFID Tags
7.3.4 Sensors
7.3.5 Intelligent Systems
7.4 Software and Solutions
7.4.1 Overview
7.4.2 Software & Solutions: Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
7.4.3 Logistics Software
7.4.4 Data and Operation Management
7.4.5 Safety and Security Systems
7.4.6 Connectivity Solutions
7.4.7 Analytics Solutions
7.4.8 Remote Management Solutions
7.4.9 Asset Management Solutions
7.5 Services
8. Smart Mining Market - By Mining Type
8.1 Overview
8.2 Smart Mining Market Breakdown, by Mining Type (2020 and 2028)
8.3 Underground Mining
8.4 Surface Mining
9. Smart Mining Market - Geographic Analysis
9.1 Overview
9.2 Smart Mining Market
9.2.1 Smart Mining Market - Revenue and Forecast to 2028 (US$ Million)
9.2.2 Smart Mining Market, by Component
9.2.3 Smart Mining Market, by Mining Type
9.2.4 Smart Mining Market, by Key Country
10. Impact Of COVID-19 Pandemic
10.1 Impact of COVID-19 Pandemic on Global Smart Mining Market
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles
- ABB Ltd.
- Alastri
- Atlas Copco
- Caterpillar Inc.
- Cisco Systems Inc.
- Hexagon AB
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Mining Corporation
- Rockwell Automation, Inc.
- Trimble
For more information about this report visit https://www.researchandmarkets.com/r/qcs1pr
