Smart mining incorporates advanced technological solutions such as automation, analytics, and Internet of Things (IoT) to optimize mining operations. Smart mining technologies enhance productivity by improving mineral extraction efficiency, safety monitoring, remote operations, and predictive maintenance. IoT-enabled sensors allow real-time monitoring of operations to predict equipment failures and improve maintenance planning. Automated drilling, hauling, and other tasks reduce operational costs and improve safety by minimizing human intervention.
The global smart mining market is estimated to be valued at US$ 17.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased adoption of automation and analytics is a major trend propelling the smart mining market growth. Mining companies are increasingly automating equipment and processes to reduce production costs and enhance safety. For instance, autonomous hauling trucks use teleoperation and telematics to move material without onboard operators. IoT-enabled sensors and analytics help track equipment health for predictive maintenance. Machine learning algorithms analyze production and geotechnical data to optimize mining plans. Increased use of drones for stockpile measurement and predictive tools for production optimization are reducing costs and improving productivity in the mining industry. However, high initial investment and technological integration challenges limit wider adoption of smart mining technologies.
Strength: Smart mining technologies help improve productivity and reduce waste and costs. It also enhances safety conditions with real-time monitoring.
Weakness: High initial investment requirements for deployment of various smart mining technologies. Also, requirement of trained workforce to manage the technologies.
Opportunity: Growing demand for connected mines to optimize operations. Rapid technological advancements resulting in affordable sensors and AI/ML solutions create new opportunities.
Threats: Cybersecurity threats from increased connectivity pose risks. Regulatory challenges and lack of standardization for technologies.
Global Smart Mining Market Size is expected to witness high growth. Mining companies are increasingly adopting various digital technologies like IoT, robotics, AI and autonomous haulage systems to optimize operations. The market size is projected to reach US$ 17.45 billion by 2024, growing at a CAGR of around 12% during the forecast period.
North America dominates current smart mining adoption driven by technological advancements and presence of major players. The Asia Pacific region is expected to witness fastest growth on back of increasing investments in digital mining by Chinese players and expansion of mining activity in countries like Australia and India.
Key players operating in the smart mining market are Diadem srl., Proteomedix, Cleveland Diagnostics, F. Hoffmann-La Roche Ltd, GENFIT, Nutech Cancer Biomarkers India Pvt Ltd, SysmOex Corporation, Minomic, Creative Diagnostics, Eisai Co., Ltd., and C2N Diagnostics. Major players are focusing on development of AI powered solutions for autonomous operations and predictive maintenance to gain competitive edge. Partnerships with tech companies is a key strategy to integrate their offerings with smart mining platforms.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it