The global Smart Mining Market size is projected to reach $24,078.8 Million in 2027, from $10,056.9 Million in 2020, growing at a CAGR of 13.3% from 2021 to 2027.
Smart mining is a process that uses information, autonomy, and technology to obtain enhanced safety, reduce operational costs, and gain better productivity for a mine site. Mining corporations emphasize on enhancing productivity by providing state-of-the-art software & solutions. It also comprises remote-controlled robotic equipment for mineral & metal extraction, which is stated as telerobotic mining, and decreases the danger for miners.
Major Players in the market includes Cisco Systems Inc., Wenco International Mining Systems Ltd, SAP SE, Rockwell Automation Inc., Komatsu Mining Corporation (Joy Global), Symboticware Inc., ABB Ltd, Trimble Inc., IBM Corporation, Atlas Copco, Outotec OYJ, Hexagon AB, Intellisense.IO and ABB Ltd.
Hitachi Construction Machinery Co., and its consolidated subsidiary, Wenco International Mining Systems Ltd. (“Wenco”) Sept 2020 have jointly developed “ConSite Mine,” which helps resolve problems at mine sites by remotely monitoring mining machines on 24/7 basis through the use of IoT and AI based analysis of equipment operations data. Hitachi Construction Machinery has developed this technology to help customers and Hitachi Construction Machinery dealers predict costly maintenance issues before they occur, such as the occurrence of cracks in and excavator boom or arm by utilizing machine learning and applied analysis technologies. Detailed information from these predictive alerts are provided on the web-based ConSite® Mine dashboard and other items.
Environmental Protection Law and others by several governments to control emission & air pollution for environment protection are projected to offer remunerative opportunities for the Smart Mining Market growth during the forecast period.
The Aspect of Smart mining In future- The applications of artificial intelligence in the mining industry are uncountable. With the Green Revolution already in progress, the need for raw materials such as silicon for Solar PV panels and Lithium for batteries is significantly increased. Artificial intelligence shifts raw materials mining from a people-oriented operation to a process-oriented one, which is critical to ensure appropriate health and safety conditions for the mineworkers, a high level of accuracy, error elimination, and a faster decision-making process. With the mining sector requiring more and more effective and efficient operations such as autonomous mining, the industry requires investments in various artificial intelligence technologies. Some mining companies would like to invest while some others are not yet ready. But either way, the need for smart mining is already here.
Secure Ops for Mining:
The Cisco Secure Ops Solution is a next-generation cybersecurity, secure-access, and compliance solution for critical infrastructure. The solution provides a highly secure industrial automation and control systems environment to protect workers and remote mining locations in the Mining industry. Delivered as a managed service, the Cisco Secure Ops Solution combines on-premises technology and processes to implement and maintain layered security controls.
By type, the market is segmented into underground mining and surface or open pit mining. By application it classified on Metallic Mine, Coal, Non-metallic Mine and Other. Geographically, the global smart mining market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Germany, the UK, Sweden, and rest of Europe), Asia-Pacific (China, Australia, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest share of the market throughout the study period, and LAMEA is expected to grow at the fastest rate. The Smart Mining market in the U.S. is estimated at US$2.5 Billion in the year 2020. Further the considering other geographic markets are Japan and Canada, each forecast to grow at 17.9% and 16.9% respectively over the 2020-2026 periods. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.5 Billion by the year 2027 trailing a CAGR of 18.8% over the analysis period 2020 to 2027.