DUBLIN, February 28, 2022–(BUSINESS WIRE)–The “Global Smart Mining Market – Growth, Trends, Impact of COVID-19, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
Smart Mining Market was valued at USD 9.27 Billion in 2021 and is projected to reach USD 28.05 Billion by 2027. It is projected to register a CAGR of 20.62% from 2022 to 2027.
Mining involves many processes, including managing the resource allocation of equipment, such as mining trucks, excavators, drills, conveyor belts, transportation and logistics, etc. To make sure everything runs efficiently and gets completed faster, these complex processes require a system to simplify and even automate them.
Even today, mining accounts for nearly 12% of global GDP, measured by revenue and products sold (source: Komatsu). The Fourth Industrial Revolution has developed into an “integrated intelligent society” and is now spreading across all industries. Today, digital solutions are well established in day-to-day mining operations, and more mines and mining areas stand to benefit.
According to Ericsson research, when deployed simultaneously, autonomous vehicles, real-time site monitoring and remotely operated drilling rigs deliver improved efficiency, productivity and safety and a combined return on investment of 207% over ten years in surface operations. In underground mining, the return on investment is equivalent to 256%. Digital is driving fundamental change in the mining industry.
In recent years, mining companies in emerging countries have faced an increasing number of challenges, including price instability, the need to drill deeper to discover new resources and a shortage of skills in the industry. Many mining companies have resorted to digital transformation to overcome these issues. The market is focused on using advanced technologies to transform traditional mines into smarter mines that are more efficient, safer and more productive.
Main market trends
Data Management and Analytics Expected to Show Highest Growth Rate
Data is one of the most valuable assets. Every day, automated drills, trucks, shovels, conveyors, trains and ships produce vast amounts of valuable data. By combining this data with smart analytics, artificial intelligence, machine learning, and automation, various vendors are making their business safer and more productive.
According to the World Economic Forum, digital transformation initiatives in the mining industry will generate more than $320 billion in industrial value over the next decade. InterSystems IRIS for Mining Operations is next-generation digital transformation software for mine operators that works seamlessly with existing machines and software applications. It provides real-time customizable Key Performance Indicators (KPIs), including Overall Equipment Effectiveness (OEE) and real-time alerts when data levels and KPIs approach predefined thresholds.
Big data, which is driven by accelerated advances in information and communication technologies, is a promising technology that can reshape the entire mining landscape. Despite many attempts to apply big data in the mining industry, the fundamental problems of massive big data management (BDM) in the mining industry persist.
Harnessing the potential of BDM and BDA (Big data analytics) could help the mining industry increase its productivity and react more actively to uncertainties. Cost estimation for the adoption of BDM in the mining industry needs to be done and instantaneous data communication needs to be improved. With the support of Big Data, companies can save up to 80% when locating new mines, compared to traditional methods with all the complicated and expensive bureaucratic processes that precede exploration in the field.
Machine learning has proven to be a promising tool in processing an overwhelming amount of data collected during exploration and is essential for finding these more complex deposits. Goldspot Discoveries Corp uses artificial intelligence (AI) to improve mining exploration by ingesting different data to discover potential gold deposit locations. Using AI, advanced analytics, and simulation modeling, the company can add more than $11 billion in additional value to the mining industry.
North America will hold a significant share
The North American region is a significant contributor to the global smart mining market, with the major countries being the United States and Canada.
The search for the extraction, beneficiation, and processing of the earth’s natural solid minerals are all part of mining activity in the United States. Coal, metals like iron, copper, or zinc, and industrial minerals like potash, limestone, and other broken rocks are mined minerals. This industry excludes petroleum and natural gas extraction (NAICS code 211).
Metals and other minerals are vital raw resources for the construction and chemical industries in the United States, as well as for the manufacture of electronics and common consumer goods. A modern computer, for example, requires the use of over 65 distinct minerals. Additionally, coal is responsible for nearly half of the electricity generated in the United States.
The discovery of shale formations, along with the global dependence on oil and gas resources, has accelerated the expansion of mining activities, particularly in the oil and gas industry, to unprecedented levels.
The smart mining market has gained a competitive edge in recent years. Major players include Cisco Systems Inc., SAP SE, Rockwell Automation Inc., among others. Here are some recent developments:
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