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| Global Smart Mining Market Size |
Smart mining refers to the integration of advanced technologies such as IoT,
AI, and analytics to extract valuable insights for optimizing mining
operations. IoT sensors help monitor equipment health, analyze operational
workflows, and improve worker safety. AI and advanced analytics help process
large amounts of data collected from these sensors to predict equipment
failures, optimize production processes, recommend maintenance work, and
enhance resource allocation.
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:
The increasing adoption of advanced technologies like IoT, AI, and analytics
has accelerated growth in the smart mining market over the forecast period.
Mining companies are increasingly leveraging IoT sensors and edge computing
devices to collect real-time operational data from mining sites and equipment.
AI and advanced analytics help process these large sets of unstructured data to
gain insights for improving productivity, reducing costs, enhancing worker
safety, and optimizing resource allocation. For instance, AI detects anomalies
and predicts equipment failures even before any maintenance issue occurs. This
helps minimize unplanned downtime and maintenance costs. Similarly, advanced
tech-based solutions track worker safety, automate hazardous tasks, and prevent
accidents. Thus, the growing utilization of emerging technologies is a major
trend fueling the expansion of the smart mining market.
Segment
Analysis
The global smart mining market is dominated by the Underground mining segment.
This segment relies heavily on automation and technologies like Smart equipment
monitoring and fleet management to enhance safety and productivity. Factors
such as the increasing adoption of digital technologies by major mining
companies and the need to improve productivity from underground mines are
driving the growth of this segment.
Key Takeaways
Global
Smart Mining Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. Rapid digital transformation of the mining
industry and focus on improving safety, productivity and reducing environmental
impacts are some of the major factors expected to contribute to the growth of
the smart mining market.
Regional analysis: Asia Pacific region currently dominates the global smart
mining market and is expected to retain its leading position over the forecast
period. Countries like China, India and Australia are some of the major
contributors to the growth of the APAC smart mining market. Strong government
support for adoption of new technologies and rapid digitalization of mining
processes in major economies are driving the market in the region.
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.
Major players are focusing on adopting advanced technologies like AI,
predictive analytics, autonomous equipment to enhance productivity from mining
operations. Partnerships and collaborations between technology providers and
mining companies are also on the rise.
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