Rising adoption of automation technology by companies across the globe is propelling growth for the smart mining market says Fortune Business Insights in a report, titled “Smart Mining Market Size, Share and Global Trend By Type (Surface Mining, Underground Mining), By Component (Automated Equipment, Hardware, Software, Services) and Geography Forecast till 2026.” Digital transformation in mining is is enabling growth in the smart mining market.
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Smart Innovation in Mining Will Contribute to Growth
Technology used in the mining industry is changing due to rising demand for enhanced safety, productivity, and sustainability. Companies around the world are adopting automated technologies in order to improve their operation and gain better control on real-time data. Mining companies are implementing smart technologies for mining and distribution of commodities for satisfying worldwide demand for natural resources. This factor is encouraging companies which in turn is driving the global smart mining market. Automation in smart mining increases the overall productivity and efficiency of mining, this factor is leading companies towards the implementation of automation in mining. In addition, acquisition by key players is further boosting the global smart mining market. For Instance, Australian based gold mining company, Resolute Mining, is building world’s first fully automatic underground mine to begin production in South Africa which includes driverless trucks, loaders and drills at the $US223 million.
Higher Productivity in Smart Mining Will Facilitate Growth
Smart mining market on the basis of type is segmented into, surface mining and underground mining, and automated equipment. Automated equipment is the most popular one due to its ability to evade unnecessary man hours by implying load haul dump, excavators, drill, breakers, and others, for extracting minerals laying on rock or soil. Underground mining is carried out to recover valuable metals such as silver, gold, diamond, nickel, minerals, and zinc. For safe and easy operation digitalization of mining activities are necessary. The use of hardware and software solution, assisting in monitoring the overall mining with minimal labor-intensive interference is a factor propelling the growth of the global smart mining market. Application of automation in mining offers better control and higher productivity. This factor is fueling demand for smart mining among companies and enabling growth of the global smart mining market. The advancement of technologies used in mining empowers employees, promote safety and maintains a healthy environment by building a durable socio-economic relation which improves the overall growth of the company. The aforementioned factors along with the vibrant advantages of smart mining are predicted to promote growth of the global smart mining market.
North America to remain Dominant in the Global market
Geographically, the global smart mining market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Mining in North America has been practiced since the 19th century at the colonial era and it still continues to grow with discoveries of minerals in the region. North America is a prominent producer of bauxite, iron, copper, coal and nickel. North America is predicted to dominate the global smart mining market during the forecast period, owing to the various industries induced in discovering minerals and providing jobs throughout the continent. Asia-pacific is a leading producer metal ore and metals. The region holds the biggest coal reserves in the world Besides Australia, which is the second largest producer of lead, lithium and gold. The adoption of automation and digitalization in mining is expected to foster growth opportunities for the smart mining market during the forecast period.
The highly recognized companies in the smart mining are Rio Tinto, Rockwell Automation, ABB Ltd., Trimble Navigation Ltd., Atlas Copco., Caterpillar Inc., Hitachi Construction Machinery, Komatsu Mining, Cisco Systems Inc., Siemens, Deloitte Intelligent Mining, SAP ERP, Bosch Global, Codelco, and Hitachi and Mining Solution.
Top Players Overview:
- Rio Tinto
- Rockwell Automation
- Trimble Inc.
- Hitachi Construction Machinery
- Komatsu Mining
- CODELCO – Corporación Nacional del Cobre de Chile