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
The technology used in the mining industry is changing due to the 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 the world’s first fully automatic underground mine to begin production in South Africa which includes driverless trucks, loaders and drills at the DUS223 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 solutions, assisting in monitoring the overall mining with minimal labor-intensive interference is a factor propelling the growth of the global smart mining market. The application of automation in mining offers better control and higher productivity. This factor is fueling demand for smart mining among companies and enabling the growth of the global smart mining market. The advancement of technologies used in mining empowers employees, promotes 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 the growth of the global smart mining market.
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1. By Type
- Surface Mining
- Underground Mining
2. By Component
- Automated Equipment
- Load haul dump
- Robotic truck
- Drillers and Breakers
- RFID Tags
- Intelligent Systems
- Logistics Software
- Data and Operation Management Software
- Connectivity Solutions
- Analytics Solutions
- Remote Management Solutions
- Asset Management Solutions
- Support and Maintenance
- System Integration and Implementation Services
- Automated Training Equipment Services
- Consulting Services
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Switzerland, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Key Market Driver – Promote safety with higher productivity
Key Market Restraint – High capital investment
Key Industry Developments
- In March 2019, ABB has launched a digital portfolio, AbilityTM MineOptimize, in a bid to optimize all stages in Indian mining sector.
- In August 2018, Australian based gold mining company, Resolute Mining, building a world’s first fully automatic underground mine to begin production in South Africa which includes driverless trucks, loaders and drills at the DUS223 million.
- In July 2018, Hitachi Construction Machinery will provide autonomous haulage system (AHS) to Australia’s largest coal miner, Whitehaven Coal. AHS will empower safety, productivity and life cycle cost management with optimization at mining sites.
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Top Players Overview:
- Rio Tinto
- Rockwell Automation
- Trimble Inc.
- Hitachi Construction Machinery
- Komatsu Mining
- CODELCO – Corporación Nacional del Cobre de Chile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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