PUNE, India, March 28, 2022 /PRNewswire/ -- The Connected Mining Market size to grow from USD 12.7 billion in 2022 to USD 23.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Mining 4.0 initiatives in industries is paving the way for Connected Mining Market. Increasing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market.
The report covers the competitive landscape and profiles major market players, including ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMiningSpA (Chile), and Applied Vehicle Analysis (Africa).These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global connected mining market.
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The Solution segment to record the highest market share during the forecast period
In the Connected Mining Market by Component, solutions are expected to hold the largest market size. The connected solutions refer to the deployment of IoT solutions in the mining industry. These solutions are primarily aimed at achieving the convergence of machines and intelligent data to achieve the operational efficiency targets set by energy companies. connected solutions in mining sector also improvise analytics-based decision-making by diminishing the threats and vulnerabilities of the market using efficient tools and techniques. Moreover, connected mining solutions have enabled energy companies to control assets from anywhere to monitor their asset performance.
The Asset tracking and optimization segment to record the highest market share during the forecast period
In the Connected Mining Market by Solutions, the asset tracking, and optimization segment is expected to record a larger market share during the forecast period. Asset tracking solutions do track mining assets, automating processes, and constantly monitoring the quality and safety of the mining environment. This helps ensure the mine and workers are efficient and productive. It involves tracking of mining vehicles in real-time, including GPS location, engine hours, mileage, geofences, and fuel consumption. To track underground mining assets while reducing costs, Real-Time Location Systems (RTLS), RFID tracking, Wi-Fi, sensors, mobile devices, software, and other technologies are used to gain full visibility of underground mining operations. The solution offers improved worker safety by tracking mine workers, monitoring entrances/exits and evacuation status, and receiving alerts.
The Professional Service segment to record the highest market share during the forecast period
In the Connected Mining Market by Service, Professional service segment is expected to hold a larger market share in 2027. Professional services consist of consulting services, system integration services, and support and maintenance. Consulting services primarily focus on managing the business operation revolution programs and the latest technology updates to help the client achieve strategic business goals through technical and business improvements. Integration is the process of connecting different subsystems or components into a single larger system, enabling it to work as a single IoT system. Integration and deployment services consolidate different technology products and applications, including legacy platforms, and can significantly reduce IT-related complexities and maximize the firm's RoI. Support and maintenance services category includes 24*7 customer support services, repair and exchange services, version maintenance, bug fixes, technical updates, license upgrades, proactive, and training services.
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Cloud segment expected to have a higher growth rate during the forecast period
By Deployment mode, cloud segment is expected to lead the market during the forecast period. Cloud computing is one of the most effective technologies today, and it has impacted every line of business. In this deployment mode, connected mining solutions are delivered through the cloud. The advantages of deploying cloud-based mining solutions include scalability, speed, 24x7 service, enhanced IT security, affordability, operational efficiency, flexibility, and low costs. The overall adoption of cloud-based solutions is growing at a good pace, and the trend is expected to increase during the forecast period. Cloud platforms are new emerging development to track health of assets.
The Exploration segment to record the highest market share during the forecast period
By Application, exploration segment is expected to hold a larger market share during the forecast period. Exploration in the mining industry is a series of activities used to analyze or identify the availability of minerals and metals such as coal, ore, diamond, oil, and gas, under the ground. This process involves mapping, surveying the ground, testing water and soil quality, and drilling. Today, the exploration process in the mining industry is rapidly adopting technological, automotive, and digitalized solutions. Modern explorational techniques are greatly driven by technological solutions and various companies and government bodies are heavily investing in exploration technologies. Since 1950's to 1980's, exploration in mining has shown a rapid growth and remarkable success. The exploration industry observed few challenges in the last few years and their expenditure has also been increased due to some reasons such as new mines needed to locate at a high depth, minerals are available in location with large geoscience complexities, and others. With the increasing cost of exploration at high-risk organizations are becoming cautious and more dependent on geographic information. However, various technologies such as IoT, big data, and analytics, have adopted by miners to access reliable information of mine sites. Wipro helped Vedanta by providing real-time visibility in 890 production parameters and 708 quality parameters of its refinery unit.
Asia Pacific is expected to have a higher growth rate during the forecast period
Asia Pacific is expected to hold the largest market size in the global Connected Mining Market during the forecast period. In Asia Pacific, China, India, Indonesia, Papua New Guinea (PNG), and the Philippines are expected to drive the market with China as the most potential player in smart mining initiatives. India can be considered to be the next high potential preference for the major global connected mining market vendors as the country has increasing demand for minerals. New investments will drive the Indian market, following the country's ambitious target of adding USD 210 billion from the mining and mineral sectors to the country's GDP by 2050. The increase in production capacities in the region is driven by investment programs. This region is witnessing a high rate of adoption of technologies, such as operational analytics and data processing, remote monitoring, and mine safety systems.
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-level – 35%, Directors – 25%, and Others – 40%
- By Region: North America –45%, Europe–20%, APAC– 30%, ROW -5%
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