Global Connected Mining Market- Market Overview:

The global connected mining market is expected to grow from USD 12.2 billion in 2022 to USD 34.8 billion by 2030, at a CAGR of 14% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising demand for enhancing productivity and reducing time consumption.

The concept of connected mining refers to integrating surface and underground mining for enhanced efficiency in the extraction and management of mining resources. In order to monitor the stability of wall slopes, surface movement, fracture detection and fault detection in mines, it establishes highly secure information protocol (IP) and multi-service networks. As part of the mining process, minerals are discovered, explored, extracted, developed, produced, and recycled. The purpose of connected mining is to improve mining efficiency, reduce operation costs, & ensure the utmost safety for the workforce by integrating technology, digitization & automation, and mining data analytics. By monitoring and communicating with the integrated systems in real time, connected mining enables enterprises to increase their production capacities. It also offers predictive maintenance that monitors cost on-site and maximizes resource utilization through digital tail monitoring. In addition, connected mining will also be driven by automation and technological integration in the mining industry to reduce operational costs & enhance production efficiency to gain a competitive edge in a highly fragmented industry. Through the advent of connected mining, market players will reap exponential benefits from improving productivity. Furthermore, the shortage of natural mineral resources, the high cost of connected mining, and innovative technologies in renewable energy resources will hinder the growth of the market.

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Market Dynamics:

Drivers:                          

• Rising competition among the key players

To retain market share and gain a competitive advantage, the industry is increasingly adopting smart and connected mining as a means to retain market share. The global connected mining market will offer lucrative opportunities as market players continue to invest in the internet of things, IT infrastructure, and robotics for reducing operational costs and improving productivity.

Restraints:         

• Exploitation of natural resources

A growing population and depleting natural resources have caused the depletion of natural resources, which creates a supply deficit in the market. Increasing demand requires miners to go deeper into the earth to extract minerals. As depth increases, the costs increase both directly and exponentially. In order to maintain air ventilation and a favourable temperature for workers to perform their duties, deep mining requires increasing energy use, resulting in higher operational costs. Increasing concerns about climate change and the adoption of renewable energy sources discourage deep mining activities.

Opportunities:

• Mining 4.0 implementation

By using smart connected devices in mining, we can enhance production efficiency and reduce operating costs of extraction, thus enabling mining 4.0. Mining 4.0 is the automation, digitization, adoption, and integration of technology into mining processes and methods. In order to maintain the safety & optimal health of the workforce, information must be integrated, distributed, and connected in a timely manner.

Challenges:

• Lack of skilled professional

As in traditional mining, skilled professionals are required to operate & maintain automotive devices & processes. Traditional mining did not require extensive technological knowledge. There is a skill gap in the workforce of traditional mining systems & processes; this will pose challenges to market players as these labourers do not possess the skills to operate a connected mining industry. Smart mining entails hiring skilled professionals, which can increase operating costs for the participants, neutralizing the gains from smart mining.

Segmentation Analysis:

The global connected mining market has been segmented based on type, service, solutions, and region.

By Type

The type segment includes underground mining and surface mining. The underground mining segment led the largest share of the connected mining market with a market share of around 58.2% in 2022. Underground mining is expected to dominate the market with a market share of around 54% in 2021. Surface mining leaves visible damage in the form of soil erosion, negative impacts on groundwater resources, etc. By reducing these environmental damages, underground mining is also low-cost and has reduced exposure to weather. Such advantages of underground mining can be attributed to its greater share in the mining industry compared to surface mining.

By Service

The service segment includes system integration, support & maintenance and consulting. The system integration segment led the largest share of the connected mining market with a market share of around 38.3% in 2022. System integration is expected to grow at the fastest CAGR over the Projection period. Providing uninterrupted connectivity for data & information from active sites to remote offices in order to facilitate real-time monitoring & predictive maintenance will be vital to the growth of this segment during this period.

By Solutions

The solutions segment includes industrial safety & security, asset tracking & optimization, control systems, remote management solutions, smart analytics, and others. The industrial safety & security segment led the largest share of the connected mining market with a market share of around 28.3% in 2022. Approximately 23% of the market was occupied by the industrial safety & security segment in 2021. Growing regulatory pressure on mining safety & security standards has been induced by the increasing number of mining accidents resulting in death due to poor safety measures, insufficient monitoring, and a lack of preventive measures to ensure the integrity of active mining sites.

Global Connected Mining Market - Sales Analysis.

The sale of connected mining expanded at a CAGR of 13.7% from 2016 to 2022.

As technology advances, digital solutions and connected devices are becoming more popular. This rapid adoption of digital solutions has doubled the growth of the connected mining industry.

In routine operations, using secure IP networks and multi-service networks can aid in achieving maximum efficiency and maintaining it for longer periods of time, thereby ensuring mining workers' safety and efficiency.

Smart monitoring systems that are connected to cloud servers are among the latest innovations that are gaining popularity in the connected mining industry. Major companies operate in the industry are developing new technologies like smart monitoring systems to sustain their position.

Thus, owing to the aforementioned factors, the global connected mining market is expected to grow at a CAGR of 14% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the connected mining market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the connected mining market and held a 37.6% share of the market revenue in 2022.

• The Asia Pacific region witnessed a major share. Due to rapid urbanization and industrialization, Asia Pacific currently dominates the connected mining market. As a result of the adoption of new policies by the government, Asia-Pacific is expected to maintain its dominance in the Projection period, encouraging the establishment of new startups that provide smart mining solutions to protect the environment and the workforce.
• North America is anticipated to experience significant growth during the predicted period. A substantial proportion of connected mining takes place on the North American continent, including the United States and Canada. U.S. mining involves obtaining, beneficiating, and processing naturally occurring solid minerals from the soil. Minerals include industrial minerals such as potash, limestone, and other shattered rocks, coal, iron, zinc, etc.

Global Connected Mining Market - Country Analysis:

• Germany

Germany's connected mining market size was valued at USD 0.88 billion in 2022 and is expected to reach USD 2.5 billion by 2030, at a CAGR of 14.1% from 2023 to 2030.

A number of 800 million metric tons of materials were mined in Germany in 2019 and 2020, and the country is also doing well in mineral production. Healthcare providers are able to detect potential breathing problems early on by monitoring ventilation or evaluating capnographs of target people. When an unfavourable respiratory event occurs, healthcare workers can take immediate action by monitoring various respiratory parameters in real time.

• China

China’s connected mining market size was valued at USD 1.17 billion in 2022 and is expected to reach USD 3.4 billion by 2030, at a CAGR of 14.4% from 2023 to 2030.

The increasing population has increased consumption, which has resulted in an equal rise in production volume, which is why China dominates the connected mining market in the Asia Pacific. Due to the growing consumption demand of the region, mining activity is increasing. Market players are adopting connected mining to increase profit margins and sustain sustainability.

• India

India's connected mining market size was valued at USD 0.9 billion in 2022 and is expected to reach USD 2.6 billion by 2030, at a CAGR of 14.3% from 2023 to 2030.

Increasing investment will drive the Indian market, following the country's ambitious goal of adding USD 210 billion from the mining and mineral sectors to the country's GDP by 2050. Investment programs have led to an increase in production capacity in the country. Technology, such as operational analytics, data processing, remote monitoring, and mine safety systems, has been adopted at a high rate in the country.

Key Industry Players Analysis:  

To increase their market position in the global connected mining market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

• IBM
• Wipro
• Howden
• Getac
• ABB
• Cisco
• PTC
• SAP SE
• Trimble Inc.
• Accenture plc
• Rockwell Automation, Inc.
• Siemens AG
• Hexagon
• Schneider Electric

Latest Development:

• In November 2021, A new technology platform, Power of One, has been launched by Hexagon. This platform connects all parts and processes in the mine, from the pit to the pit. The integration and connection allow the company to monitor the company's production in real-time, resulting in cost savings and improved productivity.
• In February 2022, Adapt Digital Solutions and the Department of Mineral Resources and Energy (DMRE) collaborated to launch the Enterprise and Supplier Development marketplace platform focused on the mining supply chain. The platform bridged the gap between mining firms and small and medium-sized businesses.
• In December 2022, GHH Group GmbH (GHH), a German manufacturer of underground mining, tunnelling, and special civil engineering equipment, was acquired by Komatsu.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	14%
Market Size	12.2 billion in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Type, By Service, By Solutions, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	IBM, Wipro, Howden, Getac, ABB, Cisco, PTC, SAP SE, Trimble Inc., Accenture plc, Rockwell Automation, Inc., Siemens AG, Hexagon, and Schneider Electric.
By Type	Underground Mining Surface Mining
By Service	System Integration Support & Maintenance Consulting
By Solutions	Industrial Safety & Security Asset Tracking & Optimization Control Systems Remote Management Solutions Smart Analytics Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Connected Mining Market by Type:

• Underground Mining
• Surface Mining

Global Connected Mining Market by Service:

• System Integration
• Support & Maintenance
• Consulting

Global Connected Mining Market by Solutions:

• Industrial Safety & Security
• Asset Tracking & Optimization
• Control Systems
• Remote Management Solutions
• Smart Analytics
• Others

Global Connected Mining Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia