Smart mining involves incorporation of various technological advancements such as automation, IoT, analytics etc. in mining processes to improve safety, productivity and reduce operational costs. Mining industry has long been criticized for hazardous working conditions that often lead to injuries and loss of lives of miners. Adoption of smart mining techniques such as autonomous equipment, wearable technology, remote operation and monitoring helps reduce human intervention in risky operations and minimize accidents. Digitization of mining processes and operations facilitates gathering of massive volumes of data from sensors and equipment. Advanced analytics tools can then process this data to gain meaningful insights for optimal resource allocation, predictive maintenance, process optimization and efficient supply chain management.
The global Smart Mining Market is estimated to be valued at US$ 17.45 Mn in 2024 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 Opportunity:
The growing opportunity for automation and digitization in mining processes is expected to drive significant growth of the smart mining market during the forecast period. Adoption of technologies such as autonomous haulage systems, drilling systems, mining equipment etc. can help mining companies reduce dependence on human labor for hazardous activities. Furthermore, initiatives towards development of fully autonomous mines will provide an ideal opportunity for equipment providers and technology players in the smart mining industry. Rising demand for commodities along with focus on sustainable mining is compelling companies to deploy advanced smart mining solutions at mine sites.
Porter's Analysis
Threat of new entrants: The smart mining market has moderate threat of new entrants as it requires large investments in technology, equipment and mine infrastructure. Bargaining power of buyers: Individual buyers have low bargaining power due to availability of many service providers in the market. However, large mining companies have moderate bargaining power. Bargaining power of suppliers: Equipment and technology suppliers have moderate bargaining power due to availability of alternatives. Threat of new substitutes: Threat of substitutes is low as smart mining is unique in improving productivity, safety, and environmental performance of mining operations. Competitive rivalry: The market is fragmented with presence of many global and regional players. Competition is based on technological innovation, product quality, and pricing.
SWOT Analysis
Strengths: Smart mining offers improved productivity, safety and sustainability. Adoption of AI and automation helps optimize operations. Weaknesses: High initial investments and transition costs. Shortage of data analytics skills. Opportunities: Scope for growth in developing nations. Advancements in IoT, 5G, robotics and data analytics to drive opportunities. Threats: Cybersecurity threats due to increased connectivity. Disruptions from other clean energy sources may impact coal mining.
Key Takeaways
Global Smart Mining Market Size is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis- North America dominates the global market currently due to high technology adoption. Asia Pacific is expected to grow at the fastest pace led by India, China and Indonesia. These countries are focusing on adopting new technologies to improve mining operations.
Key players- 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., and C2N Diagnostics. Dahmen GmbH specializes in data mining technologies for mining operations.
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