Connected Mining Market Analysis North America,APAC,South America,Middle East and Africa,Europe - US,Canada,South Africa,China,Australia - Size and Forecast 2023-2027

Connected Mining Market Forecast 2023-2027

The connected mining market size is estimated to increase by USD 28.44 billion and grow at a CAGR of 20.44% between 2022 and 2027. Market expansion relies on numerous factors, including the burgeoning mining industry, advancements in automated mining equipment technology, and the heightened integration of artificial intelligence, machine learning, and deep learning. However, challenges confront the market, including cybersecurity risks, mine closures, and technical obstacles exacerbated by inadequate information and communications technology (ICT) infrastructure. Despite these hurdles, the mining sector's robust growth trajectory, coupled with ongoing innovations in automated equipment and AI technologies, continues to fuel market expansion. Addressing cybersecurity concerns, mitigating the impact of mine closures, and bolstering ICT infrastructure are critical steps to overcoming market challenges. By navigating these obstacles and leveraging technological advancements, the equipment market can capitalize on emerging opportunities and sustain its growth momentum in the face of evolving industry dynamics.

What will be the Size of the Connected Mining Market During the Forecast Period?

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Segmentation

This report extensively covers market segmentation by type (surface mining and underground mining), product type (automated equipment and component), and geography (North America, APAC, South America, Middle East and Africa, and Europe). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Type Segment Analysis: 

The surface mining segment will account for a major share of the market's growth during the forecast period. The surface industry is undergoing digital transformation through the adoption of advanced technologies such as 5G networks, 5G technology, AI, and automation. Open-pit mining remains the most common surface mining technique, utilizing a range of equipment, including trucks, dozers, and excavators. However, the industry is evolving with the integration of digital technologies like IoT, machine learning, and data science. Capital expenditure for solutions includes investment in high-speed internet, cloud computing, and cloud-based deployment. Communication and collaboration are enhanced through advanced technology components like AI-driven equipment simulator systems and cybermine training simulators. Implementation of these technologies faces challenges such as financial constraints, interoperability, and cybersecurity measures including data encryption protocols and cybersecurity training.

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The surface mining segment was valued at USD 7.50 billion in 2017 and continued to grow until 2021. Environmental stewardship remains a priority, with digitalization and automation technologies contributing to machine visibility and maintenance efficiency. Autonomous vehicles and automated equipment are key components of the market, with AI and machine learning enabling real-time data analysis and predictive maintenance. Digitalization also supports industrial IoT and big data applications, driving operational efficiency and productivity. Despite these advancements, the industry must address cyber threats and ensure cybersecurity measures are in place to protect sensitive data and operations. Overall, the market represents a significant investment in digital technologies to optimize surface mining operations on the Earth's surface. With the shift of major centers to emerging economies, the surface segment is expected to grow during the forecast period.

Product Type Segment Analysis:

Based on product type, the market has been segmented into automated equipment and component. The Market encompasses the use of advanced technology in the extraction of minerals and metals through mining operations. This market includes various types, such as surface mining, and employs on-premise deployment of automated systems, including load haul dumps, drillers and breakers, and other mining equipment. Real-time data sharing and remote monitoring enable operational efficiency and plant safety while standardizing communication protocols and sensor networks ensure productivity and productivity challenges are addressed. Professional expertise and technologically skilled employees collaborate with technology providers to implement two-way communications, simulation technology, and third-party applications. Sustainability and safety and security are essential considerations, with a focus on workforce retraining and continuous improvement. Such factors will increase the segment growth during the forecast period.

Regional Analysis

North America is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.

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The market in the region is expected to gain traction during the forecast period owing to increased investment from emerging market vendors. The Minerals and metals industry in North America is experiencing significant growth, with the Market expanding at a rate of 19.98% during the forecast period. This growth is attributed to the vast untapped mineral resources in regions such as Alaska and Nevada, making North America an attractive destination for new investments. The US leads in revenue contribution, with a focus on gold, silver, and lead mines. Connected mining operations utilize various types, including surface mining, and deploy on-premise technology for enhanced Operational efficiency and Plant safety. Real-time data sharing and remote monitoring through Platforms enable Technically skilled employees to address Productivity challenges. Sensor networks and Simulation technology standardize communication protocols, ensuring Safety and security. Sustainability is a priority, with Technology providers integrating Third-party applications, Two-way communications, and Workforce retraining to optimize Resource extraction. Mining companies invest in advanced Sensor networks, Simulation technology, and Safety and security measures to maintain high levels of Professional expertise. The integration of Real-time data sharing, Remote monitoring, and Standardizing communication protocols increases Productivity and ensures Operational efficiency.

Technavio’s Exclusive Market Customer Landscape

Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027. 

Market Customer Landscape

Market Dynamics and Customer Landscape

In the industry, the adoption of Industrial IoT (Internet of Things) is driving digital transformation through the integration of Big Data, Simulation technology, and Machine Visibility. This connected mining approach enables real-time data sharing between People and Machines, facilitating advanced technologies such as AI (Artificial Intelligence) and two-way communications. The Cloud serves as a platform for implementing these solutions, allowing for the integration of third-party applications and enhancing Plant Safety. The implementation process of Connected Mining involves addressing Financial constraints through Operational Efficiency and Productivity improvements. Workforce retraining is essential to ensure a smooth transition to Digitalization and the effective use of Advanced technologies. Safety and Sustainability are key benefits, with real-time data enabling proactive maintenance and reducing downtime. It represents a significant shift in the mining industry, enabling Communication and Collaboration between various stakeholders and improving overall efficiency. By leveraging Advanced technologies, mining companies can optimize their operations, enhance productivity, and remain competitive in the market. 

Key Market Driver

The growth of the mining industry is the key factor driving the growth of the market. The industry, a significant contributor to the global economy, is experiencing a resurgence due to the recovery of commodity prices and cost-cutting measures. Advanced technologies, including 5G networks and AI, are revolutionizing the sector through automation, autonomous vehicles, and digitalization. High-speed internet enables the implementation of Industrial IoT, Big data, and cloud-based deployment. Cybersecurity measures, such as data encryption protocols and cybermine training simulators, are crucial to mitigate cyber threats.

Digital transformation includes machine learning, data science, and machine visibility, enhancing maintenance and manufacturing activities. Despite financial constraints, investment in advanced components and equipment simulator systems is essential for environmental stewardship and interoperability. The deployment mode of these technologies requires careful consideration to ensure a seamless integration with existing systems. Increased investments in R&D to develop machine learning capabilities so that the automated equipment can adapt to the changing surroundings are expected to drive the growth of the market during the forecast period.

Significant Trends

Increasing adoption of mobile-based technologies is the primary trend in the market. The Market is experiencing significant growth due to the integration of advanced technologies such as 5G networks, AI, machine learning, and IoT. Mining enterprises are leveraging digitalization and industrial IoT to optimize operations, enhance machine visibility, and improve communication and collaboration. Mobile solutions, including autonomous vehicles and cloud-based deployment, enable real-time data access and analysis, reducing capital expenditure and financial constraints.

However, cybersecurity measures, including data encryption protocols and cybermine training simulators, are essential to mitigate cyber threats. The implementation process involves interoperability between various components, including equipment simulator systems and big data analytics. Digital transformation in mining is driven by automation technologies, high-speed internet, and financial investment, with a focus on environmental stewardship and manufacturing activities. Thereby, the growing use of mobile devices and applications in the mining industry is likely to support the growth of the global market over the forecast period.

Major Market Challenge

The risks associated with cybersecurity is a major challenge to the growth of the global market. In the Connected Mining Market, 5G networks and technology play a crucial role in facilitating advanced technologies such as AI, machine learning, and automation. However, the integration of these digital technologies brings about new challenges, particularly in the realm of cybersecurity. Vendors must invest heavily in upgrading their IT systems to adhere to the latest security guidelines and deploy cloud-based solutions for communication and collaboration. Cyber threats are a significant concern, necessitating the implementation of robust cybersecurity measures, including data encryption protocols and machine visibility.

Further, financial constraints and interoperability issues can hinder the digital transformation of the mining industry, which relies heavily on industrial IoT and Big Data. The deployment mode, whether on-premise or cloud-based, also impacts the investment required for implementing advanced technologies. Earth's surface mining operations require continuous maintenance, and component failures can lead to significant downtime. Cybermine training simulators and equipment simulator systems can help mitigate risks and ensure environmental stewardship. High-speed internet and autonomous vehicles are essential components of the connected mining ecosystem, enabling real-time data analysis and efficient manufacturing activities. This will have a negative impact on the growth of the global market during the forecast period.

Who are the Major Connected Mining Market Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

ABB Ltd. The company offers connected mining solutions such as abb ability Mine Optimize.

Accenture Plc: The company offers connected mines for operating responsibly, safely, sustainably, and profitably.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:

• Caterpillar Inc.
• Cisco Systems Inc.
• Hexagon AB
• Hitachi Ltd.
• Komatsu Mining Corp.
• Larsen and Toubro Ltd.
• Mining TAG
• Rockwell Automation Inc.
• SAP SE
• Telefonaktiebolaget LM Ericsson
• Thales Group
• Trimble Inc.
• Wipro Ltd.
• Alastri Software
• Epiroc AB

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook
  • Surface mining
  • Underground mining

• Product Type Outlook 
  • Automated equipment
  • Component

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

In the dynamic and evolving mining industry, Connected Mining has emerged as a game-changer. This innovative approach leverages advanced technologies such as 5G networks, IoT sensors, and data analytics to optimize mining operations. With 5G technology, real-time data transfer and analysis become possible, enabling predictive maintenance and efficient resource utilization. Technologies like Artificial Intelligence and machine learning are used to analyze data from various sources, including drones and geological surveys, to improve exploration and extraction processes. Advanced analytics help in identifying trends, predicting equipment failures, and optimizing energy consumption. Companies like Caterpillar, Komatsu, and Cummins are investing in Connected Mining to enhance productivity, reduce costs, and ensure safety. The adoption of Connected Mining is expected to grow significantly in the coming years, driven by the increasing demand for efficient and sustainable mining practices.

Connected Mining Market Scope
Report Coverage	Details
Page number	170
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 20.44%
Market growth 2023-2027	USD 28.44 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	18.56
Regional analysis	North America, APAC, South America, Middle East and Africa, and Europe
Performing market contribution	North America at 34%
Key countries	US, Canada, South Africa, China, and Australia
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Accenture Plc, Caterpillar Inc., Cisco Systems Inc., Hexagon AB, Hitachi Ltd., Komatsu Mining Corp., Larsen and Toubro Ltd., Mining TAG, Rockwell Automation Inc., SAP SE, Telefonaktiebolaget LM Ericsson, Thales Group, Trimble Inc., Wipro Ltd., Alastri Software, Epiroc AB, Micromine Ltd., Symboticware Inc., and Intellisense.Io
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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