What Has Been the Progress and Growth of the Connected Mining Market in Recent Years?
The connected mining market has seen considerable growth due to a variety of factors.
• The market size of connected mining has seen significant expansion in the last few years. The prediction is an increase from $15.31 billion in 2024 to $17.37 billion in 2025, the equivalent of a 13.4% compound annual growth rate (CAGR).
The increase during the historical period can be traced back to the rising requirements for resource extraction, advancements in sensor technologies, the necessity for cost reduction, the need for remote monitoring and control, as well as safety and environmental regulations.
What Can Be Expected from the Connected Mining Market in the Coming Years?
The connected mining market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of connected mining is predicted to witness a fast-paced growth in the upcoming few years, expanding to $31.45 billion in 2029 at a compound annual growth rate (CAGR) of 16.0%.
The increase during the forecasted period will be due to several factors including an elevated emphasis on sustainability and ESG practices, escalating energy prices and environmental concerns, augmenting demand for minerals and metals, and the requirement for better safety measures and productivity. Among the key trends for the forecast period are the use of digital twin technology in mining operations, edge computing applications for real-time data management, robotic and automation advancements in mining procedures, blockchain technology for secure and transparent transactions, and cloud-based platforms encouraging collaborative mining operations.
What Are The Leading Drivers Of Growth In The Connected Mining Market?
The surge in demand for digital transformation is anticipated to escalate the evolution of the connected mining market. Digital transformation implies the shift towards a digital business, which involves utilizing digital tech to transform a business model, thereby creating fresh income and value-generation opportunities. This digitization in connected mining entails the implementation of sophisticated tech such as mixed reality, automation, IoT-based temperature sensors, and more. For example, in May 2022, the International Business Machines Corporation (IBM), an American technology firm, reported that 35% of global businesses employed artificial intelligence (AI) in 2022, marking a 4% increase from 2021. Furthermore, there was a 13% growth in the adoption rate of AI in 2022 compared to the previous year. Hence, the escalating demand for digital transformation is fueling the connected mining market's expansion.
How Are The Segments Defined Within The Global Connected Mining Market?
The connected mining market covered in this report is segmented –
1) By Component: Solution, Services
2) By Mining Type: Surface, Underground
3) By Deployment Mode: On-premises, Cloud
4) By Application: Exploration, Processing and Refining, Transportation
Subsegments:
1) By Solution: Asset Tracking And Optimization, Industrial Safety And Security, Analytics And Reporting, Process Control, Operational Performance, Quality Optimization Solutions
2) By Services: Professional Services, Managed Services
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How Are New Trends Expected To Influence The Growth Of The Connected Mining Market?
Leading entities within the connected mining market, are leveraging the enhancements in digital technologies, such as IoT and data analytics, for the sake of improving operational efficiency, safety, and sustainability in mining operations. An example of this is the proactive maintenance service from ABB known as ABB Care for Hoisting, which aims to improve the performance and availability of mining hoisting systems while reducing downtime through cutting-edge services and digital technology. Demonstrating this, ABB Ltd., a Switzerland-based automation firm, rolled out new service offerings in September 2024, labelled as ABB Care for Mining Automation and ABB Care for Hoisting. These services are committed to shifting mining operations from stereotypical reactive maintenance towards more forward-thinking solutions, aiming to maximize productivity and operational health while mitigating downtime. ABB’s Care framework provides proactive and preventive services, ensuring operations are conducted seamlessly and efficiently.
Who Are the Key Players in the Connected Mining Market?
Major companies operating in the connected mining market include:
• ABB Ltd.
• International Business Machines Corporation (IBM)
• SAP SE
• Cisco Systems Inc.
• Schneider Electric SE
• Caterpillar Inc.
• Komatsu Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Hexagon AB
• Sandvik AB
• Epiroc AB
• Wenco International Mining Systems Ltd.
• MineWare Pty Ltd.
• RPMGlobal Holdings Limited
• Siemens AG
• Rockwell Automation Inc.
• Trimble Inc.
• OSIsoft LLC
• Maptek Pty Ltd.
• Dassault Systèmes SE
• IntelliSense. io Ltd.
• Motion Metrics International Corp.
• MST Global Pty Ltd.
• Fluidmesh Networks LLC
• Swift Navigation Inc.
• MineSense Technologies Ltd.
• Micromine Pty Ltd.
What Is The Most Dominant Region In The Connected Mining Market?
North America was the largest region in the connected mining market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
