Global Connected Mining Market Research Report: By Component (Solution(Asset Tracking and Optimization, Fleet management) and Services(Professional and Managed)), By Mining Type (Surface and Underground), By Deployment Mode (On-Premise, Cloud), By Application (Exploration, Processing and Refining, and Transportation), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Connected Mining Market was valued at USD 11.16 billion in 2022 and is estimated to reach approximately USD 32.11 billion by 2031, at a CAGR of 12.5% from 2023 to 2031. The term connected mining describes the use of current digital technologies and data-driven solutions in the mining sector. Improve operational effectiveness, safety, and sustainability in mining operations, it entails integrating a range of tools, machinery, procedures, and stakeholders within a networked ecosystem. The connected mining market offers chances for higher output, lower operating costs, better safety, and greener environmental practices. A comprehensive strategy that takes these issues into consideration and maximizes the benefits of the mining sector's digital transformation is necessary for the successful deployment of connected mining. In connected mining, data is gathered and analyzed from various areas of a mining operation using technologies including the Internet of Things (IoT), sensors, data analytics, artificial intelligence (AI), automation, and communication systems. Following that, judgments are made using this information, procedures are optimized, and overall mining performance is enhanced.
CONNECTED MINING MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2023) |
11.16 Bn |
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Projected Market Value (2031) |
32.11 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Component, By Mining Type, By Deployment Mode, By Application, & Region |
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Segments Covered |
By Component, By Mining Type, By Deployment Mode, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Connected Mining Market Dynamics
A variety of factors are influencing connected mining's adoption and development in the mining sector. Technological developments, market forces, regulatory adjustments, and the industry's continual efforts to increase productivity, safety, and sustainability all have an impact on these dynamics. Mining corporations are implementing more sustainable practices in response to growing environmental concerns. Better environmental monitoring made possible by connected mining results in increased regulatory compliance and smaller ecological footprints. Also, The supply chain of the mining industry is impacted by the global economy's interconnectivity. The supply chain may be tracked with the use of connected mining, which increases traceability and transparency.
Global Connected Mining Market Drivers
The foundation for connected mining is provided by the quick development of IoT, sensors, data analytics, AI, automation, and communication technologies. Mining businesses are embracing these technologies at a faster rate as they become more advanced in order to acquire a competitive advantage. The digital revolution is sweeping all industries, including mining. The acceptance of Industry 4.0 principles and the desire for digitization are what propel the use of linked technology in mining operations. Connected mining technologies enable real-time monitoring of equipment performance, production processes, and resource utilization. This data-driven approach allows for optimized operations and reduced downtime.
The global demand for minerals and metals, driven by factors such as urbanization, infrastructure development, and the growth of renewable energy technologies, continues to spur mining activities. Connected mining solutions help mining companies extract resources more efficiently and sustainably, meeting the increasing demand while minimizing environmental impacts. The transition to renewable energy sources and the electrification of various sectors, such as transportation, requires substantial amounts of specific minerals and metals. For example, lithium, cobalt, and rare earth elements are crucial for manufacturing batteries used in electric vehicles and energy storage systems.
Restraints:
Mining operations frequently use a variety of outdated systems, gear made by different vendors, and digital maturity levels. It can be challenging and may require specialized solutions to integrate linked technologies into current procedures. A significant amount of private information on operations, personnel, and assets is produced through connected mining. A significant difficulty is ensuring reliable cybersecurity measures to safeguard sensitive data from breaches, hackers, and unauthorized access.
IoT devices, sensors, and data analytics platforms are examples of connected mining technologies that frequently demand substantial initial investment. Some mining firms, especially smaller operators or those with limited resources, may find it difficult to afford the expense of integrating and installing these technologies as well as the necessary infrastructure.
Opportunities:
Several prospective potentials for connected mining are on the way as the mining industry continues to develop and adopt digital technologies. These opportunities are motivated by ongoing technological breakthroughs, shifting market trends, and the requirement for more effective and sustainable mining techniques. When 5G networks are implemented in mining operations, connectivity will be quicker and more dependable, allowing for real-time data transmission and supporting the use of cutting-edge technologies like remote-controlled machinery and augmented reality tools.
Connected mining facilitates transparency and traceability throughout the supply chain. Mining companies can use these technologies to track the origin of minerals, ensure ethical sourcing, and provide verifiable information to consumers and regulatory bodies. This transparency can enhance trust and reputation in the industry. Transparency and sustainability in supply chains are becoming more and more in demand from investors and customers. Supply chain transparency reduces the danger of future reputational, financial, or legal problems brought on by unethical behavior. It enables businesses to spot possible problems early and fix them, lessening the possibility of expensive repercussions.
Segment Overview
By Component
Based on components, the global connected mining market is divided into solutions and services. Further, the Solution segment is divided into asset tracking and optimization and fleet management. And the service segment is divided into professional and managed. The services category dominates the connected mining market with the largest revenue share. In order to monitor and control mining operations from a central location while maximizing efficiency and safety, service providers may set up remote operation centers. These services include equipment monitoring, preventative and proactive maintenance, and technical assistance to guarantee the efficient operation of connected mining technology.
By Mining Type
Based on the Mining Type, the global connected mining market is categorized into surface and underground. The surface category leads the connected mining market. When compared to underground mining, surface mining typically has more visible and accessible operations since it involves the removal of minerals or other materials from the surface of the earth. Due to their open and accessible nature, which might ease the deployment of sensors, communication infrastructure, and data-gathering systems, surface mining operations may be more prepared to adopt connected technologies. Connected technologies can improve surface mining's safety and monitoring capabilities, making them a desirable technology choice. In surface mining operations, the capacity to remotely monitor employees and equipment is very valuable.
By Deployment Mode
Based on deployment mode, the global connected mining market is segmented into on-premise and cloud. The cloud segment dominates the market with the highest market share. Cloud platforms offer sufficient storage space for the vast amounts of data collected from connected devices in mining operations. This data can be organized, managed, and accessed easily through cloud-based services. Cloud-based solutions make it possible to access data and apps remotely, making it possible to monitor and manage mining operations in real time from any location with an internet connection.
Global Connected Mining Market Overview by Region
The global connected mining market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the highest market share. Minerals and metals are in high demand in the Asia-Pacific area, especially in nations like China and India, to support the development of their industries and infrastructure. This need encourages the adoption of technology that can improve resource extraction and mining efficiency. Connected technology can aid the mining industry in the Asia-Pacific to adapt to stricter rules and reduce their environmental impact as the focus on environmental sustainability increases. Also, the region's ongoing infrastructure and urbanization initiatives fuel the need for building materials, which may expand mining activity and encourage the adoption of cutting-edge technology.
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Global Connected Mining Market Competitive Landscape
In the global connected mining market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.
Some of the prominent players in the global battery management system market include Rockwell Automation Inc., Accenture, SAP SE, Cisco Systems Inc., ABB Ltd., IBM Corporation, Schneider Electric, Siemens AG, Trimble Inc., Hexagon, Hitachi, Wipro, GE Digital, Axora, and various other key players.
Global Connected Mining Market Recent Developments
In July 2023, Hexagon strengthens its mining automation and safety solutions with the acquisition of HARD-LINE. A fast-growing, global leader in mine automation, remote-control technology, and mine production optimization.
In June 2023, Hexagon introduces an autonomous mining portfolio. Hexagon’s Mining division introduced HxGN Autonomous Mining, a portfolio that protects people and equipment while addressing the challenges of operational productivity and decarbonization.
Scope of the Global Connected Mining Market Report
Connected Mining Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Component |
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By Mining Type |
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By Deployment Mode |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global connected mining market segmented by component, by mining type, by deployment mode, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of connected mining between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global connected mining market
To find out the factors which are affecting the sales of connected mining among consumers
To identify and understand the various factors involved in the global connected mining market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
