Global smart mining market to grow 10% CAGR to 2031

The global smart mining market is forecast to grow at a CAGR of 10.2% between 2021-2031 according to a study by TMR.

It found firms engaged in smart mining operations are increasingly leveraging automation technologies and advanced connectivity solutions in order to unlock productivity gains.

"Mining companies globally are investing in these products and solutions to continuously improve safety and boost real-time equipment monitoring, all of which help them raise bottom-lines," it states.

Adoption of data operation & management software has helped mining companies in smart mining market garner revenue gains by optimising equipment performance in real-time. At the same time, such solutions support proactive maintenance methods which are instrumental in ensure safer mining.

Analysts in the study observed that innovation in various equipment pieces such as drillers & beakers, automated excavators, and load haul dumps allow controlling of mining and exploration activities remotely and more efficiently.

In addition to prospects of smart connectivity solutions in remote management, adoption of asset management solutions are poised to have significant impact on the growth.

Key findings of smart mining market study

• Connectivity Solutions Powered by IoT to Make Mining Safer and Productive Mining companies are realising the benefits of connected solutions to improve safety and productivity in mining. The drive toward sustainable mining operations will bolster the application of IoT notably in autonomous haulage vehicles has made steady improvements in safety by reducing haulage accidents. Aside from the safety aspects, telecom companies are offering 5G-ready connectivity solutions, which is likely to greatly boost the mine's productivity.
   
• Adoption of Excavators Automated Equipment to Propel Abundant Opportunities OEMs are aiming to introduce automatic control of the various equipment used in mining. Excavators automated equipment has witnessed a sizable demand in recent years, which is expected to translate into revenue opportunities for market players. The authors of the TMR study have found that the excavators segment accounted for approximately 30% of the global market in 2020.
   
• Smart Mines to Reduce Environmental Impacts There is intense focus on reducing environmental and climate footprint of the mining sector. The trend is pivoting technological advancements in automation equipment, with focus on accuracy. The adoption of automated drillers & beakers is boosting the smart mining market.

Key drivers of smart mining market

• Ever-rising global demand for metals and minerals has put immense pressure on stakeholders to adopt sustainable mining practices that are characterised by lowering the environmental and climate footprints. This is driving evolution of the smart mining market.
   
• Steady utilisation of minerals in a booming cosmetic & personal care industry is generating colossal revenue potential for companies in the smart mining market. The increasing trend of clean energy transition is expected to open up promising frontiers in the coming years.