Smart Mining Market Size, Status, Top Emerging Trends, Growth and Business Opportunities 2025
A resource-critical industry like mining has long been challenged by severe dearth of skilled labour, which continues to be a major speed breaker for the industry. The COVID-19 pandemic further aggravated the industry’s sufferings, which critically underscores the urgency to up the overall productivity, and efficiency. The scenario is expected to offer a robust impetus to global smart mining industry in future. A new upcoming study of Fairfield Market Research provides growth forecast of the smart mining industry for the period of 2021 – 2025.
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Growing Adoption of underground Wireless Technology Boosts Market
Deepening technology penetration into mining operations is likely to boost smart mining adoption by mining companies. With a greater number of mining operations partnering with tech innovators, smart mining is expected to spread its roots faster in future. The market will be strengthened with increasing deployment of underground wireless networks with an objective to achieve remote tracking, and monitoring of employees, as well as mining equipment. As companies in mining prioritise enhanced safety, improved efficiency, and better maintenance abilities, smart mining is expected to gain stronger ground.
Introduction of wireless network technology into underground mines marked a break-through development catalysing industry’s movement toward smart mining. After that, there has been an incessant utilisation of Wi-Fi, and radiofrequency identification (RFID) technology for remote tracking, location monitoring, surveillance, and safety of both the people, and equipment operating at mines. The conventional mining processes, technologies, and tools are rapidly being substituted by their smart counterparts through the integration of smart systems, and Internet of Things (IoT).
Investments in Smart Mining to Heighten Rapidly
Increasing need for real-time information delivery to mine operators on their mobile devices is expected to drive smart mining market growth. Application of advanced data analytics has been on a constant rise in a bid to extract insights, and recommendations from raw data to create visualizations, later to be delivered to employees, and managers at mines. With soaring demand for more productive, more efficient, and more accessible mining operations, the trend will continue, thereby fostering market growth.
Swelling investments in integration of next-gen technologies with mining operations, which is offering a competitive advantage to mining leaders, is predominantly driving market growth. Extensive use of drones, adaptive supply chain, and sensing technologies will remain sought-after across potential smart mines, says the report. Mining operators have been showing greater acceptance for a spectrum of digital technologies enabling automation, which majorly include 3D printing, robotics, autonomous driving, self-driving, IoT, Artificial Intelligence (AI), augmented reality (AR), virtual reality (VR), Big Data Analytics, and cloud computing.
Increasing Acceptance to Bode Well for Market
Companies have been rapidly realising the pivotal role of smart mining technologies in enabling better real-time understanding of mining sites, mining operations, and resources. This will remain among the key factors supporting the expansion of global smart mining market. However, despite an increasing number of companies exhibiting the readiness to invest heavily in technology adoption, the risk to security continues to prevail as a key challenge limiting adoption of smart mining.
Smart mining will most likely hold a broader impact across industry as a greater number of companies look to commit their bit toward reducing the overall environmental impact of mining worldwide. Growing significance of social and corporate governance (ESG), corporate social responsibility (CSR), and environmental, and licence to operate (LTO) are societal demands will play a crucial role in the market build-up.
Major Smart Mining Service Providers in Global Market
Besides behemoths, including SAP SE, Cisco Systems Inc., Komatsu Mining Corporation, Wenco International Mining Systems Ltd, Rockwell Automation Inc., the report provides detailed profiling of some prominent players in smart mining landscape. Robert Bosch GmbH, Ericsson, Schlumberger, Anglo American, ABB, Siemens, Wipro, Huawei, Nokia, Sandvik, Solvay, Axora, Bell, Codelco, IntelliSense, Exfo, Howden Group, GeoSonics, Hexagon, Kandy, Juniper Networks, MISOM, Ribbon Communications, Mitel, SMS Equipment, and SGS are some of the profiled companies.
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