Newark, July 07, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, global connected mining is expected to grow from USD 10.65 billion in 2021 to USD 45.46 billion by 2030, at a CAGR of 17.5% during the forecast period 2022-2030.
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The ever-increasing demands of the growing population have created a need to increase the production volume of minerals. Minerals form the primary input of every manufacturing & production process, because of which to meet the increasing consumer demands, more minerals need to be extracted from the earth. The over-exploitation of minerals has created a shortage of minerals, and to extract more minerals, market players must dig deeper into the earth. As the dept of mining increases, the costs of extraction, transportation, purification & production also increase along with safety & security risks of workers. Connected mining with the help of automation, digitization & integration of processes with the use of technology, artificial intelligence, robotics, data analytics, and real-time monitoring will help in reducing the operation costs of deep mining activities and ensure the safety & security of workers. The advent of industrialization 4.0 will make the adoption of smart & connected devices in the mining industry a beneficial prospect. Fragmentation of the mining market makes it necessary for the market players to stay ahead of each other and retain a competitive advantage for making profits. The eager & enthusiastic approach of market players towards connected mining will provide lucrative opportunities to the connected mining services, equipment & software providers. Integration and automation of the mining sector involve substantive capital investments. As mentioned earlier in the paragraph, the depletion of natural minerals has led to the rise in deeper mining activities. The costly nature of deeper mining combined with extensive initial capital investments will make connected mining an expensive affair. Mining majorly constitutes the extraction of fossil fuels. The shift towards renewable energy resources discourages the market players from investing in a dying market of fossil fuel extraction. The shortage of natural mineral resources, the expensive nature of connected mining, and innovations in renewable energy resources will hamper the market’s growth.
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To enhance their market position in the global connected mining, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Accenture launched an Enterprise and Supplier Development (ESD) Marketplace platform in February 2022. The platform will aid in bridging the gap between mining companies and small & medium enterprises. The collaborative approach between adapt technologies, ministry of mining, resources & energy, and Accenture has led to the development of the ESD platform.
Market Growth & Trends
The world’s growing population will demand more minerals, which will lead to extensive mining activities around the world. To put this into perspective, 13 billion tons of minerals are presently extracted every year. This figure will grow to 90 million tons in a few years. Unregulated and unsustainable mining for extracting such amounts will lead to massive environmental destruction. Sustainable technologies like connected mining are crucial to minimizing the wastage & destruction of minerals. Connected mining will also improve profit margins by reducing operational costs. With the increasing adoption of digital technology and solutions in line with the beginning of the industrialization 4.0 era, the growing demand for safe, secure, and sustainable mining processes will contribute to the growth of the connected mining market. Automation and technological integration in the mining industry to reduce operational costs & enhance production efficiency to gain a competitive edge in the highly fragmented mining industry will also contribute significantly to the growth of the connected mining market. Government initiatives are encouraging the automation & digitization of the mining methods, processes & administration, which will also aid the growth of the connected mining market.
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• In 2021, the underground mining segment dominated the market with the largest market share of 54% and market revenue of 5.75 billion.
The type segment is divided into surface mining & underground mining. In 2021, the underground mining segment dominated the market with the largest market share of 54% and market revenue of 5.75 billion.
• The system integration segment is expected to grow at the fastest CAGR of 17.9% over the forecast period.
The service segment is divided into consulting, system integration, & support & maintenance. Over the forecast period, the system integration segment is expected to grow at the fastest CAGR of 17.9%.
• In 2021, the services segment accounted for the largest share of the market, with 35% and market revenue of 3.72 billion.
The component segment is divided into services, equipment, & software. In 2021, the services segment accounted for the largest share of the market, with 35% and market revenue of3.72 billion.
• In 2021, the industrial safety and security segment dominated the market with the largest market share of 23% and market revenue of 2.44 billion.
The solutions segment is divided into asset tracking & optimization, industrial safety & security, remote management solutions, smart analytics, control systems, & others. In 2021, the industrial safety & security segment dominated the market with the largest market share of 23% and market revenue of 2.44 billion. Rising awareness about preventive measures that ensure workers’ safety in mines and government initiatives aimed at increasing the compliance rate of specific safety standards is driving the growth of the industrial safety & security segment. Stringent laws with punitive action for security negligence contribute to the rising adoption of connected mining for safety purposes.
Regional Segment Analysis of the Connected mining
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global connected mining, with a market share of around 36% and 3.83 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The connected mining market in the Asia Pacific has been expanding rapidly. China dominates the connected mining market in the Asia Pacific. The growing population has led to increasing consumption, which has resulted in an equal rise in production volume. An increase in mining activity is being witnessed in the region to meet the growing consumption demand of the population. Market players are adopting connected mining to improve profit margins and achieve sustainability.
Key players operating in the global connected mining are:
• Rockwell Automation
• Hexagon AB
• Hitachi Group
• Schneider Electric
• Trimble Inc.
• Cisco Systems, Inc.
• SAP SE
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global connected mining based on the below-mentioned segments:
Global Connected Mining Market by Type:
• Surface Mining
• Underground Mining
Global Connected Mining Market by Service:
• System Integration
• Support & Maintenance
Global Connected Mining Market by Component:
Global Connected Mining Market by Solution:
• Asset Tracking & Optimization
• Industrial Safety & Security
• Remote Management Solutions
• Smart Analytics
• Control Systems
About the report:
The global connected mining is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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