Smart Mining Market Size (2024 - 2029)

Smart Mining Market Analysis

The Smart Mining Market size is estimated at USD 34.16 billion in 2024, and is expected to reach USD 34.53 billion by 2029, growing at a CAGR of 0.21% during the forecast period (2024-2029).

Mining involves many processes, including resource allocation management of equipment, such as mining trucks, excavators, drills, conveyor belts, transportation and logistics, and more. To ensure that everything runs efficiently and finishes faster, these complex processes require a system to simplify and automate them.

• Mining involves many processes, including resource allocation and equipment management, such as mining trucks, excavators, drills, conveyor belts, transportation, and logistics. To make sure that everything runs efficiently and finishes faster, these complex processes require a system to simplify and even automate them.
• Wireless mining sensor networks are the latest step in the evolution of mine monitoring. To continually monitor the geological and geo-mechanical factors inside underground mines and assess potential safety and productivity risks posed by rapid or out-of-safe-range changes, many modern underground mines install a variety of geotechnical and other monitoring instruments.
• Digitalization may have come a little later to mining than other sectors, but it is quickly catching up. Mining companies have recently adopted a growing range of digital solutions. Many have mechanized their operations, moved from the physical to the digital realm by adding equipment sensors, and adopted unified networks to transmit data. Despite this progress, these steps are only the beginning.
• Mining operational costs have risen dramatically, and salary expenditures increased in emerging countries in recent years globally. For instance, according to the Ministry of Economy Argentina, salary expenditure in the mining and quarrying sector in Argentina increased to over ARS 355.38 Billion (USD 2.21 Billion) in Q2 2021 and by ARS 118.86 Billion (USD 0.74 Billion) compared to Q2 2020.
• The ongoing COVID-19 outbreak and restrictions on international trade affected business operations in the smart mining market. However, due to strict regulations in the transportation of raw materials, the reopening of country borders is expected to assist in resolving transport and logistic issues.

Smart Mining Industry Segmentation

Smart mining uses information, autonomy, and technology to improve mine site safety, reduce operational costs, and increase productivity. Mining companies place a premium on increasing productivity by offering cutting-edge software solutions. It also includes remote-controlled robotic equipment for mineral and metal extraction, known as telerobotic mining, which reduces the risk to miners.

The market size for smart mining was evaluated by analyzing individual solutions offered in the study. The study also tracks market positioning and vendor revenue by analyzing the total market size. The study tracks key market parameters, underlying growth influencers, and major vendors in the industry, which support market estimations and growth rates over the forecast period. The study further analyzes the overall impact of COVID-19 on the ecosystem. The report's scope encompasses market sizing and forecast for segmentation by solution, service type, mining type, and geography. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.