The connected mining market is projected to witness a CAGR of 15.76% during the forecast period to reach a total market size of US$15.592 billion by 2026, increasing from US$5.597 billion in 2019.
Connected mining encompasses variously integrated and, associated mining solutions whereby people, processes, big data, types of equipment, and environment play in the digital transformation of the mining industry. The main players in the connected mining market include different types of companies, ranging from specialized independent technology suppliers of varying sizes up to the leading mining equipment manufacturers. As the industry envisions improving efficiency and worker safety, several technology trends have emerged. Building necessary communications for working the mines with applications and systems such as sensors and surveillance systems will transform the overall performance. A World Bank Release of 2020 has projected that the production of minerals, such as graphite, lithium, and cobalt, could increase by nearly 500% by 2050, to meet the growing demand for clean energy technologies. This arises a need for an integrated mining market equipped with digital transformation.
connected mining Market, US$ Billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Geographically, the stronghold of the connected mining market is seen in the United States, United Kingdom, and Australia. The Asia-Pacific region especially China is one of the fastest-growing regions in this sector. By solution, Connected Remote Management System is one of the rapidly growing solutions due to the impact of Covid-19. Connected Security Systems are also gaining significant attention due to the development of wireless technologies and the Industrial Internet of Things (IIOT).
connected mining Marketshare, by geography
Source: Knowledge Sourcing Intelligence Analysis
Increasing Information and Communication Technology (ICT), incorporation of integrated systems are some of the pivotal growth factors. Operators are adopting these technologies and are harnessing the benefits of eliminating errors and hazards before on-site implementation while enabling the ultimate predictive maintenance to minimize downtime of any equipment.
Usage of sensors such as radio frequency to detect combustible gas levels, airflow velocity, and temperature variations for checking if the environments are safe to work enhances the safety and security of the workers. The data can then be combined with data from environmental sensors to identify exposure to a potentially hazardous condition. The key to extending the range and applications of environmental monitoring solutions is the new sensors and technology which are compatible with the wireless solutions.
In the global context, COVID-19 is causing major disruptions to the mining industry across the world. Moreover, the developing countries that rely on minerals are missing out on essential fiscal revenues. Difficulties in obtaining financing and, consequently, delays in the implementation of new projects can be expected. Political instability, financial risk have also weakened the market. Moreover, the deficient of specialized workers as many remained stranded due to the restrictions led to a fall in the mining activities. Company operations have also been affected through isolated outbreaks and government-mandated shutdowns in several regions. One silver lining for the connected mining market amidst the pandemic is the innovations on how to improve collaborations remotely, accelerate the adoption of automation and digital capabilities. These transformations, in the long run, may open up fresh roadways.
The market leaders for the Connected Mining Market are ABB, Rockwell Automation, Inc., Cisco Systems, Inc., SAP America, Inc., Trimble Inc., Hexagon, Caterpillar, and IntelliSense.io. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,
|Market size value in 2019||US$5.597 billion|
|Market size value in 2026||US$15.592 billion|
|Growth Rate||CAGR of 15.76% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Solution, Service, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ABB, Rockwell Automation, Inc., Cisco Systems, Inc., SAP America, Inc., Trimble Inc., Hexagon, Caterpillar, IntelliSense.io|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the connected mining market size by 2026?
A1. The connected mining market is projected to reach a market size of US$15.592 billion by 2026.
Q2. What are the growth prospects for the connected mining market?
A2. The connected mining market is projected to witness a CAGR of 15.76% over the forecast period.
Q3. What is the size of the global connected mining market?
A3. Connected Mining Market was valued at US$5.597 billion in 2019.
Q4. What factors are anticipated to drive the connected mining market growth?
A4. Increasing Information and Communication Technology (ICT), incorporation of integrated systems are some of the pivotal growth factors for the connected mining market.
Q5. Who are the major players in the connected mining market?
A5. The market leaders for the connected mining market are ABB, Rockwell Automation, Inc., Cisco Systems, Inc., SAP America, Inc., Trimble Inc., Hexagon, Caterpillar, and IntelliSense.io.
Rockwell Automation, Inc.
Cisco Systems, Inc.
SAP America, Inc.
Hexagon Mining Inc
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