Connected Mining Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Solution (Connected Logistics, Connected Resources, Connected Security System, Connected Control System, Connected Remote Management Solution), By Service (Consulting, Support And Maintenance, System Integration), And By Geography - Forecasts From 2021 To 2026

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.

Geographically, the stronghold of the connected mining market is seen in the United States, the 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).

Growth Factors.

• Digital transformation.

Increasing Information and Communication Technology (ICT), and the 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.

• Occupational health and safety.

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 in 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 wireless solutions. 

Impact of COVID-19 on the Connected Mining Market

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 and 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 mining activities. Company operations have also been affected by 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 and accelerate the adoption of automation and digital capabilities. These transformations, in the long run, may open up fresh roadways.

Competitive Insights.

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,

• ABB Ltd has launched products like Ability Condition Monitoring and further collaborated with Hitachi to explore opportunities for mine operators to target net-zero emissions from mining machinery in 2021.
• Hexagon Mining Inc has partnered with Fatigue Science in 2021 to ensure the safety of the mining employees by preventing accidents caused by fatigue or distracted operators of vehicles and equipment.
• In 2021, IntelliSense.io launches the latest version of brains.app Graphite '21. It is a real-time decision-making platform for asset-intensive industries.
• While in 2020, Caterpillar Inc acquired selected assets from Marble Robot, Inc., a California-based Robot and Autonomy Technology Solutions Company.

Connected Mining Market Scope:

Segmentation:

• By Solution
  • Connected Logistics
  • Connected Resources
  • Connected Security System
  • Connected Control System
  • Connected Remote Management Solution
• By Service
  • Consulting
  • Support and Maintenance
  • System Integration
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others