Smart mines with already incorporated technologies can automate their operations quickly than those who are lagging in technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors. For instance, the installation of automation software enables the operator to monitor static and moving assets remotely and program automated interaction between both.
The Smart Mining Market Accounted For US$ 9.8 Billion In 2019 And Is Expected To Grow At A CAGR Of 18.9% Over The Forecast Period 2020-2027, To Account For US$ 38.5 Billion By 2027.
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Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operation. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services.The introduction of IIoT helps to attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market, which adds to the safety of miners on-site.
Increasing demand for minerals and metals leads to increasing the expansion of mining activity that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increased concerns about safety and security, growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared to the traditional mining technology.
Smart mining refers to the use of technology, information, and autonomy to facilitate high productivity, improved safety, and low operational costs during mining. Mining companies are focusing on improving productivity by offering innovative software and solutions that raise demand for the smart mining market. The increasing penetration of advanced technology also the industry is projected to cut down high costs of the workforce, and hence, result in considerable cost optimization. These factors are boosting the demand for the smart mining market. Smart mines with already incorporated technologies can automate their operations quickly than those who are lagging in technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors.
Some of the key players profiled in the report study includeABB Ltd., Alastri, Atlas Copco, Caterpillar Inc., Cisco Systems Inc., Hexagon AB, Hitachi Construction Machinery Co. Ltd., Komatsu Mining Corporation, Rockwell Automation, Inc., and Trimble.
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