The global connected mining market is expected worth USD 13.3 billion in 2023 and USD 22.7 billion by 2028, growing at CAGR of 11.3% during the forecast period. Technological advancements and the need for operational efficiency, safety, and sustainability are driving the connected mining market.
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The Solution segment to record the higher market share during the forecast period
During the forecast period, the Solution segment is anticipated to achieve a higher market share in the connected mining market. The demand for integrated and customized solutions is expected to grow significantly as the mining industry increasingly focuses on digital transformation and operational efficiency. The Solution segment is poised to dominate the market by providing mining companies with the tools and capabilities to address their specific challenges and achieve sustainable growth. With continuous technological advancements and increasing capabilities of connected mining solutions, the Solution segment is well-positioned to lead the market during the forecast period.
By Mining type, the Surface segment is expected to hold a larger market share during the forecast period
By mining type, the Surface segment is expected to hold a larger market share during the forecast period in the connected mining market. Surface mining refers to the extraction of minerals and resources from the Earth’s surface, such as open-pit mining and strip mining. This type of mining is widely used for coal, iron ore, copper, and other minerals closer to the surface. Connected mining solutions offer significant benefits in surface mining operations, enabling real-time equipment monitoring, efficient fleet management, and optimized resource utilization. The ability to track and manage surface mining operations in real-time enhances safety measures, reduces operational costs, and improves overall productivity fueling market growth.
Unique Features in the Connected Mining Market:
With the help of innovations aimed at improving productivity, safety, and sustainability in mining operations, the connected mining market has made considerable strides. The industry landscape has changed as a result of a variety of these innovations’ distinctive qualities.
The adoption of Internet of Things (IoT) technology is one of the pillars of this change. In order to collect data in real-time on equipment performance, environmental conditions, and worker safety, sensors and gadgets must be placed throughout mining operations. The basis for well-informed decision-making and operational optimisation is provided by this data.
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In connected mining solutions, remote monitoring and control have also become essential components. With this feature, managers and operators can remotely monitor activities, which provides a safer option, especially in dangerous circumstances. Remote control also provides quick reactions to emergencies, improving overall site safety.
In the field of linked mining, predictive maintenance has become increasingly important. Predictive analytics systems can anticipate equipment breakdowns and maintenance needs by utilising data from sensors. As a result, mining companies can plan maintenance tasks in advance, cutting down on downtime and related expenses.
The connected mining sector has advanced further as a result of the incorporation of digital twin technologies. For the purpose of facilitating simulations, optimisation, and troubleshooting, this invention comprises building virtual replicas of physical assets and processes. Mining operations can be improved using a dynamic platform provided by digital twins.
Advanced data analytics practises have been promoted by connected mining’s data-driven methodology. Mining businesses can gain important insights into productivity, safety, and environmental effect through careful analysis of the vast amounts of data generated, enabling data-informed decision-making and continual improvement.
Additionally, the optimisation of supply chains through the integration of data from suppliers, transportation, and manufacturing has been witnessed in the connected mining landscape. Cloud-based collaborative systems have made it simple for mining stakeholders to share data, promoting efficiency and cooperation across the sector.
Top Key Companies in Connected Mining Market:
The major players in the connected mining market are ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMining SpA (Chile), and Applied Vehicle Analysis (Africa).
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Hexagon, a global leader in the connected mining market, is driving transformative changes in the industry through its cutting-edge technologies and solutions. With a focus on operational efficiency, safety, and sustainability, Hexagon empowers mining companies to optimize their operations and maximize productivity. Their integrated solutions, including advanced sensor technologies, real-time monitoring systems, and data analytics platforms, enable mining companies to collect, analyze, and visualize crucial operational data. This empowers decision-makers to make informed choices, identify areas for improvement, and enhance overall operating performance. By leveraging its expertise and commitment to innovation, Hexagon is playing a pivotal role in shaping the future of connected mining and revolutionizing the way mining operations are conducted worldwide.
Komatsu is a renowned provider of innovative solutions for the mining industry. Komatsu’s connected mining solutions focus on improving productivity, safety, and efficiency in mining operations. They offer advanced technologies such as autonomous haulage systems, remote operation centers, and data analytics platforms. These solutions enable real-time equipment performance monitoring, predictive maintenance, and optimized fleet management. By harnessing the power of connectivity and data-driven insights, Komatsu is driving the evolution of the mining industry towards increased automation, reduced downtime, and enhanced operational efficiency. Their customer-centric approach and dedication to technological advancements position Komatsu as a leading force in the connected mining market, shaping the future of mining operations globally.
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