Autonomous Drilling is Fastest Growing Segment Fueling Growth of the Smart Mining Market

 

Smart Mining Market 


The global Smart Mining Market is estimated to be valued at US$ 17.45 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
The smart mining market involves integration of innovative technologies like Internet of Things (IoT), robotics, and artificial intelligence for optimization of mining operations. Adoption of smart technologies helps improve safety, productivity, and reduce operational costs in the mining industry.

Market key trends:
One of the major trends in the smart mining market is growing adoption of autonomous drilling. Autonomous drilling utilizes technologies like machine learning, sensors, and AI-powered algorithms to perform drilling operations with minimal human intervention. This improves drilling accuracy and efficiency while reducing risks to human lives. Autonomous drilling systems can map geological structures, optimize drilling plans, and drill holes as per the plan with high precision. Leading mining companies are increasingly investing in autonomous fleets of drilling rigs to modernize operations.
Segment Analysis
The global smart mining market is segmented on the basis of type, component, and region. Based on type, the market is segmented into underground mining and surface mining. The underground mining segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is owing to the growing adoption of digital technologies in underground mining operations to improve productivity and safety.

Key Takeaways
The global smart mining market Demand is expected to witness high , exhibiting CAGR of 7.5% over the forecast period from 2023 to 2030, due to increasing investments in technological advancements by mining companies.

Regional analysis: Asia Pacific region dominated the global market in 2022 and is expected to continue dominating over the forecast period. This is owing to the presence of emerging economies like China and India with rapid growth of mining industry.

Key players: Key players operating in the smart mining market are ABB Ltd., Komatsu Ltd., Sandvik Mining and Construction, Atlas Copco, Alcatel-Lucent, Caterpillar Inc., Cisco Systems Inc., Hitachi Construction Machinery Co. Ltd., Outotec Oyj, and Joy Global Inc. These players are focusing on developing innovative solutions to improve productivity and safety in mining operations.

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