USD 12.36 Billion
Report ID:
SQMIG15J2087 |
Region:
Global |
Published Date: January, 2025
Pages:
198
|Tables:
114
|Figures:
72
Global Connected Mining Market size was valued at USD 12.36 Billion in 2023 and is poised to grow from USD 13.60 Billion in 2024 to USD 29.23 Billion by 2032, growing at a CAGR of 10.04% in the forecast period (2025-2032).
The significant investment required for implementing connected mining technologies can be a barrier for many mining companies and affect connected mining demand forecast. Increased connectivity and data sharing also heighten the risk of cyberattacks and data breaches. Moreover, there is a shortage of skilled professionals capable of managing and maintaining advanced mining technologies which affects the market expansion. Connected mining helps to increase production capabilities by real-time monitoring and communication with integrated systems. Predictive maintenance is also offered by connected mining, which provides on-site cost monitoring and utilization of resources through digital monitoring.Increased safety and security concerns of the mineworkers are also driving the growth of global connected mining market. UV exposure, dust, noise, chemical hazards, ground instability, and other factors cause harmful effects to the health of workers. Thus, the incorporation of an autonomous fleet, remote-controlled equipment, and ventilation solutions lead to safe working conditions and improvement of operational productivity. Safety and efficiency can be maintained at a high level in mining through the use of secured IP networks and multi-service networks.
Market snapshot - (2025-2032)
Global Market Size
USD 12.36 Billion
Largest Segment
Service
Fastest Growth
Equipment
Growth Rate
10.04% CAGR
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Global connected mining market is segmented by type, component, technology, mining type and region. Based on type, the market is segmented into automated mining excavators, load haul dump, drillers and breakers and others. Based on component, the market is segmented into equipment, software and service. Based on technology, the market is segmented into data/operations/asset management and security software, support and maintenance services, system integration and deployment services and others. Based on mining type, the market is segmented into surface mining and underground mining. Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
As per the global connected mining market forecast, service is the dominating segment in the market. The service segment in the market is driven by the need for enhanced operational efficiency, cost reduction, and improved safety standards. The integration of advanced technologies like AI and IoT in mining operations necessitates expert services for optimal functioning. These services ensure that mining equipment and software are maintained at peak performance, reducing downtime and extending equipment life. Additionally, they provide training and support to the workforce, crucial for adopting new technologies and ensuring safety in increasingly automated environments. The service segment complements the equipment by providing the expertise needed for implementation, monitoring, and maintenance of connected systems.
Equipment is the fastest growing segment in the market. On the other hand, equipment enhanced with connectivity and data analytics plays a vital role in automating and optimizing mining processes. These advanced tools improve accuracy, efficiency, and safety, allowing for more precise extraction and resource handling. They also enable real-time monitoring and maintenance, reducing downtime and extending the equipment's operational lifespan. Furthermore, connected equipment facilitates better environmental monitoring, ensuring compliance with regulatory standards and minimizing ecological impact. Advanced machinery equipped with IoT sensors, GPS, and automation technologies enable real-time data collection, remote monitoring, and predictive maintenance.
As per the global connected mining market outlook, automated mining excavators are the dominating segment. The demand for automated mining excavators is propelled by their ability to increase efficiency and productivity while reducing operational costs. These excavators operate with precision and consistency, minimizing human error and enhancing safety in hazardous mining conditions. They are integral to achieving remote and autonomous mining operations, reducing the need for human presence in dangerous underground environments. Furthermore, their integration with digital systems allows for real-time data analysis, optimizing excavation processes and resource allocation. Automated mining excavators are a cornerstone of connected mining operations, significantly improving efficiency, precision, and safety in resource extraction.
As per the global connected mining market outlook, load haul dump is the fastest growing segment in the market. Load haul dump units in connected mining are crucial for efficient material handling and transportation within mining sites. Enhanced with connectivity, these vehicles can be remotely operated, reducing the risk to human operators in hazardous conditions. The integration of LHDs with IoT and data analytics optimizes their routing and scheduling, enhancing operational efficiency. Connected LHDs, equipped with IoT sensors and autonomous driving systems, ensure seamless communication with centralized monitoring platforms. These machines enhance productivity by reducing cycle times and improving material transportation accuracy.
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North America is the dominating region in the market. Major factors increasing the connected mining market revenue include advancements in IoT and AI technologies, which enhance operational efficiency and safety, and the increasing demand for real-time data analytics to optimize mining processes and reduce costs. Regional market players such as Rockwell Automation Inc. are focusing on scalable automation solutions and leveraging IoT to enhance mining operations. Key initiatives include developing control systems that reduce downtime and increase operational efficiency. The dominance of the United States in mineral production indicates strong potential for market growth, as it is likely to invest heavily in advanced technologies to optimize and sustain its mining operations.
Asia Pacific is anticipated to witness a CAGR of 13.9% in the forecast period. This can be attributed to the growth of the connected mining industry in various countries in the region including China and India, among others. The markets in India and China are expected to witness CAGRs of 15.2% and 13.6% respectively during the forecast period. Increasing emphasis on safety, reliability, and automation is also anticipated to aid the market expansion in the Asia Pacific region. Moreover, the growing adoption of automated machinery and robotics to enhance operational efficiency and reduce human intervention can boost market opportunities.
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Increasing Focus on Safety and Sustainability
Increase Investment in Simulation Technology
Operational Efficiency and Cost Reduction
High Cost of Implementation
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The global connected mining industry is characterized by leading technology companies and mining solution providers who jointly innovate and meet the dynamic needs of the industry. These players focus on developing advanced IoT-enabled platforms, automation solutions and data-driven technologies to improve mining performance. Strategic partnerships, mergers and acquisitions are common as companies aim to expand their market reach and technological capabilities. Leading players such as Cisco Systems, ABB Ltd., Rockwell Automation offer integrated solutions that enable real-time data monitoring, predictive analytics, and seamless communication between devices and operators Companies such as SAP SE and IBM Corporation transform the market with cloud-based platforms and AI solutions for operational efficiency.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the global connected mining industry is transforming the industry by leveraging sophisticated technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, automation, etc. The growing demand is expected to drive the market in the coming years. Solutions which combine to help mining companies maximize productivity, reduce downtime and comply with stringent environmental regulations. North America dominates the market due to the rapid adoption of the advanced technologies, a strong regulatory framework that promotes sustainable mining practices, and the availability of leading-edge technology professionals.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 12.36 Billion |
Market size value in 2032 | USD 29.23 Billion |
Growth Rate | 10.04% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Connected Mining Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Mining Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Mining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Connected Mining Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15J2087
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