NEWARK, Del, June 21, 2022 (GLOBE NEWSWIRE) -- According to the smart mining technologies market analysis by Future Market Insights (FMI), the demand registered in the market will grow at a CAGR of around 14.3% from 2022-2032. The report states that the market is expected to reach the valuation of US$ 2.3 Bn by end of 2022. Surging demand for digitalization and the adoption of IoT devices in mining operations is expected to drive the growth in the smart mining technologies market.
Rising penetration of IoT in the mining industry for performance improvements, analytical maintenance, cost optimization and improved safety is expected to boost the smart mining technologies market.
Moreover, most mining companies are inclined towards digitalization to manage mining operations. IoT in the mining industry improves mining operations by improving data accuracy rates, reduction in energy expenditure and predictive maintenance. Also, IIoT (Industrial Internet of Things) can anticipate machine failures during mining, reducing downtimes.
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Within the next five years, several mining organizations are expected to digitize at least some aspects of their operations using operational intelligence systems. Wireless monitoring mining systems digitizes assets with real time performance tracking and connects large number of sensors, eliminating the need for wired monitoring.
Furthermore, increasing investments in predictive maintenance for full integration of network, continuous monitoring and reduced downtimes is fuelling the market demand for smart technologies in the mining industry.
Key Takeaways:
- By technology solution, the blockchain-based metal trading platform segment is estimated to grow at a robust CAGR of 17.5% through 2032.
- By application, the risk & compliance management segment is anticipated to increase at a CAGR of 16.6% between 2022 & 2032.
- North America region is dominating smart mining technologies market followed by Europe region in 2022. South Asia & Pacific is estimated as the fastest growing region during the forecast period.
- The market in U.S. is expected to progress at a CAGR of around 10.0% through 2032.
- In India, smart mining technologies market is expected to grow by 7.6X during the forecast period.
- Smart mining technologies market in China is estimated to witness the absolute opportunity of US$ 447.3 Mn in the forecast period.
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More Valuable Insights on Smart Mining Technologies Market
Future Market Insight’s report on the smart mining technologies industry research is segmented into three major sections – technology solution (AI/ML- enabled supply chain management, mining analytics platform, blockchain-based metal trading platform, emissions management software, and others), application (risk & compliance management, mining operations & process control, mining data warehousing, and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart mining technologies demand outlook.
Competitive Landscape
- Aveva Group plc
- Wipro
- Dataparc
- Infosys
- Huawei Technologies
- ABB Ltd
- Skuchain
- Sphera
- Envirosuite
- Locus Technologies
- IntelliSense.io
- VROC.ai
- ZE Power Group Inc
- Phinar Software
- Open Text Corporation
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About Electronics, Semiconductor and ICT Division at Future Market Insights
Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on solutions, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.
Smart Mining Technologies Market by Category
By Technology Solution:
- AI/ML-enabled Supply Chain Management
- Mining Analytics Platform
- Blockchain-based Metal Trading Platform
- Emissions Management Software
- Others
By Application:
- Risk & Compliance Management
- Mining Operations & Process Control
- Mining Data Warehousing
- Others
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Smart Mining Technologies Innovation / Development Trends
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