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Global Connected Mining Market Size to grow USD 26.4 Bn in 2028


Global Connected Mining Market Size to grow USD 26.4 Bn in 2028

The Global Connected Mining Market Size was valued at USD 10.3 Bn in 2021. The market is projected to grow USD 26.4 Bn in 2028, at a CAGR of 12.5%. Connected mines are increasingly becoming acknowledged as the next phase in mining resource management and extraction.

Global Connected Mining Market Size

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The advancement of mining technology empowers employees, promotes safety, and maintains a healthy atmosphere by establishing a long-term socioeconomic relationship that benefits the company's entire growth. The numerous benefits of smart mining are expected to propel the global connected mining market forward. In this modern era, the mining industry is quickly adopting digitalized solutions. In this competitive period, mining businesses are increasingly using IoT, AI, and cloud technologies in order to survive and reach high productivity targets. Growing investment in IT infrastructure, virtual sensors, and AI tools is expanding this market's prospects. Mine operators can use digital solutions from a variety of organizations to track asset health, get real-time information, and plan maintenance in both surface and underground mining. New Industry 4.0 trends are accelerating the adoption of technologies such as cloud computing, IoT, cybersecurity, big data, autonomous robotics, additive manufacturing, and augmented reality to support mining operations' digital transformation.


COVID-19 has shifted the government's and other authorities' attention to developing sustainable and environmentally friendly mining practices. The mining industry, which supplies raw materials to manufacturing industries, has experienced rapid growth since COVID-19 and contributes to the economy's development. According to the World Economic Forum, the International Council on Mining and Metals (ICMM) set principles to support sustainable economic growth and develop connected mining in September 2020, mining businesses have used numerous digital technologies. The pandemic has raised demand for connected mining solutions in this business, allowing owners or miners to keep track of the health of their workers and regularly assess the condition of assets in a variety of situations with limited employees.

Global Connected Mining Market Size

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The asset tracking and optimization segment is expected to dominate the market share of global connected mining market owing to the increasing demand of solutions across various industries which is ensuring workers and mine are being productive and efficient. The cloud-based is expected to dominate the market share of global connected mining market owing to the growing adoption of cloud-based solutions which is cost friendly, high flexibility and no need of extra infrastructure. The Underground are expected to dominate the market share of global connected mining market owing to the multiple benefits such as cost effective, less life-threatening, and easier to operate. Processing and Refining segment is expected to dominate the market share of global connected mining market owing to the major workload in mineral processing to which it delivers better process stability, increased recovery, less reagent consumption, lower energy usage and costs, and better throughput. North America region is expected to dominate the market share owing to the growing and investing heavily in emerging technologies, such as IoT, big data, analytics, artificial intelligence, and cloud platforms. These technologies provide real-time analytics and streamlines the flow of smart mining. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global connected mining market due to the increasing digitalization and adoption of automation along with the presence of huge customer base in the region.


KEY INDUSTRY DEVELOPMENTS:


March 2022- Hexagon has launched a mobile geological drillhole logging application, HxGN MinePlan GeoSlate which simplifies the field data collection process. It is used to collect field drillhole data.


June 2020- IBM Corporation and Shell made a strategic move by collaborating to launch Oren, a global B2B Digital mining services marketplace platform to accelerate digitalization in the mining industry.


Read More Details On This Report:

https://extrapolate.com/Energy-and-Power/connected-mining-market/25632


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