According to the research, the Connected Mining Market size to grow from USD 12.7 billion in 2022 to USD 23.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Mining 4.0 initiatives in industries is paving the way for connecting mining market. Increasing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market.
In the Connected Mining Market by Component, solutions are expected to hold the largest market size. The connected solutions refer to the deployment of IoT solutions in the mining industry. These solutions are primarily aimed at achieving the convergence of machines and intelligent data to achieve the operational efficiency targets set by energy companies. connected solutions in mining sector also improvise analytics-based decision-making by diminishing the threats and vulnerabilities of the market using efficient tools and techniques. Moreover, connected mining solutions have enabled energy companies to control assets from anywhere to monitor their asset performance.
The asset tracking and optimization segment is expected to record a larger market share during the forecast period. Asset tracking solutions do track mining assets, automating processes, and constantly monitoring the quality and safety of the mining environment. This helps ensure the mine and workers are efficient and productive. It involves tracking of mining vehicles in real-time, including GPS location, engine hours, mileage, geofences, and fuel consumption. To track underground mining assets while reducing costs, Real-Time Location Systems (RTLS), RFID tracking, Wi-Fi, sensors, mobile devices, software, and other technologies are used to gain full visibility of underground mining operations. The solution offers improved worker safety by tracking mine workers, monitoring entrances/exits and evacuation status, and receiving alerts.
The major market players include 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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