Smart Mining Market Analysis and Forecast to 2031: By Type (Underground Mining, Surface Mining), Category (Automated Equipment, Component), and Region

The global smart mining market was valued at US$ 11.7 billion in 2021 and it is anticipated to grow up to US$ 29.5 billion by 2031, at a CAGR of 9.4% during the forecast period.

Smart mining is a process that uses autonomy, information, and technology to obtain reduce operational costs, improve safety, and gain better productivity for a mine site. Mining corporations emphasize enhancing productivity by providing state-of-the-art software & solutions. It also comprises remote-controlled robotic equipment for mineral & metal extraction, known as telerobotic mining, and decreases the danger for miners. Further, smart mining equipment is applied in underground and surface mining, also known as open pit or open cast mining operations. However, the integration of smart mining in underground mining has improved the working conditions on-site and increased the productivity of underground mines.

Global Smart Mining Market Scope and Report Structure
Report Attribute Details
Market Size in 2021$11.7 bn
Market Size in 2031$29.5 bn
Growth Rate (2021-31)9.4%
Historic Period2015-2020
Forecast Period2022-2031
Base Year2021
Segments CoveredType, Category, and Region
Key CompaniesABB Ltd (Switzerland), Caterpillar Inc. (US), Cisco Systems, Inc. (US), Hexagon AB (Sweden), Hitachi, Ltd. (Japan), Komatsu (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (US), Sandvik AB (Sweden), and Trimble, Inc. (US).
Regional ScopeNorth America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Analysis CoverageMarket Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments
Market Drivers and Trends

Rapid advancement in technology will continue to influence mining operations. In the mining industry, internet-of-things (IoT) is increasingly being adopted in mining equipment and vehicles. Furthermore, IoT in scheduling and predicting maintenance and repair tasks is expected to play a key role in its widespread adoption across the mining industry. Moreover, to reduce downtime and increase operational efficiency, miners also use advanced predictive maintenance tools. Secondly, simulation technology is gaining popularity among miners due to its proven benefits in responding to emergencies. The simulation technology is poised to witness widespread adoption in the long run. Thus, robust adoption of IoT and gaining popularity of simulation technology anticipated to aid the growth of smart mining market in the forecast period.

Market Restraints and Challenges

The capital-intensive nature of smart mining equipment is predicted to cause a slight impediment to market growth. Moreover, a lack of awareness about technologies in developing economies is anticipated to hamper the market growth. Thus, besides providing automated equipment and hardware components, companies should offer automated equipment training services and consulting services to facilitate the efficient use of machines & their components. The growing acceptance of smart mining equipment is expected to lower its cost in the long run. Therefore, the high equipment cost is acting as a challenge for the smart mining market growth.

Global Smart Mining Market Segmental Overview

The report analyses the global smart mining market based on type, category, and region.

Global Smart Mining Market by Type

Based on type, it is bifurcated into underground mining and surface mining. The surface mining segment is likely to dominate the market during the forecast period. The surface mining segment market is growing at a faster rate because Surface mines offer several advantages that it is cheaper, can recover more of the resource (usually up to 100% within the mining excavation), is safer, and can use larger-scale mining equipment offering higher production rates. Thus, several advantages of the surface mining segment boost the market’s growth.

Global Smart Mining Market by Category

Based on category, it is bifurcated into automated equipment and component. The automated equipment segment is likely to hold the major share of the smart mining market in 2021. The automated equipment segment generated high revenues in 2021, due to high adoption of autonomous mining equipment and recognition of advantages offered by the implementation of these equipment. For instance, automated equipment in smart mining allows workers to do their jobs remotely, away from the dangers of unstable areas within the mine.

Geographical Analysis of Global Smart Mining Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. In Asia Pacific, countries such as China, India, Japan, Indonesia, and the Philippines are expected to boost the market, with China and India as the most potential player in smart mining initiatives. Secondly, Japan’s increasing demand for minerals can be considered the next high potential preference for the major global smart mining market vendors. Also, investment programs drive the rise in production capacities in the region. Moreover, the Asia Pacific region is witnessing a high adoption rate of technologies, such as operational analytics and data processing, remote monitoring, and mine safety systems. This, in turn, boosts the demand for smart mining in the Asia Pacific region.

Major Players in the Global Smart Mining Market

The key players studied in the global smart mining market are ABB Ltd (Switzerland), Caterpillar Inc. (US), Cisco Systems, Inc. (US), Hexagon AB (Sweden), Hitachi, Ltd. (Japan), Komatsu (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (US), Sandvik AB (Sweden), and Trimble, Inc. (US).

COVID-19 Impact

In 2020, the COVID-19 pandemic had negatively disrupted the supply chain and manufacturing of smart mining equipment, including the hardware component of smart mining. Further, the unavailability of skilled labor due to restrictions on international trade amid the ongoing COVID-19 pandemic had negatively affected business activities in the global smart mining market.

However, in 2021, the mining industry had picked up soon after the global governments steadily lifted various containment measures to revive the economy. Moreover, the production of mining equipment is anticipated to gain pace from 2022, which is further foreseen to positively influence the mining industry, including hardware components of smart mining technologies.

Recent Developments
  • September 2021, Hexagon launched the Power of One (a unified technology platform), which connects all parts of the mine together. It connects all sensors and software with an intelligent monitoring system through its platform.
  • September 2021, Komatsu exhibited at MINExpo 2021 regarding sustainable and autonomous mining technology. The products offered by the company include WE1850 Gen 3 surface wheel loader with proven switched reluctance (SR) hybrid drive technology, battery hauler for underground mining powered by lithium-ion battery technology, ZR122 surface blast hole drill with automated features, and battery-tram powered ZJ32Bi jumbo drill for underground hard rock mining and underground hard rock drilling & bolting retrofits.
  • June 2021, Rockwell Automation signed an agreement to acquire Plex Systems (a cloud-native smart manufacturing platform) for US$ 2.22 billion in cash. Plex Systems provides the only single-instance, multi-tenant software as a service (SaaS) manufacturing platform that operates at scale, including advanced manufacturing execution systems, quality, and supply chain management capabilities. This acquisition enables Rockwell to scale up its cloud offerings for mining and related industries.
Frequently Asked Questions

Q1. How big is the smart mining market?

Ans. The global smart mining market size was US$ 11.7 billion in 2021 and is anticipated to reach US$ 29.5 billion in 2031, growing at a rate of 9.4% from 2022 to 2031.

Q2. What is the smart mining market growth rate?

Ans. The growth rate of the smart mining market is 9.4% from 2022 to 2031.

Q3. Which region holds a major market share for the smart mining market?

Ans. Asia Pacific holds a major market share of the smart mining market in 2021.

Q4. Which component segment accounted for the largest smart mining market share?

Ans. Based on type, it is bifurcated into underground mining and surface mining. The surface mining segment is likely to hold the major share of the market in 2021.

Q5. Who are the key players in the smart mining market?

Ans. The global smart mining market report includes players such as ABB Ltd (Switzerland), Caterpillar Inc. (US), Cisco Systems, Inc. (US), Hexagon AB (Sweden), Hitachi, Ltd. (Japan), Komatsu (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (US), Sandvik AB (Sweden), and Trimble, Inc. (US).

Q6. What are the factors driving the smart mining market growth?

Ans. The major factor driving the growth of the market is robust adoption of IoT and gaining popularity of simulation technology.

Q7. What are the key growth strategies of smart mining market players?

Ans. The key growth strategies of smart mining market players are product launch, partnerships, and government initiatives.

Q8. Which region will provide more business opportunities for the smart mining market during the forecast period?

Ans. The Asia Pacific region will provide more business opportunities for the smart mining market during the forecast period.

Table of Contents

Chapter 1. Market Introduction
1.1. Objectives of the study
1.2. Market definition and research & scope
1.3. Research methodologies
1.4. Market estimation techniques

Chapter 2. Executive Summary
2.1. Summary
2.2. Key highlights of the market

Chapter 3. Smart Mining Market Outlook
3.1. Smart mining market segmentation
3.2. Market dynamics
3.2.1. Market drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s five forces analysis
3.3.1. Threat of new entrants
3.3.2. Threat of substitutes
3.3.3. Bargaining power of buyers
3.3.4. Bargaining power of supplier
3.3.5. Competitive rivalry
3.4. Pestle analysis
3.5. Value chain analysis
3.5.1. Raw material suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or retailers
3.6. Impact of the Russia and Ukraine war on the global smart mining market

Chapter 4. The Economic Impact of COVID-19
4.1. Overall impact of COVID-19
4.2. Impact of COVID-19 on the global smart mining market
4.3. Economic impact analysis

Chapter 5. Smart Mining Market by Type
5.1. Market overview
5.2. Underground Mining
5.2.1. Market size and forecast, 2021-2031 (US$ million)
5.2.2. Market size and forecast, by region, 2021-2031 (US$ million)
5.3. Surface Mining
5.3.1. Market size and forecast, 2021-2031 (US$ million)
5.3.2. Market size and forecast, by region, 2021-2031 (US$ million)

Chapter 6. Smart Mining Market by Category
6.1. Market overview
6.2. Automated Equipment
6.2.1. Market size and forecast, 2021-2031 (US$ million)
6.2.2. Market size and forecast, by region, 2021-2031 (US$ million)
6.2.2.1 Excavator
6.2.2.1.1 Market size and forecast, 2021-2031 (US$ million)
6.2.2.1.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.2.2.2 Robotic Truck
6.2.2.2.1 Market size and forecast, 2021-2031 (US$ million)
6.2.2.2.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.2.2.3 Driller & Breaker
6.2.2.3.1 Market size and forecast, 2021-2031 (US$ million)
6.2.2.3.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.2.2.4 Load Haul Dump
6.2.2.4.1 Market size and forecast, 2021-2031 (US$ million)
6.2.2.4.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.2.2.5 Other Automated Equipment
6.2.2.5.1 Market size and forecast, 2021-2031 (US$ million)
6.2.2.5.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.3 Component
6.3.2 Market size and forecast, 2021-2031 (US$ million)
6.3.3 Market size and forecast, by region, 2021-2031 (US$ million)
6.3.3.1 Hardware
6.3.3.1.1 Market size and forecast, 2021-2031 (US$ million)
6.3.3.1.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.3.3.2 Software
6.3.3.2.1 Market size and forecast, 2021-2031 (US$ million)
6.3.3.2.2 Market size and forecast, by region, 2021-2031 (US$ million)
6.3.3.3 Services
6.3.3.3.1 Market size and forecast, 2021-2031 (US$ million)

Chapter 7. Global Smart Mining Market, by Region
7.1 Overview
7.2 North America
7.2.1 Key market trends and opportunities
7.2.2 North America Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.2.3 North America Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.2.4 North America Smart mining market size and forecast by Country, 2021-2031, (US$ million)
7.2.5 The U.S.
7.2.5.1 The U.S. Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.2.5.2 The U.S. Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.2.6 Canada
7.2.6.1 Canada Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.2.6.2 Canada Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.2.7 Mexico
7.2.7.1 Mexico Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.2.7.2 Mexico Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3 Europe
7.3.1 Key market trends and opportunities
7.3.2 Europe Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.3 Europe Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.4 Europe Smart mining market size and forecast by Country, 2021-2031, (US$ million)
7.3.5 Germany
7.3.5.1 Germany Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.5.2 Germany Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.6 France
7.3.6.1 France Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.6.2 France Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.7 U.K.
7.3.7.1 U.K. Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.7.2 U.K. Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.8 Spain
7.3.8.1 Spain Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.8.2 Spain Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.9 Italy
7.3.9.1 Italy Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.9.2 Italy Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.10 Russia
7.3.10.1 Russia Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.10.2 Russia Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.3.11 Rest of Europe
7.3.11.1 Rest of Europe Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.3.11.2 Rest of Europe Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.4 Asia-pacific
7.4.1 Key market trends and opportunities
7.4.2 Asia-pacific Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.4.3 Asia-pacific Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.4.4 Asia-pacific Smart mining market size and forecast by Country, 2021-2031, (US$ million)
7.4.5 China
7.4.5.1 China Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.4.5.2 China Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.4.6 India
7.4.6.1 India Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.4.6.2 India Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.4.7 Japan
7.4.7.1 Japan Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.4.7.2 Japan Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.4.8 South Korea
7.4.8.1 South Korea Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.4.8.2 South Korea Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.4.9 Rest of APAC
7.4.9.1 Rest of APAC Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.4.9.2 Rest of APAC Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.5 Rest of the world
7.5.1 Key market trends and opportunities
7.5.2 Rest of the world Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.5.3 Rest of the world Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.5.4 Rest of the world Smart mining market size and forecast by Country, 2021-2031, (US$ million)
7.5.5 Latin America
7.5.5.1 Latin America Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.5.5.2 Latin America Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.5.6 Middle east
7.5.6.1 Middle east Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.5.6.2 Middle east Smart mining market size and forecast by Category, 2021-2031, (US$ million)
7.5.7 Africa
7.5.7.1 Africa Smart mining market size and forecast by Type, 2021-2031, (US$ million)
7.5.7.2 Africa Smart mining market size and forecast by Category, 2021-2031, (US$ million)

Chapter 8. Competitive Landscape
8.1 Market overview
8.2 Market share analysis/key player positioning
8.3 Developmental strategy benchmarking
8.3.1 New Product development
8.3.2 Product launches
8.3.3 Business expansions
8.3.4 Partnerships, joint ventures, and collaborations
8.3.5 Mergers and acquisitions

Chapter 9. Company Profiles
9.1 ABB Ltd (Switzerland)
9.1.2 Company snapshot
9.1.3 Financial performance
9.1.4 Product offerings
9.1.5 Key strategic initiatives
9.1.6 SWOT analysis
9.2 Caterpillar Inc. (US)
9.2.2 Company snapshot
9.2.3 Financial performance
9.2.4 Product offerings
9.2.5 Key strategic initiatives
9.2.6 SWOT analysis
9.3 Cisco Systems, Inc. (US)
9.3.2 Company snapshot
9.3.3 Financial performance
9.3.4 Product offerings
9.3.5 Key strategic initiatives
9.3.6 SWOT analysis
9.4 Hexagon AB (Sweden)
9.4.2 Company snapshot
9.4.3 Financial performance
9.4.4 Product offerings
9.4.5 Key strategic initiatives
9.4.6 SWOT analysis
9.5 Hitachi, Ltd. (Japan)
9.5.2 Company snapshot
9.5.3 Financial performance
9.5.4 Product offerings
9.5.5 Key strategic initiatives
9.5.6 SWOT analysis
9.6 Komatsu (Japan)
9.6.2 Company snapshot
9.6.3 Financial performance
9.6.4 Product offerings
9.6.5 Key strategic initiatives
9.6.6 SWOT analysis
9.7 Robert Bosch GmbH (Germany)
9.7.2 Company snapshot
9.7.3 Financial performance
9.7.4 Product offerings
9.7.5 Key strategic initiatives
9.7.6 SWOT analysis
9.8 Rockwell Automation, Inc. (US)
9.8.2 Company snapshot
9.8.3 Financial performance
9.8.4 Product offerings
9.8.5 Key strategic initiatives
9.8.6 SWOT analysis
9.9 Sandvik AB (Sweden)
9.9.2 Company snapshot
9.9.3 Financial performance
9.9.4 Product offerings
9.9.5 Key strategic initiatives
9.9.6 SWOT analysis
9.10 Trimble, Inc. (US)
9.10.2 Company snapshot
9.10.3 Financial performance
9.10.4 Product offerings
9.10.5 Key strategic initiatives
9.10.6 SWOT analysis
*the list of company is subject to change during the final compilation of the report

Global Smart Mining Market Segmentation

By Type

  • Underground Mining
  • Surface Mining

By Category

  • Automated Equipment
      • Excavator
      • Robotic Truck
      • Driller & Breaker
      • Load Haul Dump
      • Other Automated Equipment
  • Component
  • Hardware
  • Software
  • Services

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

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