Smart Mining Market to Witness Huge Growth by 2027 - ABB, Alastri, Atlas Copco, Caterpillar, Cisco Systems

Smart Mining Market to 2027 by Component (Hardware, Software and Solution, and Service); Mining Type (Underground Mining, and Surface Mining)

Smart mines with already incorporated technologies can automate their operations quickly than those who are lagging in technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors. For instance, the installation of automation software enables the operator to monitor static and moving assets remotely and program automated interaction between both.

Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operation. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services.The introduction of IIoT helps to attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market, which adds to the safety of miners on-site.

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Companies Profiles
o ABB Ltd.
o Alastri
o Caterpillar Inc.
o Intellisense.io
o Hexagon AB
o Hitachi, Ltd.
o MineSense
o Rockwell Automation, Inc.
o SAP SE
o Trimble Inc.

Smart Mining Market Insights
The Growing Need for Ensuring Data Security Drives Smart Mining Market
Data sources in the smart mining industry can be classified into two parts, namely, direct or indirect (ancillary) measurements. Direct measurement sources are those taken by instruments such as GPS and conventional geodetic surveys. Indirect references refer to systems that collect data as a by-product of processes or operations such as Fleet Management Systems, SCADA or DCS data, blast hole drills, and geomodeling data. For improving ore recovery, an ore body modelling technique is used. The model provides geological patterns that help in determining the drill holes. The right mining decisions, therefore, depends on the availability of correct data from multiple systems combined with real-time data analytics.

Component Insights
Based on component, the smart mining market is segmented into hardware, software and solutions, and services. Hardware segment led the smart mining market by component. As, the wearable devices have been noted to find applications in the mining industry to regulate production processes in hard rock mines, health and safety management in coal mines, and monitor environmental quality in industrial mineral mines. The smart mining market based on hardware component has been further segmented into RFID Tags, sensors, intelligent systems, and others.

Mining Type Insights
Based on mining type, surface mining led the smart mining market. The smart surface mining helps the user in illustrating the problem related to mining, calculating how individual collisions contributed to the overall damage noticed on the machine. The data thus collected acts as a guide for the operator in a training plan, which sets targets for improvement and monitoring performance.

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Strategic Insights
Market initiative is a strategy adopted by the companies to expand their footprint across the world and meet the growing customer demand. The market players present in the smart mining market mainly focus toward product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across APAC, North America, and other regions, the smart mining market players strive to maintain their brand name globally.

o 2019: Hitachi Construction Machinery Co. announced an open, interoperable ecosystem of partners that integrate their systems alongside existing mine infrastructure.

o 2019: Rio Tinto signed an agreement with Caterpillar to support and supply mining machines, automation and enterprise technology systems for the new Koodaideri iron ore mine in Western Australia.

o 2018: MineSense Technologies closed a US$ 18million equity financing to position itself for full commercial launch. The round was led by Prelude Ventures, and also included industry leaders Caterpillar, Mitsubishi Corporation and new investor ABB Technology Ventures (ATV).

Insights on COVID-19 Impact on the Smart Mining Market:
The coronavirus outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

The below pointers highlight the impact of COVID-19 in the smart mining market:

o Demand for jet fuel has decreased, and light natural gas prices have dropped to a record low, and are likely to curtail US production.
o Since the smart mining industry is highly globalized and based on commodity prices, it is projected to be one of Canada's hardest-hit industries. A decrease in Chinese raw material demand would push down global oil and gas prices. Demand for jet fuel has already declined, and prices for natural gas have dropped to a record low. This will curtail production in Canada.
o Iron ore mining is expected to be significantly disrupted, as virtually all exports of New Zealand iron ore are shipped to Chinese steel refineries. Before the outbreak, exports were expected to account for 38.2 per cent of revenue in the Iron Ore Mining industry. It is also expected that coal exports will be greatly affected, as China accounted for 17.3 percent of New Zealand coal exports.
o In February, 2020, India's coal imports decreased from 14.1% to 17.01 million tons (MT) following the coronavirus outbreak.
o The effect of COVID-19 is expected to be major and direct for the Australian Mining industry. The curtailment of manufacturing activity in China has resulted in a fall in commodity prices particularly for crude oil, copper, iron ore and other industrial commodities.
o COVID-19 could affect steel demand by impeding manufacturing operation or by potentially closing Chinese smelters due to quarantine needs. Either of these factors could reduce the demand for iron ore and black coal significantly, posing a major threat to the miners

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This release was published on openPR.