Press release
Future of the Global Connected Mining Market: Trends, Innovations, and Key Forecasts Through 2034
Connected Mining Market
Connected Mining Market Size Growth Forecast: What to Expect by 2025?
The size of the connected mining market has seen swift expansion in the past years. The market, valued at $15.31 billion in 2024, is predicted to surge to $17.23 billion in 2025, reflecting a compound annual growth rate (CAGR) of 12.5%. Factors contributing to this growth in the historic period include rising demands for resource extraction, advancements in sensor technologies, the pressure to reduce costs, necessities for remote monitoring and control, and stricter safety and environmental regulations.
How Will the Connected Mining Market Size Evolve and Grow by 2029?
Expectations are high for a rapid expansion of the connected mining market in the coming years. Projections show it may reach up to $30.78 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%. This predicted growth during the forecasted period may largely be due to an increased focus on sustainability and ESG practices, escalating energy costs, environmental issues, surging demand for minerals and metals, and the necessity for enhanced safety and productivity. Key trends to watch out for during this period include the use of digital twin technology in mining activities, the adoption of edge computing for immediate data processing, the application of robotics and automation in mining procedures, the integration of blockchain for secure and transparent transactions, and the utilization of cloud-based platforms for cooperative mining operations.
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What Drivers Are Propelling the Growth of Connected Mining Market Forward?
The surge in the need for digitalization is anticipated to fuel the expansion of the connected mining market in the future. Essentially, digitalization involves the transformation of a business model via the use of digital technologies, offering new opportunities for revenue and value creation. When it comes to connected mining, digitalization encompasses the employment of advanced technology such as mixed reality, automation, IoT-driven temperature sensors, among others. For example, data from the International Business Machines Corporation (IBM), a technology firm based in the U.S., indicates that 35% of businesses globally utilized artificial intelligence (AI) in 2022, a growth of 4% from 2021. As well, there was a 13% rise in organizations integrating artificial intelligence (AI) in 2022 as compared to 2021. Therefore, the escalating demand for digitalization is spurring the growth of the connected mining market.
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Which Emerging Trends Are Transforming the Connected Mining Market in 2025?
Leading enterprises in the connected mining market are emphasizing on advancing digital technologies such as IoT and data analytics to improve efficiency, safety, and sustainability of mining activities. ABB Care for Hoisting, a forward-thinking maintenance service from ABB, enhances the performance and availability of mining hoisting systems, whilst reducing downtime with the help of cutting-edge services and digital technologies. For example, in September 2024, ABB Ltd., an automation corporation based in Switzerland, introduced a fresh suite of services known as ABB Care for Mining Automation and ABB Care for Hoisting. These services aim to transition mining operations from conventional reactive maintenance to more foresight-oriented solutions, fortifying productivity and operational health while ensuring minimal downtime. The Care framework of ABB offers preventive and proactive services to facilitate smooth and efficient running of operations.
What Are the Key Segments in the Connected Mining Market?
The connected miningmarket covered in this report is segmented -
1) By Component: Solution, Services
2) By Mining Type: Surface, Underground
3) By Deployment Mode: On-premises, Cloud
4) By Application: Exploration, Processing and Refining, Transportation
Subsegments:
1) By Solution: Asset Tracking And Optimization, Industrial Safety And Security, Analytics And Reporting, Process Control, Operational Performance, Quality Optimization Solutions
2) By Services: Professional Services, Managed Services
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Who Are the Key Players Shaping the Connected Mining Market's Competitive Landscape?
Major companies operating in the connected mining market include ABB Ltd., International Business Machines Corporation (IBM), SAP SE, Cisco Systems Inc., Schneider Electric SE, Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hexagon AB, Sandvik AB, Epiroc AB, Wenco International Mining Systems Ltd., MineWare Pty Ltd., RPMGlobal Holdings Limited, Siemens AG, Rockwell Automation Inc., Trimble Inc., OSIsoft LLC, Maptek Pty Ltd., Dassault Systèmes SE, IntelliSense. io Ltd., Motion Metrics International Corp., MST Global Pty Ltd., Fluidmesh Networks LLC, Swift Navigation Inc., MineSense Technologies Ltd., Micromine Pty Ltd.
What Geographic Markets Are Powering Growth in the Connected Mining Market?
North America was the largest region in the connected mining market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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