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LONDON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the connected mining market, increasing demand for digitalization is expected to propel the growth of the connected mining market going forward. Digitalization is the transition to a digital business that involves the use of digital technologies to alter a business model and offer new revenue and value-producing opportunities. Digitalization in connected mining involves the usage of advanced technology such as mixed reality, automation, IoT-driven temperature sensors, and others.
For instance, in November 2021, according to the Digital Business Research 2021 report published by Foundry, a US-based provider of information services, 91% of businesses have adopted or intend to adopt a digital-first business strategy, which is consistent with the 2019 results. Companies in the integration stage increased from 18 %to 22%, and those in the digital maintenance stage went from 6% to 8% in 2019. A "digital-first" strategy has already been adopted by 52% of organizations overall. Therefore, the increasing demand for digitalization is driving the connected mining market growth.
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The global connected mining market size is expected to grow from $10.72 billion in 2021 to $12.22 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The connected mining market is expected to reach $21.42 billion in 2026 at a compound annual growth rate (CAGR) of 15.1%.
Technology advancements are a key trend gaining popularity in the connected mining industry. Major companies operating in the market are developing new technologies such as smart monitoring systems that are connected to cloud servers to sustain their position in the market. For instance, in September 2021, Hexagon AB, a Sweden-based provider of information technology solutions, introduced Power of One a life-of-mine smart solution that connects sensors and software, and infield apps. This helps to connect the mine to the boardroom through a single onboard ecosystem comprising a smart computer, antenna, and display. By using cloud servers mine data is automatically stored in the systems and can be easily accessible. It also reduces the complexity of the supply chain and increases operator adoption.
Major players in the connected mining market are ABB, IBM, SAP SE, Cisco Systems Inc, Schneider Electric, Komatsu Ltd, Hexagon AB, Hitachi Ltd, Rockwell Automation, Trimble Inc, Siemens AG, Howden, Accenture plc, Wipro Limited, Mine Site Technologies Pty Limited, Eurotech Communication, GE Digital, Symboticware Inc, IntelliSenseio, Zyfra, Axora, Groundhog Technologies and AVA Solutions.
The global connected mining market is segmented by component into solution, services; by service into professional services, managed services; by solution into asset tracking and optimization, industrial safety and security, analytics and reporting, process control, operational performance, quality optimization solutions; by automated equipment into driller and breaker, load haul dump, mining excavator, robotic truck; by end users into engineering and maintenance, consulting services, production training service, implementation and integration service.
North America was the largest region in the connected mining market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected mining market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Connected Mining Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide connected mining market forecast size and growth, connected mining market segments, connected mining market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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