Global Smart Mining Market Research Report, 2024-29

The global smart mining industry stands at the forefront of technological innovation, transforming traditional mining practices into efficient, sustainable, and safer operations. Smart mining represents a paradigm shift in the way mining companies extract, process, and manage mineral resources, leveraging advanced technologies such as artificial intelligence, the Internet of Things (IoT), automation, and data analytics. This evolution is driven by the industry's recognition of the need to address key challenges such as declining ore grades, operational inefficiencies, safety concerns, and environmental impacts. By harnessing the power of digitalization and connectivity, smart mining enables real-time monitoring, predictive maintenance, autonomous operations, and remote control of mining equipment and processes. These advancements optimise resource utilisation, reduce costs, improve safety outcomes, and minimise environmental footprints across the entire mining value chain. Automation technology has the opportunity to remotely supervise mining operations, as fewer personnel are employed in the mining sector as corporations adjust to new regulations in the post-pandemic age. However, the availability of inexpensive labour is projected to somewhat impede market expansion, particularly in Asia Pacific's rising nations. Therefore, in order to counterbalance cheap labour, enterprises in the smart mining industry should raise knowledge about compliance with government requirements for eco-friendly mining operations and safe mining activities for workers. Reactive analytics and automation technology, two services offered by the mining industry, are expected to open up new business opportunities for mining businesses. According to the research report, “Global Smart Mining Market Research Report 2029” published by Actual Market Research, the market is anticipated to cross USD 30 Billion by 2029, increasing from USD 15.86 Billion in 2023. The market is expected to grow with 11.85% CAGR by 2024-29. Safety is a paramount concern in the mining industry, and smart mining technologies play a crucial role in enhancing safety outcomes. Remote-controlled machinery, autonomous vehicles, and advanced monitoring systems help minimise the risk of accidents, injuries, and fatalities by reducing human exposure to hazardous environments and improving situational awareness. Furthermore, environmental sustainability is becoming increasingly important for mining companies worldwide. Smart mining solutions help minimise the environmental impact of mining operations by optimising resource use, reducing waste generation, and mitigating pollution. Advanced technologies enable companies to implement sustainable practices, comply with regulatory requirements, and enhance their environmental stewardship. Rapid advancements in technology, such as artificial intelligence, the Internet of Things (IoT), and automation, are driving the adoption of smart mining solutions. These technologies enable mining companies to leverage vast amounts of data, automate processes, and make data-driven decisions, unlocking new opportunities for innovation and efficiency in the mining industry. Furthermore, with declining ore grades and increasing operational costs, mining companies are turning to smart mining technologies to optimise resource utilization. Real-time data analysis, predictive modelling, and optimisation algorithms help companies identify and exploit high-value ore deposits, maximise recovery rates, and extend the lifespan of existing mines. Major Drivers

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• Safety Improvement: Safety is a top priority in the mining industry, and smart mining technologies play a crucial role in enhancing safety outcomes. Remote-controlled machinery, autonomous vehicles, and advanced monitoring systems help minimise the risk of accidents, injuries, and fatalities by reducing human exposure to hazardous environments and improving situational awareness. • Environmental Sustainability: Environmental sustainability is becoming increasingly important for mining companies worldwide. Smart mining solutions help minimise the environmental impact of mining operations by optimising resource use, reducing waste generation, and mitigating pollution. These technologies enable companies to implement sustainable practices, comply with regulatory requirements, and enhance their environmental stewardship. Major Challenges

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• Workforce Reskilling and Training: The adoption of smart mining technologies requires a skilled workforce capable of operating, maintaining, and troubleshooting advanced systems. Mining companies may face challenges in reskilling their workforce and attracting new talent with expertise in emerging technologies such as artificial intelligence, data analytics, and automation. • Infrastructure Limitations: Mining operations are often located in remote or harsh environments with limited access to infrastructure, such as reliable power supplies, internet connectivity, and transportation networks. Deploying smart mining solutions in these environments may be challenging due to infrastructure constraints, which can hinder the implementation and effectiveness of technology solutions. Based on the automated equipment, it is segmented into automated excavators, autonomous haul trucks, drills and breakers, and autonomous underground vehicles. According to the reports, the types are segmented into surface mining and underground mining. At the global level, autonomous haul trucks are growing in the smart mining market because they don't need to stop for breaks; they work continuously, increasing production and operational efficiency. They accelerate and speed more efficiently by following predetermined courses, which reduces cycle times and improves material handling. One of the primary benefits of autonomous haul trucks is their potential to improve safety in mining operations. By removing human operators from the cab, these trucks eliminate the risk of accidents caused by human error, fatigue, and distraction. They are equipped with advanced sensors and collision avoidance systems, making them capable of detecting obstacles and hazards in real-time, thus reducing the likelihood of accidents. Advances in technology, particularly in the areas of artificial intelligence, machine learning, and sensor technology, have made autonomous haul trucks more reliable, efficient, and capable than ever before. These technological advancements have increased the adoption of autonomous haul trucks in the mining industry and have driven further innovation in the field. Furthermore, underground mining is a growing segment; working conditions in underground mining operations are frequently difficult due to unstable geological formations, small spaces, and inadequate ventilation. Smart mining technologies, which reduce human exposure to hazardous settings and improve situational awareness, help minimise the risk of accidents, injuries, and fatalities. Examples of these technologies include remote-controlled machinery, autonomous vehicles, and sophisticated monitoring systems. Underground mining can have a lower environmental impact compared to surface mining, as it reduces surface disturbance, minimises habitat destruction, and mitigates the release of pollutants into the environment. Smart mining technologies enable companies to implement sustainable practices, comply with environmental regulations, and enhance their environmental stewardship in underground mining operations. In terms of components, they are segmented into hardware, software, and services. Software significantly contributes to the market; large volumes of data are produced by mining operations from a variety of sources, such as sensors, tools, and geological surveys. Mining firms obtain significant insights into their operations by integrating, analysing, and visualising data through software solutions. Mining firms can detect patterns, make well-informed choices, and maximise efficiency throughout the mining value chain by utilising data analytics. Furthermore the smart mining software helps mining companies optimize their operations, improve efficiency, and reduce costs. Advanced software platforms offer features such as real-time monitoring, predictive analytics, and optimisation algorithms that help streamline processes, increase equipment utilisation, and maximise productivity in mining operations. The mining industry is undergoing a digital transformation, driven by the need to improve efficiency, reduce costs, and remain competitive in the global market. Smart mining software plays a central role in this transformation by digitising processes, automating workflows, and enabling connectivity between different systems and stakeholders. By embracing digital technologies, mining companies can optimise operations, enhance decision-making, and drive innovation in the industry.

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Based on the report, the five regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Europe significantly contributes to the global smart mining market; research and development (R&D) capabilities and technical innovation have a long history in Europe. Advanced technologies like artificial intelligence (AI), the Internet of Things (IoT), automation, and data analytics—all essential components of smart mining solutions—are being developed and applied at the forefront by European nations. Several European countries have a long history of mining and mineral exploration, providing a solid foundation of industry expertise and know-how. European mining companies are increasingly embracing digital transformation and adopting smart mining technologies to improve efficiency, safety, and sustainability in their operations. European countries have well-developed infrastructure networks, including transportation, communication, and energy infrastructure, which are essential for supporting smart mining operations. Investments in digital infrastructure, such as high-speed internet connectivity and data centres, facilitate the implementation of smart mining technologies and enable real-time data exchange and analysis. Furthermore, Europe is a major consumer of minerals and metals for various industries, including automotive, manufacturing, construction, and electronics. The demand for raw materials drives the need for efficient and sustainable mining practices, leading European mining companies to invest in smart mining technologies to meet market demand and remain competitive globally. Key players are introducing innovative features and solutions to optimize uptime, improve productivity, and maximize operational efficiency. The acquisition of operational optimization platforms and the incorporation of real-time insights, communication technologies, and software solutions are enabling the development of comprehensive digital ecosystems in mining operations. Another prominent trend is the electrification of mining machines using advanced battery technology, contributing to sustainability and reducing environmental impact. The market is characterized by a focus on automation, data analytics, and connectivity to drive operational excellence, enhance safety, and achieve sustainable mining practices. • In September 2023, Gold Fields Limited deployed the ABB Ability Operations Management System & (OMS) at the mine 740 km northeast of Perth. The OMS contributes to GoldField's digital transformation of the Granny Smith operation, aiming to improve productivity and streamline data flow to enable timely decision-making. Approximately 1.6 million metric tons of gold-bearing ore is extracted from the underground mine and treated at the site's processing plant. • In July 2023, Hexagon AB, the global leader in digital reality solutions combining sensor, software, and autonomous technologies, announced the acquisition of HARD-LINE, a fast-growing global leader in mine automation, remote-control technology, and mine production optimization. • In July 2023, Hexagon's mining division deployed a fleet management and safety implementation project with Minera San Cristóbal S.A. As part of this project, the company deployed 65 HxGN MineOperate OP Pro systems, nearly 40 HxGN MineProtect Collision Avoidance Systems (CAS), and 30 HxGN MineProtect Operator Alertness Systems (OAS) to the San Cristóbal open pit mine operations in Lipez, Potosí Department, Bolivia. • In May 2023, BASF, a global mining solutions company, partnered with IntelliSense.io to utilize scientific artificial intelligence technology to optimize ore processing operations. • In December 2023, MineSense Technologies Ltd ("MineSense") announced that it had closed a US$ 42 million Series E financing led by J.P. Morgan Asset Management's Sustainable Growth Equity team, with participation from new investor Evok Innovations, a climate technology and sustainability venture fund and existing investors, including Prelude Ventures, BDC Industrial Innovation Venture Fund, Cycle Capital, and Chrysalix Venture Capital. • In June 2022, Metso Outotec collaborated with Dynamox on using Dynamox's condition monitoring platform in mining and aggregating processes. Metso Outotec is offering the solution to the company's installed equipment base. Dynamox is an addition to Metso Outotec's partner ecosystem and helps develop and provide easy-to-use and sustainable digital solutions to customers. The company is further upgrading in mining using AI and analytics solutions. • In May 2022, Epiroc's new Boomer S10 S gives a major leap in the productivity of mine development and cost-efficiency. The Boomer S10 S provides near-surgical precision in drilling and major cost savings throughout the cycle. Boomer S10 S offers up to 25 % more development than traditional one-boom jumbo when applying the high-performance development method, which works during the entire drill cycle in the mining operations. • In March 2022 - Komatsu Mining Corporation officially opened its new Wacol, Brisbane distribution center, which includes an Innovation Hub. The Innovation Hub features a variety of interactive exhibits exhibiting the most innovative advancements in mining, quarrying, and construction equipment and solutions. The featured exhibits include mining automation, Komatsu SmartConstruction, digital services, sustainability, and supply chain. • In June 2021, Caterpillar Inc launched new technology and equipment at MINExpo 2021. Caterpillar's MINExpo 2021 experience celebrated the company's partnership with mines and how it assists customers to mine more efficiently, effectively, safely, and sustainably. The 5,124 sq m (55,000 sq ft) exhibit featured various product displays, new equipment introductions, previews of the future, and remote operating stations. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Smart Mining market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Automated Equipment • Automated Excavators • Autonomous Haul Trucks • Drillers & Breakers • Autonomous Underground Vehicles • Others (Drilling Rigs with Automation, Remote-controlled Loaders and Dozers, Automated Sorting Systems, Drones and UAVs) By Source • Sea Water • Brackish Water • Surface Water (Rivers & Streams) • Wastewater • Others (Industrial Process Water, Produced Water, Agricultural Runoff, Mining Effluents, Highly Saline Springs or Wells, Landfill Leachate, Tailings Pond Water) By Type • Surface Mining • Underground Mining By Component • Hardware • Software • Services By Hardware Component • Sensors • RFID Tags • Smart helmets • Others By Software Component • Data and Operation Management Software • Safety and Security Systems • Connectivity Solutions • Analytics Solutions • Remote Management and Logistics Solutions • Asset Management Solutions By Services • Support and Maintenance • System Integration • Consulting Services The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Smart Mining industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.