Global Connected Mining Market Size, Share & Industry Trends Analysis Report By Component, By Solution Type, By Application, By Deployment Mode, By Mining Type, By Regional Outlook and Forecast, 2022 - 2028

New York, June 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Connected Mining Market Size, Share & Industry Trends Analysis Report By Component, By Solution Type, By Application, By Deployment Mode, By Mining Type, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06283410/?utm_source=GNW
It creates a highly secure information protocol (IP) and multi-service networks in mines to track wall slope stability, surface movement, fracture and fault detection, and natural seismicity. It encompasses a wide range of technologies and solutions, including logistics, smart assets, operational data processing and analytics, control systems, safety and security systems, and remote management solutions. They are installed on mining machines and provide a variety of benefits, including increased production efficiency and worker safety, as well as reduced production costs and real-time asset visibility.

The use of information and data, autonomy, and technology to promote high production, improved safety, and lower operational costs during the mining process is referred to as smart mining. System integration, consulting services, and engineering and maintenance are the three types of services. These solutions are typically provided as single-point solutions that are tailored to a company's specific needs and readily integrated with its existing business platform.

Furthermore, the growing demand for improved safety and security measures for mine workers is propelling the industry forward. By monitoring and communicating with integrated systems in real-time, connected mining allows businesses to boost their production capacities. It also enables predictive maintenance, which includes on-site cost monitoring and resource usage via digital tail monitoring controls.

Another growth-inducing aspect is the integration of the Industrial Internet of Things (IIoT), big data, and cloud computing technologies with mining equipment. Service providers are also developing more adaptable platforms, sensors, processors, and software in order to provide a better customer experience, which is propelling the market forward.

COVID-19 Impact

COVID-19 has had a significant influence on the mining industry, with a number of mine operators being forced to temporarily close their mines owing to government-imposed shutdowns or functioning with a lower workforce. The mining industry's productivity has been harmed as a result of this predicament. Mining businesses were confronted with issues such as a lack of skilled labor and price volatility. After a year of trying to recover from the pandemic, the mining sector focused on developing solid operations, supply chains, reducing carbon emissions, and working with the support of digital technology. The mining sector has reacted rapidly and collectively to develop innovative measures to mitigate COVID-19's impact on mining operations while also protecting the health of the workers.

Market Growth Factors

Rising Demand for Data Management & Analytics

One of the most precious commodities for businesses is data. Drills, trucks, shovels, conveyors, trains, and ships produce massive volumes of important data every day. Various suppliers are making their organizations safer and more productive by merging this information with machine learning, artificial intelligence, smart analytics, and automation. Digital transformation projects in the mining sector, according to the World Economic Forum, will produce more than USD 190 billion in industry value over the next decade. InterSystems IRIS for Mining Operations is next-generation digitalization software for mining companies that integrates with existing machinery and software.

Mining 4.0 Initiatives Paving the Way for Connected Mining

The implementation of Mining 4.0 to revolutionize the mining process has accelerated in recent years. Various technological developments have been made in the last few decades to address the challenges faced by the mining industries since the 17th century, such as mine worker safety, equipment sustainability, and onsite and underground decision-making, and today mining companies are heavily investing in implementing Mining 4.0 solutions. Mining 4.0, which uses big data, IoT, 5G, cloud, and AI technologies to connect operations in the mining industry, is enabled by Industry 4.0.

Market Restraining Factors

Scarcity of Skilled Labor

The mining industry's biggest problem is a scarcity of qualified personnel. Silver Lake Resources modified its strategy in June 2021, according to Australian Mining, due to a lack of skilled labor at the Mount Monger gold mine. This problem has led to lowered production and raised overall costs. Especially during the pandemic, mining businesses struggled and fought for experienced professionals. Experts are needed by mine operators to supervise the transfer of massive amounts of essential data from remote locations. In this industry, companies are focusing on hiring the greatest personnel to idealize, develop, and find innovative concrete solutions to problems.

Component Outlook

Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Asset Tracking & Optimization, Industrial Safety & Security, Fleet Management, Workforce Management, Analytics & Reporting, and Others. The services segment observed a substantial revenue share in the connected mining market in 2021. Support and maintenance services, consulting services, and system integration services are examples of professional services. Consulting services are generally focused on managing business operation revolution programs and the most recent technological updates in order to assist clients in achieving strategic company objectives through technological and business improvements. Integration is the process of linking many subsystems or components into a bigger system so that it can function as a single IoT system. Integration and deployment services combine various technological products and applications, including legacy platforms, to reduce IT-related difficulties and increase a company's return on investment.

Application Outlook

Based on Application, the market is segmented into Exploration, Processing & Refining, and Transportation. The transportation segment obtained a promising revenue share in the connected mining market in 2021. Some mining businesses are already utilizing self-driving trucks and trains that can be tracked and operated remotely. Aside from enabling efficient material transport and allowing personnel to focus on other activities, autonomous transportation has the potential to improve safety. Transportation accidents are a big threat to the safety of the mineworkers. Autonomous transportation can solve this issue.

Deployment Mode Outlook

Based on Deployment Mode, the market is segmented into On-premise and Cloud. The cloud segment witnessed a significant revenue share in the connected mining market in 2021. Industries are gradually migrating their storage from on-premise to the cloud, owing to the increased efficiency of work processes and storage capacity provided by cloud services. An organization's capital and operational costs can be reduced by using the cloud. With no in-house server storage and application requirements, it helps to save significant capital expenses.

Mining Type Outlook

Based on Mining Type, the market is segmented into Surface and Underground. The surface mining segment acquired the largest revenue share of the connected mining market in 2021. Surface mining is a type of mining that extracts minerals and ores that are found near the Earth's surface. In addition, Surface mining is the deliberate removal of exterior layers of rock from the earth to obtain ore reserves. Such kind of mining is used in the majority of mining projects because it is relatively more cost-efficient, simple to manage, and less dangerous. Mountaintop Removal (MTR), open-pit mining, strip mining, dredging, and highwall mining are all examples of surface mining. The most frequent type of mining technology is open-pit mining, which is used to extract near-surface ores. Ore resources are mined from water sources such as rivers, lakes, and the ocean.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The APAC region acquired the maximum revenue share in the connected mining market in 2021. China, Indonesia, India, the Philippines, and Papua New Guinea (PNG) are likely to lead the industry in the Asia Pacific region, with China being the most promising player in smart mining efforts. Because of the country's growing demand for minerals, India can be deemed the next high-potential preference for the leading global-linked mining industry suppliers. Investment projects are driving the region's development in industrial capacity. The adoption of technology like remote monitoring, operational analytics and data processing, and mining safety systems is high in this region.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Siemens AG are the forerunners in the Connected Mining Market. Companies such as IBM Corporation, SAP SE and ABB Group are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, IBM Corporation, SAP SE, Cisco Systems, Inc., Schneider Electric SE, Komatsu Ltd., Hexagon AB, Caterpillar, Inc., Rockwell Automation, Inc., and Siemens AG.

Recent Strategies Deployed in Connected Mining Market

Partnerships, Collaborations and Acquisitions:

Oct-2021: ABB joined hands with Epiroc Boliden, a company that manufactures mining devices, and the latter a mining firm based in Sweden. The collaboration focused on developing a trolley truck system and getting it ready for testing at the Kristineberg mine in northern Sweden. In addition, ABB would work along with Epiroc to assist in the electrification of mining companies to create an interoperable system and fast-track the development of emissions-reducing systems.

Oct-2021: Komatsu teamed up with Proterra, an innovative company developig commerical vehicle electrification technology. The collboration aimed to electrify the next-generation underground mining equipemt utilizing Proterra's battery technology.

Sep-2021: Hexagon Mining entered into an agreement with Piklema, a company that has a platform of ready-made solutions for making technological processes efficient based on predictive analysis. The agreement aimed to combine their efforts to offer digital technologies to mine in the Russian region. Hexagon's products would brought together with the knowledge and capabilities of Piklema through this agreement. Both companies declared their desire to reach the next level of value creation for mining companies because of cutting-edge digital solutions. The joint efforts of technical teams at Hexagon's Mining division and Piklema brought together innovative solutions to market needs and main challenges in the mining industry.

Sep-2021: Hexagon entered into an agreement with Liebherr, one of the biggest mining and construction equipment manufacturers in the world. According to the agreement, both companies would work together to provide next-generation mine automation. With the help of Hexagon's expertise, Liebherr can offer autonomous mining solutions, in accordance with its vision of open architecture next-generation mine automation.

Sep-2021: ABB entered into an agreement with MEDATech, an engineering consultancy company based in Canada. The agreement aimed to enable companies to explore solutions regarding the decarbonization of heavy machinery in mining operations together. According to the agreement, both companies would share their knowledge and experience and collaborate to design efficient electric drive systems and charging solutions in battery electric vehicles (BEVs) for heavy-duty applications.

Aug-2021: Komatsu signed a partnership agreement with Rio Tinto, an Anglo-Australian multinational and the world's second-largest metals and mining corporation. The partnership aimed to hasten the development and deployment of zero-emission hauling trucks and other mining haulage solutions. There would be a pre-production trial of Komatsu trucks and other equipment at a Rio Tinto site. In addition, Rio Tinto would have the option to purchase these trucks when they are released commercially by Komatsu.

Aug-2021: Caterpillar entered into a partnership with BHP, a metal, petroleum, and mining company operating in many regions. The partnership aimed to design and implement zero-emissions mining trucks at BHP's mining sites around the world to decrease greenhouse gas (GHG) emissions. The partnership would assist in shaping the processes, infrastructure, and technology, which would be essential to support zero-emissions equipment and the mine sites of the future.

Aug-2021: Schneider Electric joined hands with AVEVA, a leading company in the industrial software market. The collaboration aimed to strengthen the integration of Vale, a company in the global natural resources and mining business. The technology and mining sector knowledge of both companies would offer Vale the capacity to centralize, integrate and remotely supervise operations across its Mariana and Itabira complexes in Brazil.

Jun-2021: Schneider Electric entered into an agreement with Rio Tinto, a primary player in the global mining and metals market. The agreement aimed to design a sustainable and circular market ecosystem for both companies and their companies.

Jun-2021: Schneider Electric formed a partnership with Wärtsilä, a dominant player in smart technologies and complete lifecycle solutions for the marine and energy markets. The partnership aimed to build a continuous and sustainable power solution for the most outlying lithium mines on the planet.

Apr-2021: SAP extended its partnership with Siemens Digital Industries Software, an American computer software company specializing in 3D & 2D Product Lifecycle Management software. The partnership aimed to develop discrete manufacturing and to make it possible, Siemens would start offering SAP Asset Intelligence Network, the SAP Enterprise Portfolio and Project Management package, and the SAP Asset Strategy and Performance Management application.

Dec-2020: SAP entered into a partnership with Microsoft, an American multinational technology corporation. The partnership aimed to empower customers to design and manage intelligent digital supply chains and Industry 4.0 solutions in the cloud and at the edge.

Product Launches and Product Expansions:

Dec-2021: Schneider Electric released EcoStruxure Power, the latest version of its flagship power distribution system. This all-inclusive IoT-powered architecture and platform are created to digitize and streamline electrical distribution infrastructure, providing reliable "always-on" power for commercial buildings, healthcare, data centers, industry, and infrastructure. This product consists of enhanced connectivity and predictive analysis, improved cybersecurity features to decrease electrical fires and assure the safety of employees and machines.

Sep-2021: ABB unveiled ABB Ability eMine, a portfolio of solutions designed to hasten the journey towards a zero-carbon mine. Alongside, ABB also launched the ABB Ability eMine FastCharge, the world's most powerful and quickest charging system developed to connect with all makes of electric mining haul trucks.

Sep-2021: Hexagon introduced HxGN MineMeasure, a product that will enhance the blast and drill procedure and has the potential to sustain mineral resources. Design software, blast-movement monitoring, high-precision drilling, enterprise analytics, and fragmentation analysis is combined by the HxGN MineMeasure to aid mining operations in optimizing their ore recovery.

Sep-2021: Hexagon launched the Power of One, a comprehensive, life-of-mine smart solution integrating sensors and software, cloudware, and infield apps to facilitate digital transformation. For the first time, the boardroom is connected to the mine through a single onboard ecosystem, consisting of a display, antenna, and smart computer.

Sep-2021: Caterpillar released Connected Worker, a security and productivity solution for surface mining missions developed by Guardhat. The Connected Worker system integrates the power of analytics with smart wearable technology to provide an extra level of protection from a variety of safety risks at the site.

Jul-2020: Siemens launched Siapp, a software license for the Sicam A8000 automation and remote terminal unit. The Siapp application is built on the Sicam A8000 consisting of the powerful CP-8050 processor module. Siapp permits up to three different custom applications to be designed, parameterized, and installed onto the remote terminal unit.

Jun-2020: IBM collaborated with Shell, a UK based publicly traded multinational oil and gas company. Under this collaboration they launched Oren, a worldwide B2B Digital mining services marketplace platform. Oren was developed together by both companies with the purpose of assisting mining companies to look for solutions regarding sustainability, safety, mine planning, and operational efficiency.

Acquisitions and Mergers:

Jan-2022: Schneider Electric took over Zeigo, a start-up climate-tech platform. The acquisition aimed to improve the firm's digital capabilities in energy, environmental commodity, and sustainability. The deal would accompany Schneider Electric's portfolio of clean energy solutions and services and aid in advancing the company's digital energy transformation goals.

Sep-2021: Rockwell Automation acquired Plex Systems, a dominant cloud-native manufacturing platform. This acquisition aimed to expand Rockwell Automation's cloud-native smart manufacturing offering.

Jul-2021: Caterpillar acquired Minetec, an Australian- based company. Under this acquisition, Caterpillar aimed to offer mining solutions for autonomy, safety, and productivity and expanded the Cat MineStar solutions with this acquisition.

Mar-2021: SAP SE took over Signavio, a leader in the enterprise business process intelligence and process management space. The acquisition aimed to assist companies improve, transform, quickly understand and manage their business processes at scale.

Jul-2020: Cisco acquired Fluidmesh Networks, a dominant player in resilient wireless backhaul systems market. The acquisition helped expand Cisco's wireless offerings to industries with on-the-move assets and mission critical applications in circumstances where zeroa data loss is crucial to uptime and business resilience.

Scope of the Study

Market Segments covered in the Report:

By Component

• Solution

o Asset Tracking & Optimization

o Industrial Safety & Security

o Fleet Management

o Workforce Management, Analytics & Reporting

o Others

• Services

By Application

• Exploration

• Processing & Refining

• Transportation

By Deployment Mode

• On-premise

• Cloud

By Mining Type

• Surface

• Underground

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Australia

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• ABB Group

• IBM Corporation

• SAP SE

• Cisco Systems, Inc.

• Schneider Electric SE

• Komatsu Ltd.

• Hexagon AB

• Caterpillar, Inc.

• Rockwell Automation, Inc.

• Siemens AG

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• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
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