Smart Mining Market Growth Trends With Detailed Forecast To 2023-2029

swati Harsh Lavate

Apr 18, 2024 - 10:00

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Smart Mining Market Growth Trends With Detailed Forecast To 2023-2029

Smart Mining Market Report Overview

The report provides a comprehensive analysis of the current and future Smart Mining market scenario, including insights and updates on the key sectors. The report also provides an analysis of the demand for Smart Mining products and services across the world, as well as the manufacturing, income generation, sales, and revenue of the Smart Mining market. It also provides a fundamental analysis of the Smart Mining market, including the drivers, opportunities, trends, and restraints that are shaping the market.

Smart Mining Market was valued at US $ 13.54 Bn. in 2022, and Global Smart Mining market size is estimated to grow at a CAGR of 16.9% to reach US $ 40.42 billion by 2029.

Smart Mining Market Report Scope and Research Methodology

Asia Pacific is dominating the global CNC market. Increasing economies, such as China and India have been witnessing rapid growth in terms of industrialization, thereby driving the CNC market. The automotive sector is expected to grow significantly during the forecast period, due to the rising demand for automobiles in the region. Similarly, easy availability of labour and the declining prices of components have resulted in manufacturers shifting their production units in this region which is further promoting the market.

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Smart Mining Market Regional Insights

Asia Pacific region held the largest market share accounted for 41% in 2022, and is expected to grow at a CAGR of 17.3% during the forecast period. The rise in infrastructure development and automotive production is driving the growth of the metals and mining industry in the region. Increasing Investment in Mining Sector is boosting the market growth, for instance, in India, the GVA (Gross Value Added) accrued from the mining and quarrying industry in 2021-22 is estimated to be US $ 3705.64 Bn. The total value of mineral production (excluding atomic & fuel minerals) during 2021-22 has been estimated at the US $ 16.53 billion which shows an increase of 10.11% over 2021.

Smart Mining Market Segmentation

by Type

Surface Mining
Underground Mining

the Smart Mining Market is segmented into Surface Mining and Underground Mining. The Surface Mining segment held the largest market share accounting for 61% in 2022. The rising demand for both non-metallic and metallic minerals, rising energy consumption, growing concerns about energy security across various regions, rising technological advancements in mining, an abundance of reserves are exploited using surface mining. Surface mining requires lower capital than underground mining. These factors are driving the smart mining market growth for this segment.

by Component

Automated Equipment
Hardware
Software
Services

the Smart Mining Market is segmented into Automated Equipment, Hardware, Software, and Services. The Automated Equipment segment held the largest market share, accounting for 31% in 2022. The segment growth is attributed to the high adoption of autonomous mining equipment as well as recognition of benefits provided by the implementation of this equipment.

by Automated Equipment

Driller and Breaker
Load Haul Dump
Mining Excavator
Robotics Trunk
Other

by Service

Engineering & maintenance Services
Consulting Services
Product Training Services
Implementation & Integration Service

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Smart Mining Market Key Players

1. ABB Ltd.
2. Komatsu Ltd.
3. Sandvik Mining and Construction
4. Atlas Copco
5. Caterpillar Inc.
6. Cisco Systems Inc.
7. Hitachi Construction Machinery Co. Ltd.
8. Outotec Oyj
9. Joy Global Inc.
10. Sandvik AB
11. Alcatel-Lucent
12. Thingworx
13. IBM
14. SAP SE
15. Alastri

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Key questions answered in the Smart Mining Market are:

What are Smart Mining market segments?
What is the expected Smart Mining market size by the end of the forecast period?
What is the expected CAGR of the Smart Mining market during the forecast period?
What are the emerging trends in the Smart Mining Market?
What are the factors contributing to the final price of Smart Mining?
What are the major challenges that the Smart Mining Market could face in the future?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2029
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
PESTLE Analysis and Porter’s Five Forces Analysis
Key Findings
Analyst Recommendations

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