Connected Mining Market To Grow USD 13830 Million by 2028 at a CAGR of 11.9%| Valuates Reports

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Jan 06, 2023, 08:00 ET

BANGALORE, India, Jan. 6, 2023 /PRNewswire/ -- Connected Mining Marke t is Segmented by Type (Smart Assets, Smart Logistics, Smart Control Systems, Smart Safety and Security Systems, Remote Management Solution), By Application (Surface Mining, Underground Mining): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Metals & Mining Category.

Connected Mining market size is projected to reach USD 13830 million by 2028, from USD 6236.8 million in 2021, at a CAGR of 11.9% during 2022-2028.

Major Factors Driving the Growth of Connected Mining Market

Increasing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market. Connected mining saves time & money, reduces physical workload, and minimizes production costs with real-time visibility of assets, which provides lucrative growth opportunities for the market.

The Connected Mining market is being driven by the growing usage of IoT to quicken the use of digital solutions to construct linked mines. Connected mining offers significant growth potential for the market by saving time and money, reducing physical workload, and minimizing production costs with real-time visibility of assets.

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TRENDS INFLUENCING THE GROWTH OF THE CONNECTED MINING MARKET

The foundation of the mine of the future is connectivity. The capacity to monitor and automate large permanent assets, as well as remote operations like autonomous haulers and drill rigs, makes a private cellular network the most promising option for modernizing mining operations. This may assist in addressing the ongoing issues facing the mining sector by increasing productivity while lowering environmental impact and improving safety. This factor is expected to drive the growth of the connected mining market.

Low commodity prices, shifting global demand, drastically changed input economics, a focus on extended asset life cycles, a dedication to operational excellence, as well as global legislative changes, are all factors that are causing an industry-wide seismic shift. Mining firms must use digital tools and capabilities to boost operational effectiveness, save costs, and boost revenue and profit in order to take advantage of the potential. When a large mining business underwent a digital transformation, the outcomes were so impressive that most mines would be jealous. After the ventilation requirements were halved, energy expenses decreased. Additionally, autonomous drills that steered workers away from potentially dangerous regions improved safety. This in turn is expected to increase the connected mining market.

Wearable technology advancements make them the perfect tool for mining labor tracking. They are particularly helpful for improving operator-based care and safety, particularly for underground mines, as well as field maintenance and real-time machine inspection instructions. They can also be used to track employee time and attendance records and determine areas where productivity can be improved. Wearables and their function in a wider IoT-based monitoring network greatly speed up response times in the case of an emergency, enhancing worker safety by enabling operators and staff to be notified right away when an incident occurs.

The productivity, safety, and efficiency of mining operations are all enhanced in a variety of ways by the growing digitalization of mines, which involves not just the adoption of new technologies but also a shift in mining companies' mindsets to one that is more digital. This will further drive the connected mining market. Companies that lead the way in adopting a digital strategy are better able to locate and map mineral reserves with more accuracy and recoverability, for example, and are better able to manage their workforce and important assets.

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CONNECTED MINING SHARE ANALYSIS:

During the forecast period, Smart Assets are anticipated to rule the solutions market in the smart mining industry. Cost-effectiveness and large-scale mining projects in North America and APAC are the main drivers of this growth.

Due to a greater acceptance rate of analytics for consumer insights in this region, North America is anticipated to be the most lucrative market among all other regions for advanced analytics solutions.

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Key Companies:

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SIMILAR REPORTS:

- Surface Mining market size is projected to reach USH 33520 million by 2028, from USH 27540 million in 2021, at a CAGR of 2.4% during 2022-2028.

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