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How Is The Connected Mining Market Size Forecasting Growth And What Are The Drivers?
The Connected mining market has seen rapid growth in recent years, as it will grow from $15.31 billion in 2024 to $17.37 billion in 2025 at a compound annual growth rate (CAGR) of 13.4%. This growth can be attributed to an uptick in resource extraction demands, advances in sensor technologies, and increasing pressures to reduce costs, apart from the necessity for remote monitoring and control and strict safety and environmental regulations.
The market size is expected to continue its rapid growth, reaching $31.45 billion in 2029 at a CAGR of 16.0%. Main trends driving this forecasted growth include an increased focus on sustainability, growing demand for minerals and metals, a need for improved safety and productivity, as well as the rising energy costs and environmental concerns.
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What Is Driving The Growth Of The Connected Mining Market?
The connected mining market has seen a surge due to the increasing demand for digitalization. Digitalization implies a transition towards a digital business that includes using digital technologies to transform the business model and create new value and revenue-producing opportunities. This includes the use of advanced technology in connected mining, such as mixed reality, automation, and IoT-driven temperature sensors. The growing demand for digitalization is driving market growth in connected mining.
What Are The Key Segments In The Connected Mining Market?
– By Component: Solution, Services
– By Mining Type: Surface, Underground
– By Deployment Mode: On-premises, Cloud
– By Application: Exploration, Processing and Refining, Transportation
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What Key Players Are Operating In The Connected Mining Market?
Major players in the connected mining market include ABB Ltd., International Business Machines Corporation (IBM), SAP SE, Cisco Systems Inc., Schneider Electric SE, Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hexagon AB, Sandvik AB, Epiroc AB, Wenco International Mining Systems Ltd., MineWare Pty Ltd., RPMGlobal Holdings Limited, Siemens AG, Rockwell Automation Inc., Trimble Inc., OSIsoft LLC, Maptek Pty Ltd., Dassault Systèmes SE, IntelliSense.io Ltd., Motion Metrics International Corp., MST Global Pty Ltd., Fluidmesh Networks LLC, Swift Navigation Inc., MineSense Technologies Ltd., Micromine Pty Ltd.
What Emerging Trends Are Surfacing In The Connected Mining Market?
Key players in the connected mining market are emphasizing on advancements in digital technologies like IoT and data analytics to improve operational efficiency, safety, and sustainability in mining operations. ABB Care for Hoisting, a proactive maintenance service by ABB, utilizes digital technologies to bolster the performance and availability of mining hoisting systems, thus reducing downtime.
Which Region Is Leading The Connected Mining Market?
North America was the largest region in the connected mining market in 2024. Asia-Pacific, however, is expected to be the fastest-growing region in the forecast period. The regions covered in the connected mining market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Connected Mining Market Report 2025 Offer?
Connected mining refers to a process that uses variously integrated and connected mining solutions to manage industrial mining operations more efficiently. These technologies utilize mobile, tracking, analytics, and cloud technology. The Connected Mining Market research report from The Business Research Company offers insights into the global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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