March 29, 2020
Digital Mining

Digital Mining Market drivers detailed in new research report

The global digital mining market was valued at US$ 6.83 billion and is anticipated to expand at CAGR by 9.2% over the forecast period from 2019 to 2027.

The stakes of mining companies are high as they need to achieve new levels of performance. In view of the mature nature of the global mining industry, it needs to move beyond the traditional continuous improvement approach in order to change, innovate and overcome today’s challenges. Digital technology may be the key to unlock the hidden potential of this global industry. The mining industry has made tremendous advances in the last decades, following Industrial Revolution 4.0, leading to increasing adoption of digital solutions for various mining applications. The digital mining market has gained momentum in recent years, largely due to the increased adoption of state-of-the-art digital technology/products such as drones, automated mining equipment and software monitoring, among others.

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The adoption of technology in the mining industry brings together different operating systems and processes, thus automating decision-making. Companies involved in mining activities are gradually adopting technologies such as the Industrial Internet of Things (IIoT), artificial intelligence, 3D modelling and integrated automation, contributing to the digitization of the mining industry. In addition, the rapidly increasing penetration of advanced technologies in the mining industry is expected to significantly reduce labor costs, resulting in significant cost optimisation. Type-based mining activities can be divided into two main categories, namely underground mining and surface mining. Global demand for metals and minerals has increased as a result of increasing consumption by end-users around the globe. The segment is led by digital surface mining with a market share of 57.6 per cent. At present, both non-metallic and metallic minerals (more than 50 per cent) and a large fraction of coal (more than 60 per cent) are mined using the surface mining method. On the other hand, the underground mining industry is expected to see potentially higher growth in the forecast period 2019-2027. This is due to the increasing demand for metals and minerals and the scarcity of available surface resources. Key players in the market are making remarkable efforts to deploy and introduce new and advanced technology in order to increase the production capacity of the mines. These factors are driving the growth of the market.

Geographically speaking, Asia Pacific was the largest digital mining market in 2018 with a market share of 35.5 per cent. Suppliers and service providers involved in the development and delivery of both hardware and software platforms for digital mining are expected to be given ample opportunities. Rising demand for metals and minerals from different sectors, together with a strong growth in the manufacturing sector that requires metals and minerals to produce different products, laid the foundation for the growth of the digital mining market in Asia-Pacific. The Asia Pacific is trailed by North America and Europe. In North America and Europe, the presence of robust infrastructure and the rapid adoption of the Internet of Things is expected to create promising growth opportunities for all participants in the ecosystem, particularly during the first half of the forecast period.

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In a bid to gain a competitive edge, key players are focusing on geographic expansion in order to increase their customer base. As a result, many companies are leveraging strategic collaboration to increase their market share. For example, ABB and Dassault systems signed a software association agreement in February 2019 to help the digital industries. This association will offer industry advanced open digital solutions and, at the same time, improve competitiveness. It will also increase the speed, flexibility and productivity of the life cycles of their products.

Some of the leading manufacturers identified in the study include Caterpillar Inc., SAP SE, ABB Ltd., Wipro Ltd., Hatch Ltd., Hexagon AB, Rockwell Automation Inc., Sandvik AB, Cisco Systems, Inc., IBM Corporation, Siemens AG, Itelligence AG, Huawei Technologies Co., Wenco International Mining Systems Ltd., Komatsu Ltd., OutotecOyj, Copco, Atlas Joy Global Inc., Alcatel-Lucent, among others. Moreover, a large number of new entrants are entering the market, which is expected to further strengthen the competitive landscape of the digital mining market worldwide.

Key questions answered in this report

  • Worldwide market value of the digital mining market in 2017 and 2018
  • Estimated forecast and market projections up to 2027
  • Which is largest regional market for digital mining?
  • Which segment has highest penetration of digital mining solutions?
  • Which are the key trends driving the global digital mining market growth?
  • Who are the leading vendors in the digital mining market worldwide?
  • What are the key strategies adopted by the leading digital mining vendors?

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