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Connected Mining Global Market Report 2022: Ukraine-Russia War Impact

Connected Mining Global Market Report 2022: Ukraine-Russia War Impact

  • December 2022
  • 175 pages
  • ID: 6370348
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the connected mining market are ABB, IBM, SAP SE, Cisco Systems Inc, Schneider Electric, Komatsu Ltd, Hexagon AB, Hitachi Ltd, Rockwell Automation, Trimble Inc, Siemens AG, Howden, Accenture plc, Wipro Limited, Mine Site Technologies Pty Limited, Eurotech Communication, GE Digital, Symboticware Inc, IntelliSenseio, Zyfra, Axora, Groundhog Technologies and AVA Solutions.

The global connected mining market is expected to grow from $10.72 billion in 2021 to $12.22 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The connected mining market is expected to reach $21.42 billion in 2026 at a compound annual growth rate (CAGR) of 15.1%.

The connected mining market consists of sales of connected mining solutions by entities (organizations, sole traders, and partnerships) that are used by mining companies to gather data to gain complete visibility of their operations and to make wise business decisions that help to enhance mining operations. connected mining refers to a process that uses variously integrated and, indeed, connected mining solutions to manage industrial mining operations more efficiently, Connected Mine is a multi-value solution that makes use of mobile, tracking, analytics, and cloud technology.

The main types of connected mining market components are solutions and services.Solutions are used in plant and mine operations, industrial safety and security, mobile fleet operations, and workforce enabled.

A solution is an offering that uses a product that is customized for each client to address a particular or common issue.The services are professional and managed.

The various solutions are asset tracking and optimization, industrial safety and security, analytics and reporting, process control, operational performance, and quality optimization solutions.The various automated types of equipment are driller and breaker, load haul dump, mining excavator, and robotic truck.

The various end users are engineering and maintenance, consulting services, production training service, and implementation and integration service.

North America was the largest region in the connected mining market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the connected mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increasing demand for digitalization is expected to propel the growth of the connected mining market going forward.Digitalization is the transition to a digital business that involves the use of digital technologies to alter a business model and offer new revenue and value-producing opportunities.

Digitalization in connected mining involves the usage of advanced technology such as mixed reality, automation, IoT-driven temperature sensors, and others.For instance, in November 2021, according to the Digital Business Research 2021 report published by Foundry, a US-based provider of information services, 91% of businesses have adopted or intend to adopt a digital-first business strategy, which is consistent with the 2019 results.

Companies in the integration stage increased from 18 %to 22%, and those in the digital maintenance stage went from 6% to 8% in 2019.A "digital-first" strategy has already been adopted by 52% of organizations overall.

Therefore, the increasing demand for digitalization is driving the growth of the connected mining market.

Technology advancements are a key trend gaining popularity in the connected mining market.Major companies operating in the market are developing new technologies such as smart monitoring systems that are connected to cloud servers to sustain their position in the market.

For instance, in September 2021, Hexagon AB, a Sweden-based provider of information technology solutions, introduced Power of One a life-of-mine smart solution that connects sensors and software, and infield apps.This helps to connect the mine to the boardroom through a single onboard ecosystem comprising a smart computer, antenna, and display.

By using cloud servers mine data is automatically stored in the systems and can be easily accessible. It also reduces the complexity of the supply chain and increases operator adoption.

In January 2022, Hexagon AB, a Sweden-based information technology company, acquired Minnovare for an undisclosed amount.With the acquisition, Hexagon will provide innovative technologies to improve the accuracy, cost, and speed of underground drilling.

The acquisition strengthens Hexagon’s formidable drill and blast portfolio while also accelerating and enhancing its underground development roadmap. Minnovare is an Australia-based mining technology company that offers drilling technology services.

The countries covered in the connected mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The connected mining market research report is one of a series of new reports that provides connected mining market statistics, including connected mining industry global market size, regional shares, competitors with a connected mining market share, detailed connected mining market segments, market trends and opportunities, and any further data you may need to thrive in the connected mining industry. This connected mining market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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