Report : Asia Pacific Smart Mining Market Forecast to 2030 - Regional Analysis - by Component (Automated Equipment, Hardware Component, Software Solution, and Services) and Mining Type (Underground Mining and Surface Mining)
At 11.0% CAGR, Asia Pacific Smart Mining Market is Speculated to be Worth US$ 13,440.53 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific smart mining market was valued at US$ 5,832.05 million in 2022 and is expected to reach US$ 13,440.53 million by 2030, registering a CAGR of 11.0% from 2022 to 2030. Rising Requirement to Improve Data Security and growing need to keep workforce safe are among the critical factors attributed to the Asia Pacific smart mining market expansion.
Data sources in the mining industry can be classified into two parts: direct or indirect (ancillary) measurements. Direct measurement are performed by several instruments such as GPS and conventional geodetic surveys. Indirect measurements is performed by using a system that collect data as a by-product of operations or processes such as Fleet Management Systems, SCADA or DCS data, blast hole drills, and geomodelling data. For improving ore recovery, an ore body modeling technique is used. The model provides geological patterns that help in determining the drill holes. The right mining decisions, therefore, depend on the availability of correct data from multiple systems combined with real-time data analytics. These decisions can be applied to mining production, exploration, and operations. They can also be used for monitoring and reporting metrics and KPIs.
Additionally, they help in identifying root causes for operational bottlenecks such as long queuing time of trucks and LHDs, unscheduled truck maintenance delays, and delays in lab samples undergoing quality control and batch processing. Mining companies usually have confidential data that must be protected during accidents and unpredicted natural hazards. Moreover, the growing adoption of complex technologies requires companies to update their systems for better operational results. In August 2023, Freeport-McMoRan started investigating cybersecurity incidents affecting its information systems. The company plans to update its cybersecurity system to prioritize safety and improve production. The growing frequency and complexity of cyberattacks make mining value chains vulnerable to attack. Cyberattacks in the mining industry are stealing important data about exploration stages, such as geological data, mapping of economically exploitable mineral deposits, and surveys, which increases the adoption of cybersecurity platforms to protect itself from these attacks. In December 2022, Copper Mountain Mining faced a ransomware attack that affected IT systems, which shut down the company's production and forced them to reschedule its planned shipping deliveries. To protect themselves against targeted attacks, mining companies need chip-based security to protect their mission-critical servers and IoT devices that collect significant mining data. However, digitizing the mining processes may pave the way for hackers to access the network and regulate the operations of the mine.
On the contrary, stringent regulations imposed by governments hampers the growth of Asia Pacific smart mining market.
Based on component, the Asia Pacific smart mining market is segmented into automated equipment, hardware component, software solution, and services. The automated equipment segment held 34.7% share of the Asia Pacific smart mining market in 2022, amassing US$ 2,021.42 million. It is projected to garner US$ 4,398.59 million by 2030 to expand at 10.2% CAGR during 2022-2030. The automated segment is further subsegmented into load haul dump, robotic truck, driller & breaker, excavator, and other automated equipment. The hardware component is further subsegmented into RFID tags, sensors, intelligent system, and others. The software solutions is further subsegmented into logistics software and solutions, data & operation management software and solutions, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions.
In terms of mining type, the Asia Pacific smart mining market is bifurcated into underground mining and surface mining. The surface mining segment held 74.4% share of the Asia Pacific smart mining market in 2022, amassing US$ 4,338.84 million. It is projected to garner US$ 10,279.33 million by 2030 to expand at 11.4% CAGR during 2022-2030.
Based on country, the Asia Pacific smart mining market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. China held 35.8% share of Asia Pacific smart mining market in 2022, amassing US$ 2,087.06 million. It is projected to garner US$ 4,865.47 million by 2030 to expand at 11.2% CAGR during 2022-2030.
Key players operating in the Asia Pacific smart mining market are ABB Ltd, Alastri, Caterpillar Inc, Hexagon AB, Hitachi Ltd, MineSense, Rockwell Automation Inc, SAP SE, and Trimble Inc, among others.
- In 2021, Caterpillar's MINExpo 2021 experience celebrated the company's partnership with mines and how it assists customers to Mine more efficiently, effectively, safely, and sustainably. The 5,124-m2 (55,000-ft2) exhibit featured various product displays, new equipment introductions, previews of the future, and remote operating stations.
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