Report : Europe 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 10.6% CAGR, Europe Smart Mining Market is Speculated to be Worth US$ 5,992.59 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Europe smart mining market was valued at US$ 2,675.82 million in 2022 and is expected to reach US$ 5,992.59 million by 2030, registering a CAGR of 10.6% from 2022 to 2030. Adoption of automated mining equipment and growing need to keep workforce safe are among the critical factors attributed to the Europe smart mining market expansion.
Smart mines with already installed technologies can automate their operations faster than those lagging in technological adoption. By implementing advanced technologies, mining operators can expand their current wireless network of embedded sensors. For instance, installing automation software enables the operator to monitor static and moving assets remotely and program automated interaction between both. Automated trucks carry out mining operations with the help of a physical sensor network and the remotely configured and managed software system, which previously required a truck driver fleet for service. Digitizing a mine by installing a wireless sensor network to perform remote readings can facilitate further digitization, such as automating key mining processes. Growing use of Operational Intelligence (OI) technologies, wireless monitoring and predictive maintenance support mining operators to track operational properties, to overcome the risks associated with mining and other crucial tasks. In real-time, the digital data collection process replaces the manual data collection at the operational site. The pressure of pore water plays a significant role in the dam site. The fluctuation in pore water pressure may lead to a sudden break in the dam. Instead of manual pressure measurement, operators can continuously track pore water pressure levels with real-time digital readings, giving them better capabilities to protect their critical assets. Mining automation not only provides protection but also makes complex operations simpler.
Numerous mining and technology companies are developing automated mining equipment to improve worker safety and working conditions, increase productivity, improve fuel efficiency and vehicle utilization, reduce driver fatigue and attrition, and reduce unscheduled maintenance.
- In May 2023, Komatsu Ltd. launched a series of medium-sized hydraulic excavators equipped with a hydrogen fuel cell to achieve carbon neutrality in the mining and construction workplaces. This excavator delivers powerful digging performance and high operability to mining operations.
- In March 2023, Roll Hill announced the expansion of its autonomous haulage system (AHS) by partnering with Epiroc and ASI. The companies are working on converting Roy Hill's 96 conventional haul trucks into the world's first autonomous haul truck solution. The autonomous haul truck provides driverless operation and helps Roll Hill to create the world's largest autonomous mine.
- In November 2020, ABB launched the ABB Ability Safety Plus for hoists, a suite of mine hoist safety. The products consist of Safety Plus Hoist Protector, Safety Plus Hoist Monitor, and Safety Plus Brake System with Safety Brake Hydraulics. ABB Ability Safety Plus is the first independently certified Safety Integrity Level 3 mine hoist system in the mining industry.
On the contrary, stringent regulations imposed by governments hampers the growth of Europe smart mining market.
Based on component, the Europe smart mining market is segmented into automated equipment, hardware component, software solution, and services. The automated equipment segment held 35.6% share of the Europe smart mining market in 2022, amassing US$ 953.73 million. It is projected to garner US$ 2,012.34 million by 2030 to expand at 9.8% 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 Europe smart mining market is bifurcated into underground mining and surface mining. The surface mining segment held 79.4% share of the Europe smart mining market in 2022, amassing US$ 2,125.29 million. It is projected to garner US$ 4,860.13 million by 2030 to expand at 10.9% CAGR during 2022-2030.
Based on country, the Europe smart mining market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. The Rest of Europe held 25.4% share of Europe smart mining market in 2022, amassing US$ 680.60 million. It is projected to garner US$ 1,240.13 million by 2030 to expand at 7.8% CAGR during 2022-2030.
Key players operating in the Europe smart mining market are ABB Ltd, Alastri, Caterpillar Inc, Intellisense io, 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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