Report : North America 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 9.6% CAGR, North America Smart Mining Market is Speculated to be Worth US$ 6,706.00 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the North America smart mining market was valued at US$ 3,216.71 million in 2022 and is expected to reach US$ 6,706.00 million by 2030, registering a CAGR of 9.6% from 2022 to 2030. Introduction of industrial internet of things (IIoT) and growing need to keep workforce safe are among the critical factors attributed to the North America smart mining market expansion.
Although 77% of mining companies are at the beginning of their digital transformation journey, most of them have already taken significant initiatives to introduce IIoT in operation. For instance, Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services. The introduction of IIoT helps increase production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is anticipated to be one of the leading trends in the smart mining market, which adds to the safety of miners on-site. Major technology companies such as AMD, Intel, STMicro, Softbank (Arm), Microsoft Corporation, Cisco, and Infosys Limited are leveraging technologies to enhance mining operations by improving worker's safety. These companies are also creating awareness about the benefits of IIoT and AI in the mining industry. The company showcases that its technologies can provide sustainable mine production by profitably and efficiently meeting energy demands in the future.
AI and wearables are also being used to provide real-time data workers in the mining site. Also, with the development of 5G infrastructure, the smart mining business is paving its path toward greater growth. From improving planning and operational efficiencies to mine workflow productivity and safety, rapid developments in AI technologies would make mine operations successful. For instance, by utilizing pattern matching and predictive analysis, AI programs can analyze quantities of geological data and find new and potentially valuable sites to mine.
On the contrary, stringent regulations imposed by governments hampers the growth of North America smart mining market.
Based on component, the North America smart mining market is segmented into automated equipment, hardware component, software solution, and services. The automated equipment segment held 41.5% share of the North America smart mining market in 2022, amassing US$ 1,334.42 million. It is projected to garner US$ 2,673.40 million by 2030 to expand at 9.1% 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 North America smart mining market is bifurcated into underground mining and surface mining. The surface mining segment held 84.5% share of the North America smart mining market in 2022, amassing US$ 2,718.81 million. It is projected to garner US$ 5,786.60 million by 2030 to expand at 9.9% CAGR during 2022-2030.
Based on country, the North America smart mining market is categorized into the US, Canada, and Mexico. The US held 73.7% share of North America smart mining market in 2022, amassing US$ 2,371.01 million. It is projected to garner US$ 4,841.73 million by 2030 to expand at 9.3% CAGR during 2022-2030.
Key players operating in the North America 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.
- In 2020, U.S. equipment and machinery maker Caterpillar expanded the Cat MineStar Solutions suite of technologies with a new technology platform, MineStar Edge.
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