Digital mining means carrying out my activities digitally. It includes various solutions and services which are structured in a way so that optimization and management of mining operations and production activities can be done accurately Digital mining assists in automating different mine activities like record management, monitoring, data storage, streamlining production activities, supply chain management, asset management, risk management, etc.
The Digital Mining Market is expected to reach USD 31,453.164 million during the forecast period at a 14.3 % CAGR.
Covid-19 Impact & Market Status
The outbreak of the COVID-19 Pandemic built infinite roadblocks across industry pipelines, sales funnels, and supply chain activities. This led to the unprecedented budget liability on company expenditure for industry leaders. The coronavirus epidemic influences the commodity markets in various ways. Company operations were adversely impacted due to isolated outbreaks and government-mandated lockdowns and the demand for many commodities remained low with a lower near-term demand across regions. To bounce back in the market, mining markets are switching over to digitization for mining procedures for recovering the losses incurred.
Rise In Technology to Take the Market to Its Peak
IoT is most likely to witness the highest CAGR of 15.1% during the forecast period as various underground mines and open mines are adopting digital technologies to enhance, automate, and modernize the whole mining process. The integration of different digital transformation technologies, like IoT, AI, blockchain, are significantly becoming prominent by providing efficacy, safety, precedented maintenance, and minimal errors and costs.
Growing demand for steel and related alloys in construction and other industries
The Frontline Mobility Solutions segment possesses the highest stake in the market as it adopted digital mining solutions to enable frontline workers and supervisors to perform safely in tough mining conditions and deployed technologies to enhance the safety & performance of workers, management, and visibility—especially underground. The growing demand for steel &related alloys and non-ferrous light weigh metals like aluminum(AL) and zinc in construction, transportation, heavy machinery consumer durable industries and to improve the efficacy of fuel & curb pollution respectively have led to the digitization of operations and subsequently driving the growth digital mining market in a way.
Digital Mining Market Share across various regions
The North American region held a 25.4% stake in the digital mining market due to the presence of components like increasing inclination towards digitization of mining industries and favorable support from the government towards the implementation of digital mining so does the German market. China’s supremacy in the digital mining market because of the presence of massive digital mining suppliers & manufacturers, ongoing R & D for the adoption of software, upward growth of the mining industry, and a rigorous emphasis on digitization. China is also one of the largest producers of various mineral raw materials through mining activities. The growth prospects of the global mining market are driven by an exponential growth rate in mining output and the rapid adoption of AI, IoT, and robotics in the digital mining sectors.
The Global Market of Digital Mining is anticipated to reach USD 31453.16 million with a growing CAGR of 14.3% in the forecast period 2021-2028.
The manufacturers of digital mining solutions focus more on security measures due to the growing number of accidents and fatalities. Therefore, to ensure the safety of laborers underground, various digital mining measures are being adopted and installed in mining work. Moreover, environmental sustainability concerns, mining plants, and the rising need for real-time analysis in the mining industry are the core components that are contributing to the growth of the digital mining market.
In addition, enhanced technologies like AI, blockchain, and IoT have the potential to minimize the negative influence on the environment by mining and improve safety in mining activities. vehicles operated by humans and machines from remote locations are efficient in ensuring the safety of underground mining. Moreover, there is a need for cost-optimizing digital technologies to be adopted in the sector. In the digital mining industry, 3D modeling technology is efficient in imaging underground areas for more effective analysis. Therefore, applying digitalization in the mining sector is surely going to take the market to its peak.
Owing to the technological advancement in the industry over the past few years and the pace of IoT adoption by users have led to digitizing, optimizing, and automating the mining procedure to save time, effort, money and ensure the safety of the workers. With the emergence of IoT in the mining industry, numerous underground and open mines are taking to digital solutions to accelerate, automate and modernize the entire process. It provides real-time decision making, anticipated maintenance, risk assessment, record management, etc which enables quality decision making and enhances the operations of mining systems. thus, it drives the overall growth of the global market for digital mining.
Though the introduction of digitization in mining/smart mining has become ubiquitous through the emergence of IoT, automation & robotics, and AI, they also pose more challenges to the users such as hacking, phishing, data vandalism, etc leads to additional investment into security systems. The issues about IoT connectivity are leading to inefficiency in the underground mines as well as a lack of trustworthiness. The connectivity struggles and delays in the detection of risk are likely to deter the market growth over the projection period. in addition to this, the urgency to safeguard companies against cybercrimes is leading to the integration of cyber security measures in the mining industries.
Digital mining needs high implementation cost which is becoming a restraining factor in the case of small and medium enterprises as it is rarely affordable for their business lines and subsequently hampering the digital mining market potential. As a growth prospect for the digital mining market, the introduction of the internet of things (IoT) proposed the requirement to implement a digital mining solution. however, the lack of expertise and training among existing laborers to operate digital mining solutions is posing the biggest roadblock to the expansion of the global digital mining market.
The major players in the Global Digital Mining Market are ABB, Siemens, Rockwell Automation, Inc., SAP SE, Wipro Limited, Welcome. (A Subsidiary of Hitachi Construction Machinery Co., Ltd.), Cisco Systems, Inc., Caterpillar., GENERAL ELECTRIC, Sandvik AB, HEXAGON, IBM corporation, Hatch Ltd., Wabtec Corporation., Komatsu Mining Corp (A Subsidiary of Komatsu Ltd.), Accenture, Trimble Inc., Schneider Electric, BENTLEY SYSTEMS, INCORPORATED and Tech Mahindra Limited among others.
Major developments In Global Digital Mining Market: A Snapshot
- In June 2020, Welcoming signed a partnership contract Memorandum of Understanding (MOU) with Exotica to build an open autonomy solution for mining activities. The partnership resulted in enabling the users to pick various open standards-based vehicles and apply them to their existing operations. This helped the company improve its offerings and to grow in the market.
- In April 2021, Gryphon Digital Mining developed S19J Pro. It is an extremely efficient miner for handling unwanted carbon footprints.
- Innovative digital technologies (drones, sensors, robotics) are rapidly being adopted and the integration of techniques in mining operations.
- Surge in the use of digital technology in Mining activities which assists mining companies in diminishing overall mining costs, enhancing business productivity, and upgrading mining operations.
Digital Mining Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 31453.16 million|
|Growth Rate||CAGR of 14.3 % during 2021-2028|
|Segment Covered||Technology, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||ABB, Siemens, Rockwell Automation, Inc., SAP SE, Wipro Limited, Welcome. (A Subsidiary of Hitachi Construction Machinery Co., Ltd.), Cisco Systems, Inc., Caterpillar., GENERAL ELECTRIC, Sandvik AB, HEXAGON, IBM corporation, Hatch Ltd., Wabtec Corporation., Komatsu Mining Corp (A Subsidiary of Komatsu Ltd.), Accenture, Trimble Inc., Schneider Electric, BENTLEY SYSTEMS, INCORPORATED and Tech Mahindra Limited among others.|
Key Segments of the Global Digital Mining Market
- By Technology
- Automation and robotics
- Real-time analytics
- Others (AI, Blockchain, etc.)
- By Application
- Maintenance Planning
- Frontline Mobility Solutions
- Geo-Fencing Safety
- By Region
- North America
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- North America