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Market Overview:
The Digital Mining Market size is estimated to reach $46.5 Billion by 2030, growing at a CAGR of 12.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Digital Mining Market – By Offering (Solution, Services), By Technology (Automation & Robotics, Internet of Things, Big Data, Blockchain, Artificial Intelligence, Spatial, Automated Drones, Others), By Type (Surface Mining, Underground Mining), By Application (Iron and Ferrous Alloys, Non-Ferrous Metals, Precious Metals) and By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.
The digital mining market is driven by a combination of factors, including rising mineral demand, a focus on sustainability, enhanced worker safety, technological advancements, regulatory compliance, and government support.
North America Dominated the Market in 2023:
The North America region holds a dominant position in the global digital mining market with a market share of 35%. North American governments are aggressively encouraging the mining industry to embrace digital technologies. In March 2024, The US government announced a $475 Million investment to support clean energy solutions on current and former mine land. This entails supporting legislative frameworks, promoting industry-academia partnerships, and allocating funds for research and development. Additionally, North American mining companies have been early adopters of digital technologies, gaining a competitive advantage in the global market. These factors combining makes them dominant player in the digital mining market.
Digital Mining Market: Key Takeaways
Data-Driven Decision Making
Digital mining has revolutionized the way mining companies make decisions. By harnessing the power of data analytics, mining companies can gain valuable insights into their operations. By analyzing historical data, mining companies can predict equipment failures, optimize maintenance schedules, and anticipate production bottlenecks. IoT sensors and real-time data analytics enable continuous monitoring of critical parameters, facilitating timely decision-making and corrective actions. By using data-driven decision making, mining companies can improve operational efficiency, reduce costs, and enhance overall performance.
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Environmental Sustainability
Digital technologies are playing a crucial role in promoting environmental sustainability in the mining industry. By optimizing operations, reducing waste, and minimizing environmental impact, digital solutions are helping to create a more sustainable future for mining. Digital mining revolutionizes resource extraction, minimizing waste and environmental impact. Modern technologies optimize water usage, reduce pollution, and enhance energy efficiency. This leads to a more sustainable mining industry, reducing greenhouse gas emissions and preserving natural resources. Adopting digital technologies can help the mining sector transition to a more ecologically friendly and sustainable future.
Scope of the Report:
Recent Developments:
• In November 2024, Hexagon has announced the acquisition of Indurad, a global leader in radar and Real-Time Location Systems (RTLS) technologies, along with its autonomous haulage subsidiary, xtonomy. This strategic move underscores Hexagon’s commitment to advancing mine productivity, safety, and autonomy through cutting-edge technology.
• In September 2024, ABB showcased a new technology demonstrator developed to enable safe and efficient, high-power charging in the journey towards the all-electric mine of the future. eMine Robot Automated Connection Device (ACD) is designed to work in tandem with the ABB eMine Fast-Charge solution, allowing further interoperability and synergy of connections and interfaces in electric mining trucks.
• In April 2024, Innomotics, a Siemens Business, partnered with Anglo American, one of the world’s leading mining companies, to develop a digital mining solution for Quellaveco copper mine, in Peru.
Digital Mining Market: Competitive Landscape
Key companies profiled in the Digital Mining Market are Caterpillar, Komatsu, Schneider Electric, Trimble, ABB, Hexagon, Hitachi Construction Machinery Co., Ltd., Siemens AG, Rockwell Automation, Cisco and others.
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About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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