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Industry Insights, Market Size, CAGR, High-Level Analysis: Digital Mining MarketThe global digital mining market size was estimated at USD 8.4 billion in 2018 and is expected to expand at a CAGR of 13.2% from 2019 to 2025. The growing need for safety of mine workers on account of increasing injuries during mining is one of the primary drivers for the rise in demand for digital mining solutions. Traditional drilling and exploration techniques have resulted in several injuries in the recent past. Digital mining solutions use deep learning algorithms without the need for a scaling object. Moreover, particle size analysis solution uses stereo imaging to provide round-the-clock monitoring, thereby reducing routine and manual work. Advanced technologies such as internet of things (IoT) have the potential to reduce the environmental impact of mining and improve safety in mines. Moreover, unmanned vehicles and machines operated from remote locations can ensure safety in deep underground mining. There is also a need for adopting cost-optimizing digital technologies in the sector. In the digital mining sector, 3D modelling technology can create diagrams of underground areas for more effective exploration. Thus, the implementation of digitization in the mining sector is likely to boost the market growth over the coming years. Several U.S.-based miners have started automating their processes and operations to improve productivity and enhance their output as U.S. is one of the leading countries involved in mining. In 2018, Newmont Mining partnered with Caterpillar to develop a new process and improve hard rock underground mining by enhancing productivity and increasing loader utilization during operations. Digital technology can be implemented across the entire value chain of mining including exploration, mine development, mines, ore processing, logistics, and sales marketing channels. Although sales and marketing channels have not been primary adopters of digital technology, there are some companies that are keen on implementing digitization in the late stages of the value chain. This can help to balance the supply and demand between mine operations and customers in end-use industries. Increasing deployment of innovative digital technologies such as drones, sensors, robotics, and integration techniques drive the demand for automated solutions. For instance, in 2017, Airobotics launched an unmanned drone for gaining valuable insights and collecting aerial data. This was deployed at Worsley Alumina operations of South32 mine in Australia. In the same year, South32 signed a three-year strategic partnership with GE for the digitization of its various operations and activities.
Technology Insights of Digital Mining MarketBased on technology, the market has been categorized into automation and robotics, real time analytics, cyber security, and other technologies, which include AI, blockchain, and digital twin. Automation and robotics was the largest segment in 2018 and accounted for a revenue share of 43.3%. This is attributed to the increasing focus of market players on these technologies in digital mining. For instance, in 2019, Rio Tinto, a mining giant, launched one of the largest robots to improve efficiency and flexibility at its Pilbara operations in Australia. The project is valued at USD 1.37 billion and is estimated to reduce the travel of 1.5 million kms annually. The need to protect data and safeguard companies from potential cyber threats drives the demand for cyber security in the digital mining sector. Analysis of real-time data involves remote operations and predictive maintenance and is the fastest way to resolve the current issues faced in operations. BHP, an Australian mining giant, uses real-time analytics in order to resolve current issues at its iron ore operations in Western Australia. This ensures consistent operational flow from drill control to dispatch and logistics. Roy Hill, a mining company, uses digital boardroom techniques for its remote operations center to deliver real-time parameter data to the demand chain and supply chain teams. The other technologies segment is likely to remain the second-fastest growing segment over the forecast period. The key attributing factor for the growth of the segment is increasing expenditure on these emerging technologies and high adoption rate in end-use industries. For instance, in 2019, ZYFRA and First Ore Mining signed a Memorandum of Understanding (MoU) to deploy artificial intelligence at Pavlovskoe lead-zinc deposits in Russia.
Application Insights of Digital Mining MarketBased on application, the market has been segmented into iron and ferro alloys, non-ferrous metals, and precious metals. The iron and ferro alloys segment accounted for a market share of 35.2% in 2018. The growing demand for steel and related alloys in construction, transportation, heavy machinery, and consumer durable industries indirectly drives the digital mining market. In order to improve production output and utilize maximum capacities, companies such as Rio Tinto, BHP, and Vale SA have deployed various digital technologies for their operations. Increasing demand for non-ferrous metals such as aluminum, copper, and zinc has led to the digitalization of operations in order to support the growing demand for these metals. Lightweight materials such as aluminum are increasingly used in automobiles in order to improve fuel efficiency and curb pollution to reduce the environmental impact. Non-ferrous metalsis projected to register the highest CAGR of 13.6% from 2019 to 2025. Precious metal companies such as Newmont Mining Corporation; Barrick Gold Corporation; Newcrest Mining Limited; and Goldcorp Inc. are some early adopters of digital technologies in the market. For instance, Goldcorp Inc. developed a digital strategy to optimize its mine lifecycle through autonomous fleet, advanced process control, smart mines, and advanced analytics.
Regional Insights of Digital Mining MarketAsia Pacific held the largest market share in 2018 and is likely to maintain its position during the forecast period. Providers involved in the development and delivery of both hardware and software platforms for digital mining are expected to be offered ample opportunities. The growth of the regional market is driven by consistent increase in mining output and penetration of automation and robotics in the digital mining sector in China and Australia. According to World Mining Data, 2018, China and Australia are among the four biggest mining nations globally with a share of 24.0% and 7.3%, respectively. China is also the leading producer of 28 different mineral raw materials through mining activities. Middle East and Africa is anticipated to register a CAGR of 13.6% over the forecast period. The region is characterized by the presence of a wide range of resources of different minerals and metals. South Africa is a key country in the region wherein many companies utilize automated machines and software to optimize their operations. In 2018, Rock Technology and Sandvik announced a strategic partnership to develop a fullyautomated underground mine in Mali. Europe holds a key position in the market owing to the development of new technologies and research on emerging techniques. The European Union project in Sweden is currently working on a new generation of technologies in order to improve sustainability and efficiency of digital mining activities at the X-mine project. This new sensing technology uses a combination of 3D vision and X-ray, which is anticipated to reduce the consumption of energy and carbon dioxide emissions.
Market Share Insights of Digital Mining MarketDigital mining technology providers focus on improvement in productivity and reduction of operation time for mine firms. Some companies implement digital changes for monitoring and analyzing temperature data to maximize performance of the furnace and turn to digital solutions to lower maintenance costs and ensure safety. These providers are also keen to offer flexible platforms as per the requirements of mine operators. Key vendors in the market include Caterpillar; Sandvik AB; SAP; ABB; Rockwell Automation, Inc.; GE; Siemens; Komatsu Mining Corp.; IBM; and Hexagon AB. Many strategic partnerships have been observed in the industry in order to support the development of new technologies for end-use companies. For instance, in 2019, Rock Technology, Sandvik, and IBM jointly launched a new platform known as OptiMine Analytics. This platform is expected to assist in operational efficiency, productivity, maintenance, and safety during operations.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Digital Mining Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global digital mining market report on the basis of technology, application, and region:
Technology Outlook (Revenue, USD Million, 2019 - 2030)
- Automation and robotics
- Real time analytics
- Others (AI, Blockchain etc.)
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Iron & ferro alloys
- Non-ferrous metals
- Precious metals
Table of Contents Chapter 1 Methodology and Scope 1.1 Market segmentation & scope 1.2 Market definition 1.3 List of data sources 1.4 Information procurement 1.5 Information analysis 1.6 Market formulation & data visualization 1.7 Data validation & publishingChapter 2 Executive Summary 2.1 Market outlook 2.2 Segmental outlookChapter 3 Digital Mining Market Variables, Trends & Scope 3.1 Global metal & minerals mining o | read more...