In 2031, the global smart mining market is expected to reach US$55.15 billion

In 2031, the global smart mining market is expected to reach US$55.15 billion

the global smart mInIng market Is expected to be worth US$9.66 billion in 2021, rising to US$55.15 billion in 2031, with a CAGR of 19.0 percent. Smart mining refers to using technology and information to help mining operations achieve higher realms of safety, productivity, and lower operating costs. In comparison to conventional mines, smart mines that have already incorporated sophisticated technology can automate their activities faster.

Because of the growing need for textiles and metals, mining activities are rapidly expanding worldwide. Furthermore, growing worries about site safety, increasing automation, and rising environmental issues contribute to the intelligent mining market's rise.

RESULT OF COVID-19 OVER THE SMART MINING MARKET

The COVID-19 pandemic has disrupted the complete value chain for minerals and mining firms worldwide. The organizations have imposed travel bans and restricted access to mine sites, manufacturing facilities, and offices as preventive measures. Mining and metal firms aren't operationally flexible enough 22 | SKILLINGS MINING REVIEW January 2022

OPPORTUNITIES IN THE MARKET: THE ADOPTION OF IIOT TECHNOLOGY IS INCREASING DUE TO RISING DIGITIZATION.

Many mining businesses have embraced digital transformation and are leading the way in integrating IIoT into their operations.

IIoT also aids in obtaining cheaper and better communication options, fast productivity data, real-time maintenance, improved cooperation, and immediate bottleneck resolution. This enhances the safety of the miners on the job.

to adjust production as quickly as the pandemic requires. This can also lead to inefficient and imbalanced operations, which raises expenses. The capacity to run a mine remotely allows operations to continue without endangering the miners' and engineers' lives.

Market Forces

DATA ANALYTICS AND SECURITY ARE BECOMING INCREASINGLY IMPORTANT.

Direct and indirect measurements are used to classify data sources in the mining industry. Instruments such as GPS and traditional geodetic surveys measure direct measurement sources. Indirect references relate to Fleet Management Systems, DCS or SCADA data, blast hole drill data, and geomodelling data that collect data as a by-product of activities or processes. With real-time data analytics, reliable mining data is available, allowing for better mining decisions.

DEMAND FOR OPERATIONAL EFFICIENCY AND WORKER SAFETY IS INCREASING.

A mining site is one of the most dangerous workplace locations, and worker safety is a significant concern. Workers who conduct manual readings in remote mining sites are also shown to be at the most important risk of damage.

Thus, in these places, the deployment of autonomous mobile assets such as wireless devices, vehicles, and remote sensors helps to reduce the requirement for the workforce to be present, which protects the workers. Mining operators can also use predictive analysis and estimations to anticipate and avoid dangerous occurrences.