Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Connected Mining Market size is expected to reach $21.9 billion by 2028, rising at a market growth of 11.8% CAGR during the forecast period.
The Solution market dominated the Global Connected Mining Market by Component in 2021; thereby, achieving a market value of $15.5 billion by 2028. The adoption of IoT technologies in the mining sector is referred to as connected mining solutions. These solutions are largely aimed at attaining the integration of machines and intelligent data in order to meet energy businesses' operational efficiency requirements. The mining industry's connected solutions also improve analytics-based decision-making by reducing market threats and vulnerabilities via the use of effective tools and methodologies. Furthermore, linked mining solutions have allowed energy corporations to control and monitor their assets from anywhere).
The Exploration segment is leading the Global Connected Mining Market by Application in 2021; thereby, achieving a market value of $9.4 billion by 2028. Exploration in the mining sector refers to a set of actions aimed at determining the presence of minerals and metals such as coal, ore, diamonds, oil, and gas beneath the surface. Mapping, measuring the ground, evaluating the water and soil quality, and drilling is all part of this procedure. The mining industry's exploration process is rapidly incorporating technological, automotive, and digitalized solutions nowadays. Modern exploration tactics are significantly influenced by technical advancements, and numerous firms and government agencies are spending extensively on exploration technologies.
The On-premise segment acquired the maximum revenue share in the Global Connected Mining Market by Deployment Mode in 2021, thereby, achieving a market value of $13 billion by 2028. This software's on-premise deployment necessitates a lot of storage space on the computers, but the advantages like better security and protection from data breaches make the hassle worth it. The software's on-premise implementation is also more adaptable and flexible. On-premise deployment solves the problem of data breaches
The Underground segment is showcasing a CAGR of 13.2% during (2022 - 2028). Underground mines can have miles of tunnels braided into the ground. The durability of tunnel walls and roofs, as well as ventilation, must all be properly monitored. On top of that, the deeper the miners go, the more communication problems arise. Before radios can reach the surface, workers must typically return to the main shaft, which can compound an emergency scenario. Hence, connected mining solutions and services can not only improve the safety conditions of workers but also enhance productivity and efficiency through better communication.
Asia Pacific is the fastest growing region dominated the Global Connected Mining Market by Region in 2021; thereby, achieving a market value of $7.9 billion by 2028, growing at a CAGR of 12 % during the forecast period. The Europe market is estimated to witness a CAGR of 11.6% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 11.4% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/connected-mining-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, IBM Corporation, SAP SE, Cisco Systems, Inc., Schneider Electric SE, Komatsu Ltd., Hexagon AB, Caterpillar, Inc., Rockwell Automation, Inc., and Siemens AG.
By Deployment Mode
By Mining Type
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