The Asia Pacific Connected Mining Market would witness market growth of 12.0% CAGR during the forecast period (2022-2028).
The connected mining market's functionality spectrum has been considerably expanded due to the introduction of modern technologies and the Internet of Things. Their indoctrination has made it relatively easy for a huge number of smaller businesses to enter the market. It has enhanced the overall cost-effectiveness quotient of linked mining technologies dramatically. As a result, the linked mining market has been able to rapidly gain momentum in terms of demand and implementation. Predictive maintenance, when implemented in the connected mining market, improves the system's reliability while lowering the cost of maintenance resources to the minimum.
Many important manufacturers are being influenced by this to introduce innovative connected mining solutions in the smart mining industry, which is one of the global market's key drivers. Integration of autonomous fleets, remote-controlled equipment, and ventilation systems improves operational productivity while simultaneously providing safe working conditions. Furthermore, growing attention on safety and health, higher use of IoT solutions, and increased installation of autonomous equipment are all driving market growth.
India is well-known around the world as a mineral and metals-rich country. After China, the United States, and Russia, India is the fourth largest mineral producer. India, on the other hand, is ranked eighth in terms of mineral production value. India's mining industry generates a major share of the country's total GDP. In addition, India produces 88 different minerals, including four fuel minerals, ten metallic minerals, 47 non-metallic minerals, three atomic minerals, and 24 minor minerals.
The underdeveloped character of the Indian mining sector explains its minimal contribution to the economy. Despite its undeveloped mining sector, India is still the world's second-largest producer of steel, barite, and chromite, as well as the third-largest producer of coal and limestone. These figures will increase significantly more once foreign investments, which are now modest, begin to flow in. Along with that, India is home to a significant proportion of the total minerals available in the world. Despite the lack of foreign investment, India has invested in the mining sector and has become self-sufficient in vital commodities such as steel.
The China market dominated the Asia Pacific Connected Mining Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,324.7 million by 2028. The Japan market is anticipated to grow at a CAGR of 11.3% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 12.7% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Asset Tracking & Optimization, Industrial Safety & Security, Fleet Management, Workforce Management, Analytics & Reporting, and Others. Based on Application, the market is segmented into Exploration, Processing & Refining, and Transportation. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Mining Type, the market is segmented into Surface and Underground. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Connected Mining Market is Projected to reach USD 21.9 Billion by 2028, at a CAGR of 11.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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 Component
By Application
By Deployment Mode
By Mining Type
By Country
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