December 9, 2023

Smart Mining Market Size and Share: A Closer Look at Its Global Impact

Mining, an age-old practice that has shaped human civilization for millennia, continues to play a pivotal role in our modern world. From the Ngwenya Mine in Swaziland, the oldest mine in existence, actively mined as recently as 2014, to the cutting-edge technologies revolutionizing the industry today, mining remains an indispensable foundation for our daily lives and future growth.

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The Backbone of Civilization

Mining has always been at the forefront of human progress. With a total mining production of 17.9 billion metric tons and the top mining companies worldwide investing USD $15 billion in operating expenses, the industry generated a staggering total revenue of approximately 656 billion U.S. dollars in 2020, according to the World Economic Forum. It is poised to become a 1 trillion-dollar economy.

Balancing Act: Environment and Efficiency

Mining is evolving rapidly, balancing the need for resource extraction with environmental stewardship. Four main mining methods—underground, open surface (pit), placer, and in-situ—adapt to the type and location of mineral resources while minimizing environmental impact. Advances in technology have allowed miners to extract over 85 percent of minerals and 98 percent of metallic ores without digging shafts, reducing harm to the environment.

A Sustainable Future: Smart Mines

The future of mining lies in innovation and sustainability. Mining companies are partnering with tech giants to deploy wireless networks underground, ushering in the era of smart mines. Automation and digital technologies, such as Artificial intelligence, Internet of Things, and 3D printing, offer real-time insights into site operations while safeguarding workers and the environment.

Investing in the Future

Despite the industry’s conservative nature, mining companies are making substantial investments in breakthrough technologies, sensing technologies, and exploration. Driverless technology, deep-sea excavations, and even lunar mining expeditions are on the horizon. The U.S. National Mining Association is implementing the Industries of the Future strategy, with a 10 percent investment in IT to make autonomous mineral excavation the norm.

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Uniting for Progress

Interest groups and associations, like the International Council on Mining and Metals and the National Mining Association, play pivotal roles in raising awareness for the mining industry and fostering responsible practices.

Navigating Regulations and Sustainability

Environmental regulations are paramount to responsible mining. Federal laws like the National Environmental Policy Act and Clean Water Act ensure transparency and accountability in the industry. Mining companies are aligning with evolving ESG (Environmental, Social, and Corporate Governance) reporting obligations to meet investor and governmental standards.

Leading the Charge: Smart Mining Service Providers

Companies like ABB, Anglo American, Ericsson, and Sandvik are at the forefront of smart mining, offering innovative solutions that drive efficiency and sustainability.

Mining is not just an industry; it’s a cornerstone of our global society. As population growth, urbanization, and income rise, the demand for mined products will continue to surge, making mining an indispensable part of our daily lives.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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This press release first seen on Brilad