Connected Mining Market worth $23.6 billion by 2027

The Connected Mining Market size is to grow from USD 12.7 billion in 2022 to USD 23.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Mining 4.0 initiatives in industries is paving the way for connecting mining market. Increasing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market.

The connected solutions refer to the deployment of IoT solutions in the mining industry. These solutions are primarily aimed at achieving the convergence of machines and intelligent data to achieve the operational efficiency targets set by energy companies. connected solutions in mining sector also improvise analytics-based decision-making by diminishing the threats and vulnerabilities of the market using efficient tools and techniques. Moreover, connected mining solutions have enabled energy companies to control assets from anywhere to monitor their asset performance. 

Asia Pacific is expected to hold the largest market size in the global Connected Mining Market during the forecast period. In Asia Pacific, China, India, Indonesia, Papua New Guinea (PNG), and the Philippines are expected to drive the market with China as the most potential player in smart mining initiatives. India can be considered to be the next high potential preference for the major global Connected Mining Market vendors as the country has increasing demand for minerals. New investments will drive the Indian market, following the country's ambitious target of adding USD 210 billion from the mining and mineral sectors to the country's GDP by 2050.