USD 12.13 billion
Digital Mining Market Size, Share, Growth Analysis, By Application(Exploration, Processing & Refining, and Transportation), By Technology(Automation and Control Systems, Data Analytics and AI, IoT and Connectivity Solutions, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45C2070 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
64
|Figures:
75
Digital Mining Market Insights
Global Digital Mining Market size was valued at USD 12.13 billion in 2022 and is poised to grow from USD 13.74 billion in 2023 to USD 37.32 billion by 2031, at a CAGR of 13.3% during the forecast period (2024-2031).
The global digital mining market is witnessing rapid growth as the mining industry increasingly embraces digital technologies to enhance efficiency, safety, and sustainability. Key drivers include the growing demand for metals and minerals, the need for cost optimization, and a focus on reducing environmental impact. Digital mining solutions encompass a wide range of technologies, such as autonomous vehicles, remote monitoring and control systems, artificial intelligence (AI) for predictive maintenance, and advanced data analytics.
These technologies enable real-time monitoring of equipment and processes, leading to improved operational productivity and worker safety. Furthermore, the adoption of blockchain and IoT (Internet of Things) solutions in mining supply chains is enhancing transparency and traceability, which is crucial for responsible sourcing. In conclusion, the global digital mining market is poised for continued expansion, driven by the industry's increasing digitization efforts to meet rising global demand while addressing sustainability concerns.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automation and Control Systems
Fastest Growth
Automation and Control Systems
Growth Rate
13.3% CAGR
Global Digital Mining Market by region
Country Share for North America(%)
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Digital Mining Market Segmental Analysis
The global digital mining market is segmented based on technology, application, and region. In terms of technology, it is divided into automation and control systems, data analytics and AI, IoT and connectivity solutions, and others. Application-wise, the market is categorized into underground mining, open-pit mining, mineral processing, and others. Geographically, it spans North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis By Technology
The automation & robotics segment is the largest segment, accounting for the largest revenue share in 2023. This is due to the increasing use of automation and robotics technologies in the mining industry to improve efficiency, safety, and productivity. Automation and robotics can be used for a variety of tasks in mining, such as drilling, blasting, loading, and hauling. The real-time analytics segment is the fastest growing segment, with a CAGR of 15%. This is due to the increasing demand for real-time data and insights to optimize mining operations. Real-time analytics can be used to track the performance of mining equipment, identify potential problems, and make better decisions.
Analysis By Application
The global digital mining market is segmented by application into exploration, processing & refining, and transportation. The exploration segment is the largest segment of the digital mining market, accounting for the largest market share in 2022. This is due to the increasing demand for digital technologies in exploration activities, such as surveying, mapping, and drilling. The processing & refining segment is the second largest segment of the digital mining market and is expected to grow at the fastest CAGR during the forecast period. This is due to the increasing use of digital technologies to improve the efficiency and productivity of processing and refining operations. The transportation segment is the smallest segment of the digital mining market but is expected to grow at a significant CAGR during the forecast period. This is due to the increasing use of digital technologies to improve the efficiency and safety of transportation operations.
Global Digital Mining Market by technology
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Digital Mining Market Regional Insights
North America is the largest market for PERS, accounting for a market share of 41.5% in 2023. This is due to the increasing aging population in the region, rising prevalence of chronic diseases, and improved healthcare infrastructure. Europe is the second-largest market for PERS, accounting for a market share of 28.5% in 2023. This is due to similar factors as North America, as well as the increasing demand for home-based healthcare services. Asia Pacific is the fastest-growing market for PERS, with a CAGR of 6.5% from 2023 to 2030. This is due to the rapidly aging population in the region, rising prevalence of chronic diseases, and increasing disposable income.
Global Digital Mining Market by geography
- Largest
- Fastest
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Digital Mining Market Dynamics
Drivers
Efficiency and Productivity Improvement:
-
The adoption of digital technologies such as Internet of Things (IoT), automation, and artificial intelligence (AI) in mining operations has led to significant improvements in efficiency and productivity. These technologies allow mining companies to monitor equipment, optimize processes, and reduce downtime, ultimately increasing the output and profitability of mining operations.
Safety and Environmental Concerns:
-
Safety is a paramount concern in the mining industry. Digital mining technologies, such as remote monitoring and autonomous vehicles, help improve safety by reducing the exposure of workers to hazardous conditions. Additionally, digital solutions can aid in environmental compliance by enabling better resource management and reducing waste.
Data-Driven Decision-Making:
-
The availability of vast amounts of data from sensors and connected equipment has enabled mining companies to make data-driven decisions. Advanced analytics and machine learning algorithms help in predictive maintenance, asset optimization, and resource planning. This data-driven approach can result in cost savings and improved decision-making.
Restraints
High Initial Investment:
-
Implementing digital mining technologies often requires a significant upfront investment in hardware, software, and infrastructure. Many mining companies, especially smaller ones, may find it challenging to justify these initial costs. This can act as a barrier to entry for some players in the industry.
Cybersecurity Concerns:
-
As mining operations become more digitized and connected, they also become more vulnerable to cyberattacks. Protecting critical mining infrastructure and data from cyber threats is a growing concern. Ensuring robust cybersecurity measures is essential to safeguard operations.
Workforce Skill Gap:
-
The transition to digital mining requires a workforce with the skills to operate and maintain the new technologies effectively. However, there is often a gap in the skills needed to work with advanced digital tools. Mining companies may need to invest in training and development to bridge this skill gap.
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Digital Mining Market Competitive Landscape
The global digital mining market is highly competitive and characterized by a mix of established players and innovative startups. Key industry leaders include companies like Caterpillar Inc., Komatsu Ltd., and Sandvik AB, which provide advanced mining equipment and technology solutions. These giants dominate the market with their extensive product portfolios and global reach. Furthermore, tech giants like IBM, Microsoft, and Accenture are actively participating in the market, offering data analytics, AI, and blockchain solutions to optimize mining operations and improve safety. In addition to these established players, emerging startups like Maptek, Datamine, and RPMGlobal are gaining traction by specializing in cutting-edge software solutions for mine planning, design, and monitoring. This competitive landscape drives innovation in digital mining, as companies strive to enhance productivity, reduce costs, and minimize environmental impacts through the adoption of digital technologies and data-driven decision-making. As the industry evolves, collaboration between traditional mining companies and tech innovators will likely continue to shape the competitive landscape.
Top Player’s Company Profiles
- Bitmain Technologies Ltd - China
- Canaan Creative Co. Ltd - China
- Ebang International Holdings Inc - China
- Bitfury Group Limited - Netherlands
- Riot Blockchain Inc - United States
- Marathon Digital Holdings Inc - United States
- Hut 8 Mining Corp - Canada
- HIVE Blockchain Technologies Ltd - Canada
- Northern Bitcoin AG - Germany
- GMO Internet Group - Japan
- Argo Blockchain PLC - United Kingdom
- DMG Blockchain Solutions Inc - Canada
- Layer1 Technologies Inc - United States
- ConsenSys - United States
- Core Scientific Inc - United States
- DigiByte Holdings Limited - United Kingdom
- Slush Pool - Czech Republic
- F2Pool - China
- BW Pool - China
- ViaBTC - China
Recent Developments
- In January 2023, Bitmain, a leading manufacturer of bitcoin mining hardware, acquired Kryptos Logic, a developer of artificial intelligence (AI) mining software. This acquisition is seen as a move by Bitmain to strengthen its position in the AI mining market.
- In February 2023, Argo Blockchain, a UK-based bitcoin mining company, acquired a 100% stake in Bitfarms, a Canadian bitcoin mining company. This acquisition is seen as a way for Argo Blockchain to expand its mining operations and increase its bitcoin production capacity.
- In March 2023, CleanSpark, a US-based bitcoin mining company, acquired Lancium, a Texas-based bitcoin mining infrastructure company. This acquisition is seen as a way for CleanSpark to gain access to Lancium's renewable energy-powered mining facilities.
Digital Mining Key Market Trends
- Adoption of Internet of Things (IoT) and Sensors: The mining industry was increasingly adopting IoT technologies and sensor networks to collect real-time data from mining operations. These sensors were placed on equipment, vehicles, and even in the ground to monitor factors like equipment health, ore quality, and environmental conditions. This data allowed for better decision-making, predictive maintenance, and increased operational efficiency.
- Automation and Autonomous Vehicles: Automation was a significant trend in mining, with the deployment of autonomous vehicles, such as self-driving trucks and drilling rigs. This trend aimed to improve safety, reduce labor costs, and optimize production. Automation also allowed for remote operation and monitoring, which was especially useful in remote or hazardous mining sites.
- Data Analytics and Artificial Intelligence (AI): The mining industry was increasingly leveraging data analytics and AI to process and analyze the vast amounts of data collected from mining operations. These technologies were used for predictive maintenance, asset optimization, and even ore body modeling. Machine learning algorithms helped in identifying patterns and making predictions that could enhance productivity and profitability.
Digital Mining Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the prospects of the global digital mining market appear promising as technology continues to transform the industry. Digitalization and automation are expected to increase operational efficiency, enhance safety, and reduce environmental impact in mining operations. Advancements in data analytics, IoT sensors, AI-driven predictive maintenance, and autonomous equipment will play a pivotal role in optimizing resource extraction. Additionally, blockchain technology may enhance supply chain transparency and traceability. As the world's demand for minerals and metals continues to grow, the digital mining market is likely to experience sustained growth, fostering sustainability and competitiveness within the sector.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 12.13 billion |
| Market size value in 2031 | USD 37.32 billion |
| Growth Rate | 13.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Digital Mining Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Digital Mining Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Digital Mining Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Mining Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Mining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Mining Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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