Middle East & Africa Smart Mining Market
No. of Pages: 117 | Report Code: BMIRE00029986 | Category: Electronics and Semiconductor
No. of Pages: 117 | Report Code: BMIRE00029986 | Category: Electronics and Semiconductor
The Middle East & Africa smart mining market was valued at US$ 822.00 million in 2022 and is expected to reach US$ 1,426.81 million by 2030; it is estimated to register a CAGR of 7.1% from 2022 to 2030. Introduction of Industrial Internet of Things (IIoT) Drives Middle East & Africa Smart Mining Market
Although 77% of mining companies are at the beginning of their digital transformation journey, most of them have already taken significant initiatives to introduce IIoT in operation. The introduction of IIoT helps increase production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is anticipated to be one of the leading trends in the smart mining market, which adds to the safety of miners on-site. Major technology companies such as AMD, Intel, STMicro, Softbank (Arm), Microsoft Corporation, Cisco, and Infosys Limited are leveraging technologies to enhance mining operations by improving worker's safety. These companies are also creating awareness about the benefits of IIoT and AI in the mining industry.
AI and wearables are also being used to provide real-time data workers in the mining site. Also, with the development of 5G infrastructure, the smart mining business is paving its path toward greater growth. From improving planning and operational efficiencies to mine workflow productivity and safety, rapid developments in AI technologies would make mine operations successful. For instance, by utilizing pattern matching and predictive analysis, AI programs can analyze quantities of geological data and find new and potentially valuable sites to mine.Middle East & Africa Smart Mining Market Overview
The smart mining market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The region is anticipated to witness a rapid increase in industrialization and commercialization. The Gulf countries are economically developed, while the African countries are still in the developing phase. The MEA is the world's largest hub for mineral mining (diamond, gold, and phosphate) and oil and gas operations. Mineral mining is an emerging industry offering impressive opportunities for smart mining, resources, and infrastructure companies. The Gulf countries look forward to diversifying their economies, reducing their oil and gas dependency, and creating jobs for the young, fast-growing population.
Mining in the Middle East & Africa has a promising future. Even though Africa has over 30% of the world's mineral reserves, the region receives less than 5% of the extraction budget and global mining exploration. There is a vast potential for the mining sector in MEA. Many nations in the Middle East and Africa have recently presented or are in the process of enacting new mining regulations to accelerate investment. In various fields, including mining, the GCC nations in the Middle East are working to build a single regulatory structure. These are the initial steps toward developing a world-class mining sector that can significantly contribute to the region's economic growth and job possibilities. The growing mining sector in the region will propel the demand for smart mining.
New tax incentives and regulatory regimes are being developed across the region to encourage investment in smart mining. New reforms in mining in the Middle East and African countries suggest developing a stronger fiscal policy through social safety nets and increased taxes across base levels. The Gulf Cooperation Council (GCC) has created a unified framework to develop custom policies and trade regulations to drive the market.
Middle East & Africa Smart Mining Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the Middle East & Africa Smart Mining provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Middle East & Africa Smart Mining refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Get more information on this report Middle East & Africa Smart Mining Strategic Insights
Get more information on this report Middle East & Africa Smart Mining Report Scope
Report Attribute
Details
Market size in 2022
US$ 822.00 Million
Market Size by 2030
US$ 1,426.81 Million
Global CAGR (2022 - 2030)
7.1%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Component
By Mining Type
Regions and Countries Covered
Middle East and Africa
Market leaders and key company profiles
Get more information on this report Middle East & Africa Smart Mining Regional Insights
Get more information on this report Middle East & Africa Smart Mining Market Segmentation
The Middle East & Africa smart mining market is segmented based on component, mining type, and country.
Based on component, the Middle East & Africa smart mining market is segmented into automated equipment, hardware component, software solution, and services. The automated equipment segment held the largest Middle East & Africa smart mining market share in 2022. The automated segment is further subsegmented into load haul dump, robotic truck, driller & breaker, excavator, and other automated equipment. The hardware component is further subsegmented into RFID tags, sensors, intelligent system, and others. The software solutions are further subsegmented into logistics software and solutions, data & operation management software and solutions, safety & security systems, connectivity solutions, analytics solutions, remote management solutions, and asset management solutions.
In terms of mining type, the Middle East & Africa smart mining market is bifurcated into underground mining and surface mining. The surface mining segment held a larger Middle East & Africa smart mining market share in 2022.
Based on country, the Middle East & Africa smart mining market is categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa smart mining market in 2022.
ABB Ltd, Alastri, Caterpillar Inc, Hexagon AB, Hitachi Ltd, MineSense, Rockwell Automation Inc, SAP SE, and Trimble Inc are some of the leading companies operating in the Middle East & Africa smart mining market.
The Middle East & Africa Smart Mining Market is valued at US$ 822.00 Million in 2022, it is projected to reach US$ 1,426.81 Million by 2030.
As per our report Middle East & Africa Smart Mining Market, the market size is valued at US$ 822.00 Million in 2022, projecting it to reach US$ 1,426.81 Million by 2030. This translates to a CAGR of approximately 7.1% during the forecast period.
The Middle East & Africa Smart Mining Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Smart Mining Market report:
The Middle East & Africa Smart Mining Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Smart Mining Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Smart Mining Market value chain can benefit from the information contained in a comprehensive market report.
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