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30+ Mining Stats, Market Size, Trends, and More: Industry Insights

Digital Transformation May 13, 2024

Mining is a major source of income for many countries, as its growth influences their ability to acquire resources and drive economic progress. This industry can be classified into geophysical or chemical sectors based on its unique characteristics.

The mining industry has undergone significant transformation in recent years, driven by technological advancements and a growing focus on sustainability and efficiency. One of the key trends in the industry is the adoption of automation and robotics, which has revolutionized mining operations, making them safer, more efficient, and more environmentally friendly.

Advancements in mining technology are happening globally, including in India. Monitoring and control systems have improved productivity, safety, and efficiency in mining operations. The industry now uses larger and heavier machinery. However, there’s a limit to how much these improvements can further enhance operations. The solution lies in IT-enabled automation. With increased mechanization comes the need for more maintenance, repairs, operating supplies, and inventory.

Today, we will explore over 30 mining statistics, market size, trends, and more, providing valuable industry insights.

Mining Industry Overview and Stats

  • The mining market is poised for significant growth, with projections indicating a rise to $2825.81 billion by 2028, boasting a compound annual growth rate (CAGR) of 5.5%.
  • The mining automation market surpassed $2.5 billion in value in 2020 and is anticipated to achieve $4.3 billion by 2025, with a compound annual growth rate (CAGR) of approximately 11%.
  • Oil and gas activities dominate sector revenue, driving overall performance. The recent adoption of hydraulic fracturing and directional drilling techniques has made the US a leading energy producer. Energy exports further enhance sector performance.
  • The pandemic initially hindered the sector in 2020, but as the economy recovered, prices surged, boosting revenue and profitability. However, revenue has contracted since, with a CAGR of -0.8% through 2024, reaching $758.8 billion, including an 8.7% dip in 2024 alone.
  • The US EIA predicts coal’s share of world energy consumption will drop from 22% in 2040. Renewables are projected to grow fastest, with consumption increasing by 2.3% annually until 2040, impacting the mining market.
  • Power generation companies are increasingly using alternative sources like natural gas, nuclear power, and renewables for cleaner electricity. Declining installation costs of renewables are driving this shift, expected to reduce coal demand.

Mining Industry Overview and Stats

Green Mining worldwide market with a forecast for 2029 :

  • The green mining market has experienced substantial growth, reaching $9.82 billion in 2023, and is projected to reach $10.66 billion in 2024, with a compound annual growth rate (CAGR) of 8.6%. This growth is fueled by increasing demand for sustainable resources, cost-efficiency measures, community expectations, and efforts towards rehabilitation.
  • Future growth prospects are promising, with the market forecasted to reach $14.09 billion by 2028, reflecting a CAGR of 7.2%. This growth will be driven by the adoption of circular economy practices, ongoing equipment innovation, environmentally friendly processing techniques, biodiversity conservation initiatives, and responsible mineral sourcing practices.
  • Key trends shaping the industry include the rise of zero-emission vehicles, increasing transparency through blockchain technology, advancements in carbon capture methods, collaborative efforts towards sustainable mining practices, and the integration of advanced sensor technologies.

Green Mining worldwide market with a forecast for 2029

Artificial Intelligence In The Mining Industry

  • It is estimated that AI in the mining industry could increase productivity by 37% by 2035.
  • AI and robotics could potentially replace up to 50% of mining employees in the future.
  • AI is projected to add $15.7 trillion to the global economy by 2030, with the mining industry being one of the major contributing sectors.
  • The mining industry currently spends 1% of its total annual revenues on innovation, with significant emphasis placed on adopting AI.
  • More than 90% of operating mines are currently investing in AI and autonomous technologies.
  • By 2025, 50% of mining companies are expected to invest in AI-driven predictive modeling techniques.
  • Nearly 73% of heavy mobile equipment warnings could be eliminated by using AI, thus eliminating false positives.
  • Predicting maintenance through AI can increase equipment uptime by 20%.
  • Approximately 42% of mining companies are planning to invest in predictive analytics within the next 3 years.
  • The global AI in the mining market is expected to exceed $2.5 billion by 2027.
  • AI implementation in mining could lead to an annual cost savings of $390 billion by 2035.
  • The global AI in the mining market is expected to exceed $2.5 billion by 2027.
  • AI implementation in mining could lead to an annual cost savings of $390 billion by 2035.
  • The adoption of AI in mining is expected to result in a 15% increase in revenue.
  • Predictive maintenance, facilitated by AI, could reduce maintenance costs in the mining industry by 20%.
  • Digitalization in the mining industry, including the use of AI, could save over 1,000 lives and prevent 44,000 injuries by 2025.
  • The use of AI in the mining industry could generate $500 billion in value by 2025.

Global Smart Mining Industry: Market Insights

Global Smart Mining Industry Market Insights

  • The Smart Mining Market is estimated to be worth USD 34.16 billion in 2024, with a projected growth to USD 34.53 billion by 2029, indicating a modest CAGR of 0.21% during the forecast period (2024-2029).
  • Mining operations encompass various intricate processes, including resource allocation and management of equipment such as mining trucks, excavators, drills, conveyor belts, transportation, and logistics. To enhance efficiency and accelerate operations, there is a growing need for systems that can simplify and automate these complex processes.
  • The mining industry’s digital transformation efforts are projected to drive its value to over USD 320.0 billion in the next decade, as per the World Economic Forum. Leading this transformation is Inter Systems IRIS, the next-generation software for mining operations. It seamlessly integrates with existing hardware and software, offering customizable Key Performance Indicators (KPIs) in real-time, including Overall Equipment Effectiveness (OEE), and instant notifications for data and KPI thresholds.
  • Despite its promise, big data management (BDM) in mining faces persistent challenges. However, big data analytics presents an opportunity to revolutionize the sector. By leveraging advanced information and communication technologies, big data analytics can create intelligent infrastructure that evolves. This evolution is expected to significantly improve asset utilization, boost productivity, and mitigate material flow delays in mining operations.

Caterpillar Inc.: Caterpillar offers a range of mining equipment and solutions that incorporate IoT and data analytics to optimize operations and enhance safety.

Cisco Systems, Inc.: Cisco provides networking and cybersecurity solutions for mining operations, enabling connectivity and data protection in smart mining environments.

SAP SE: SAP offers mining-specific software solutions for managing operations, supply chain, and asset maintenance, helping mining companies streamline their processes.

Rockwell Automation: Rockwell Automation offers automation solutions for mining operations, including control systems and analytics tools to optimize production and maintenance.

Komatsu Ltd.: Komatsu provides mining equipment and autonomous solutions that leverage AI and IoT technologies for improved efficiency and productivity.

Major Players In the Smart Mining Industry

7 Prominent Markets In The Mining Industry

According to The Business Research Company’s report:

  • Mining: The global mining market is valued at $2276.8 billion in 2024, with a projected growth to $2825.81 billion by 2028, driven by technological advancements and favorable government policies.
  • Diamond: The diamond market is valued at $2.59 billion in 2024, expected to reach $3.29 billion by 2028, driven by rising demand from developing countries and marine mining.
  • Copper: The copper market is valued at $179.84 billion in 2024, expected to reach $240.52 billion by 2028, driven by various industries and the introduction of new products.
  • Marble: The marble market is valued at $34.8 billion in 2024, expected to reach $50.03 billion by 2028, driven by architectural demand and global urbanization.
  • Iron Ore: The iron ore market is valued at $455.13 billion in 2024, expected to reach $598.03 billion by 2028, driven by demand from the energy sector and economic growth.
  • Lead: The lead market is valued at $18.52 billion in 2024, expected to reach $25.11 billion by 2028, driven by battery manufacturing and other sectors.
  • Anthracite: The anthracite market is valued at $123.06 billion in 2024, expected to reach $133.28 billion by 2028, driven by industrial demand and energy security concerns.

7 Biggest Mining Companies And Revenue

1. Glencore PLC (GLNCY):

Glencore is a Switzerland-based multinational commodity trading and mining company. It produces and trades metal, mineral, energy, and agricultural commodities, serving industries such as automotive, steel, power generation, battery manufacturing, and oil globally.

Revenue (TTM): $255.98 billion
Net Income (TTM): $17.32 billion
Market Cap: $64.68 billion

2. Jiangxi Copper Co. Ltd. (600362):

Jiangxi Copper is a China-based copper mining company engaged in the extraction and processing of copper and other metals. Its products include copper cathode, gold, silver, sulphuric acid, copper rod, copper tube, and copper foil.

Revenue (TTM): $70.99 billion
Net Income (TTM): $920.02 million
Market Cap: $55.40 billion

3. BHP Group Ltd. (BHP):

BHP is an Australia-based international resources company. It explores and mines minerals such as coal, iron ore, gold, titanium, ferroalloys, nickel, and copper. The company is focused on helping the world decarbonize with its products and services.

Revenue (TTM): $60.28 billion
Net Income (TTM): $27.91 billion
Market Cap: $141.26 billion

4. Rio Tinto PLC (RIO):

Rio Tinto is a U.K.-based multinational metals and mining company. It explores and mines for aluminum, borax, copper, gold, gypsum, iron ore, molybdenum, silver, titanium dioxide feedstock, diamonds, and zircon.

Revenue (TTM): $55.55 billion
Net Income (TTM): $12.42 billion
Market Cap: $97.65 billion

5. Aluminum Corporation of China Ltd. (ACHHY):

Aluminum Corporation of China is a China-based manufacturer of aluminum products. The company also produces aluminum ores, bauxite, coal, and operates in the energy segment, including conventional coal-fire power generation and renewable energy generation.

Revenue (TTM): $42.46 billion
Net Income (TTM): $631.98 million
Market Cap: $77.57 billion

6. Vale SA (VALE):

Vale is a Brazil-based multinational mining company. It produces iron ore, pellets, manganese, iron alloys, gold, nickel, copper, bauxite, alumina, and aluminum. The company also owns and operates railroads and maritime terminals.

Revenue (TTM): $41.46 billion
Net Income (TTM): $16.17 billion
Market Cap: $56.52 billion

7. Zijin Mining Group Co. Ltd. (ZIJMF):

Zijin Mining is a China-based multinational mining company engaged in the exploration, mining, and smelting processing of gold, copper, zinc, and other metal mineral resources. The company also conducts metal trading and investment businesses globally.

Revenue (TTM): $40.96 billion
Net Income (TTM): $28.43 billion
Market Cap: $36.33 billion

11 Technology Trends In The Mining Industry

  • Prioritization: Mining companies are focusing on sustainability and responsible practices to maintain their social license to operate, attracting investors with strong ESG credentials.
  • Decarbonization Drive: The industry is adopting green mining initiatives and alternative energy sources to reduce carbon emissions and environmental impact.
  • Supply Chain Resilience: Supply chains are becoming decentralized and more transparent, utilizing technologies like blockchain for ethical sourcing and real-time data management.
  • Change Management: Effective change management strategies are essential for successful digital transformation and ensuring employee alignment with new technologies and processes.
  • Process Automation: Automation is revolutionizing mining operations, enhancing safety, efficiency, and cost-effectiveness across various processes.
  • Workforce Productivity: Investment in training programs and technologies like VR and predictive analytics is enhancing workforce efficiency, despite concerns about labor shortages.
  • Critical Minerals Focus: Companies are ramping up production and exploring new regions to meet the rising demand for critical minerals like lithium and cobalt.
  • Geotechnology Advancements: Advanced imaging and AI-driven data analysis are revolutionizing exploration activities, making them more precise and cost-effective.
  • IIoT Implementation: Industrial IoT is facilitating real-time data collection and management, enabling smarter decision-making and reducing downtime.
  • Ore Grade Decline Solutions: Advanced extraction techniques and precision mining are enabling companies to extract value from low-grade ores sustainably.
  • Autonomous Vehicles and Drones: Autonomous systems like drones and vehicles are enhancing accessibility and efficiency in mining operations, and addressing labor shortages.

Mining Market Segmentation: Type, Process, Provider

The global mining market is segmented into several categories based on the type of mining, process, and service providers involved:

Mining Market By Type:

  • Mining Support Activities: This includes services such as exploration, site preparation, and other support services for mining operations.
  • General Minerals: This category covers a wide range of minerals including industrial minerals, gemstones, and other non-metallic minerals.
  • Stones: Refers to the extraction of stones used for construction and ornamentation.
  • Copper, Nickel, Lead, and Zinc: These are specific metals that are mined for various industrial purposes.
  • Metal Ore: Includes the extraction of various metal ores such as iron ore, gold ore, and silver ore.
  • Coal, Lignite, and Anthracite: This category covers the extraction of coal and its variants for energy production.

Mining Market By Process:

  • Underground Mining: This involves the extraction of minerals and ores from below the earth’s surface.
  • Surface Mining: Refers to the extraction of minerals and ores from the surface of the earth.

Mining Market By Service Provider:

  • Independent Contractors: These are companies or individuals that provide mining services on a contract basis.
  • Companies: Refers to mining companies that own and operate mining facilities.
  • Subsegments include specific activities within each category, such as Coal Mining Support Activities, Metal Mining Support Activities, and Nonmetallic Minerals Mining Support Activities. It also includes a wide range of minerals such as Potash, Salt, magnesium, Sulfur, and various industrial minerals like Kaolin, Asbestos, and Feldspar. Additionally, it covers metals like Copper, Zinc, Lead, Nickel, and precious metals like Gold, Silver, and Platinum.

Start Your Digital Transformation Journey In Mining With Zealous

At Zealous System, we specialize in providing comprehensive digital transformation journeys for the mining industry. Our software solutions are designed to revolutionize mining operations, enhance efficiency, and drive innovation.

We start by analyzing your current processes and identifying areas for improvement. Through the integration of advanced data analytics tools, we enable you to collect, analyze, and visualize data in real time, empowering you to make informed decisions and optimize your operations.

Our expertise also extends to integrating IoT devices into your mining equipment, allowing for remote monitoring and control. This not only improves safety but also boosts productivity on-site.

With Zealous System as your partner, you can embark on a digital transformation journey that will redefine the future of mining. Transform your operations, streamline your processes, and stay ahead of the competition with our tailored solutions.

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    Pranjal Mehta

    Pranjal Mehta is the Managing Director of Zealous System, a leading software solutions provider. Having 10+ years of experience and clientele across the globe, he is always curious to stay ahead in the market by inculcating latest technologies and trends in Zealous.


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