The AI in Mining and Natural Resources Market Size is valued at USD 4.6 billion in 2023 and is predicted to reach USD 20.3 billion by the year 2031 at a 20.5% CAGR during the forecast period for 2024-2031.
Artificial intelligence has become a disruptive factor in the natural resources and mining sector. This field aims to transform resource extraction and management by utilizing AI technologies like computer vision and machine learning. AI's capacity to interpret mining businesses may improve worker safety protocols, make data-driven decisions, and maximize exploration efforts by analyzing large databases. Additionally, in dangerous mining locations, AI-powered autonomous trucks and equipment can lower operating hazards and boost production. Artificial intelligence in mining and natural resources has a lot of potential to advance sustainable practices, boost operational effectiveness, and satisfy the growing demand for essential natural resources worldwide.
The growing necessity for effective and sustainable resource management is a key impetus in the mining sector. Extensive data processing and analytical insights from AI enhance decision-making, thereby reducing environmental impact, decreasing operational expenses, and streamlining exploration and extraction processes.
Competitive Landscape
Some Major Key Players In The AI in Mining and Natural Resources Market:
- IBM Corporation
- Google LLC
- Microsoft Corporation
- Amazon Web Services, Inc.
- Caterpillar Inc.
- Komatsu Ltd.
- Sandvik AB
- Hexagon AB
- ABB Ltd.
- Rockwell Automation, Inc.
- Hitachi Construction Machinery Co., Ltd.
- NVIDIA Corporation
- SAP SE
- Cisco Systems, Inc.
- Wenco International Mining Systems Ltd.
- BHP Group
- Rio Tinto Group
- Vale S.A.
- Anglo American plc
- Freeport-McMoRan Inc.
- Newmont Corporation
- Teck Resources Limited
- Glencore plc
- Gold Fields Limited
- Barrick Gold Corporation
- Other Market Players
Market Segmentation:
AI in the mining and natural resources market is segmented by type, application, and end user. Based on type, the market is segmented into machine learning, computer vision, natural language processing, and robotics. By application, the market is segmented as exploration and geological analysis, mine planning and design, autonomous vehicles and equipment, predictive maintenance, safety and risk assessment, environmental monitoring and management, supply chain optimization, resource extraction and processing, and mine closure and rehabilitation. By end-user, the market is segmented into mining companies, mining equipment manufacturers, consulting and service providers, and research and academia.
Based On Application, The Exploration And Geological Analysis Segment Is Accounted As A Major Contributor To The AI In The Mining And Natural Resources Market.
The market is expanding due in large part to its critical role in exploration and geological analysis, where AI makes target identification, geological modelling, and efficient data processing possible. AI improves scheduling, resource allocation, and layouts in mine planning and design, resulting in more economical and sustainable mining operations. While predictive maintenance solutions reduce downtime and boost equipment reliability, autonomous vehicles and equipment that integrate artificial intelligence (AI) improve automation and safety in demanding mining conditions—AI-powered data analytics help Safety and Risk Assessment by offering real-time insights to avert potential dangers and mishaps.
The Predictive Maintenance Segment Witnessed Growth At A Rapid Rate.
Predictive maintenance is another current use of AI in mining. Mining companies have reduced downtime and increased the lifespan of both fixed and mobile assets by employing machine learning (ML) algorithms to evaluate equipment data and detect breakdowns before they happen. In addition to saving money, this strategy increases safety by reducing the likelihood of incidents involving equipment.
In The Region, North American AI In The Mining And Natural Resources Market Holds A Significant Revenue Share.
Due to significant R&D investments, technological developments, and partnerships between mining businesses and AI technology providers, North America is at the forefront of the implementation of AI in mining. The market is thriving in Europe as a result of the region's emphasis on environmentally friendly mining methods, legislative backing, and the presence of top suppliers of AI solutions. With nations like Australia and China making significant investments in AI technology to improve safety, optimize mining operations, and satisfy resource demands, Asia Pacific offers potential for rapid growth. While the Middle East and Africa see growing AI integration for resource exploration and extraction, supporting the region's economic development, Latin America embraces AI-driven technologies to increase efficiency and productivity in the mining sector.
Recent Developments:
- In Aug 2024, ABB and Komatsu established a partnership to create electrification and decarbonization solutions for the mining sector. The collaboration amalgamates the experience of both firms to provide comprehensive solutions, encompassing renewable energy production and entirely powered mining trucks. ABB and Komatsu's collaboration seeks to reduce diesel usage and ultimately eradicate it through the electrification of mining operations. The companies will offer a suite of interoperable solutions tailored to match customer requirements.
AI in Mining and Natural Resources Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 4.6 Bn |
|
Revenue Forecast In 2031 |
USD 20.3 Bn |
|
Growth Rate CAGR |
CAGR of 20.5% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Application, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
IBM Corporation, Google LLC, Microsoft Corporation, Amazon Web Services, Inc., Caterpillar Inc., Komatsu Ltd., Sandvik AB, Hexagon AB, ABB Ltd., Rockwell Automation, Inc., Hitachi Construction Machinery Co., Ltd., NVIDIA Corporation, SAP SE, Cisco Systems, Inc., Wenco International Mining Systems Ltd., BHP Group, Rio Tinto Group, Vale S.A., Anglo American plc, Freeport-McMoRan Inc., Newmont Corporation, Teck Resources Limited, Glencore plc, Gold Fields Limited, Barrick Gold Corporation. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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