Mining Automation Market is set to boost at a CAGR of 6.4% by 2031 | Analysis by Transparency Market Research Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The value of the global mining automation industry (광산 자동화 산업) in 2022 was US$ 4.2 billion. The market is expected to expand at a CAGR of 6.4% from 2023 to 2031 and reach US$ 7.3 billion by then.
Although automation technology has revolutionized several industries for many years, robotics has only recently been introduced to the mining industry. Increasing pressure on mining companies to reduce costs, increase worker safety, and increase production has led to an increase in the use of mining robots. Remote-controlled drilling machines and self-driving trucks are some of the ways mining robots are transforming this vital sector.
With mines becoming deep and ore deposits becoming farther away and difficult to reach, automating underground mining has become more important. Automation in underground mining has historically been slow due to the dynamic nature of underground operations and the challenges associated with automating equipment.
Due to the Covid-19 pandemic and the necessity to conduct operations remotely, mine automation has become more prevalent. Increasing industrialization and population growth are largely responsible for driving the mining automation market. Due to this, mining operations have expanded, necessitating fleet management applications linked to mining operations.
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Key Findings of the Market Report
- A majority of the mining automation market is expected to be driven by equipment automation.
- The market is experiencing a growing demand for robotics, anticipating a surge in mining automation.
- By technology, underground mining will significantly drive demand for mining automation.
- Australia, China, and India are expected to have the world's largest mining industries, making Asia Pacific the leading region globally.
- Mining automation is expected to experience growth in North America and Europe since these regions have a greater demand for metals and minerals.
Global Mining Automation Market: Growth Drivers
- The adoption of mining automation technology is propelled by the industry's growing emphasis on enhancing worker safety. Automation technology can increase productivity and efficiency in the mining sector while reducing the risk of accidents and injuries.
- Improving mine productivity is another important factor driving the mining automation market's growth. Based on real-time data, automation technologies maximize mining productivity and efficiency.
- With the aim of increasing production, while reducing costs, mining corporations are driving the market with linked mine evolution. In the digital era, cloud technologies, big data analytics, and the Internet of Things (IoT) are becoming more common.
- Automation technology is driving growth as the mining industry seeks to reduce operational expenses. The growing use of automated mining technologies is attributed to their benefits, such as improved accuracy and production.
- The rapid improvements in hardware automation technology are expected to make large-scale mining operations more efficient. Research and development investments in technological improvements will drive mining automation demand.
Global Mining Automation Market: Regional Landscape
- Asia Pacific is expected to grow rapidly in the mining automation market. Governments and mining firms in the Asia Pacific are increasingly focusing on safety and environmental laws. Using automation technologies leads to lower accident rates, worker safety, and lower environmental impact by reducing emissions and maximizing resource efficiency.
- Automation technology has made mining operations more economical and productive with self-driving haulage systems, remote-controlled machinery, artificial intelligence, and Internet of Things sensors. These technologies allow mining equipment to be remotely monitored and controlled, resulting in more efficient operations and less downtime.
- A lack of skilled labor and rising labor costs are driving the introduction of automation technologies in the mining industry. As a result of the reduced need for human labor, automated systems provide cost savings for mining businesses.
Global Mining Automation Market: Competitive Landscape
Top players in the mining industry have maintained their market share by introducing new technologies and constantly improving mining equipment's functionality.
Over the past few years, demand for mining automation equipment has grown significantly, resulting in major competitors offering competitive prices to gain a larger market share. Companies that specialize in mining automation provide customers with customized equipment retrofitting solutions.
Market Players
- Atlas Copco Group
- Autonomous Solutions Inc.
- Caterpillar Inc.
- Hexagon AB
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Mine Site Technologies Pvt. Ltd.
- Rockwell Automation Inc.
- RPMGlobal Holdings Limited
- Sandvik AB
- Siemens
- Trimble Inc.
Key Developments
- In June 2023, on the eve of HxGN LIVE Global 2023 in Las Vegas, Hexagon's Mining business unveiled a new autonomous portfolio to complement its planning, operations, and safety technology portfolios, demonstrating its commitment to addressing the major problems facing the mining sector.
- In March 2024, the largest copper producer in the world, Codelco, placed a significant order with Sandvik for an AutoMineload and haul automation system to be used in the new Andesita project at the El Teniente mine in Chile. The estimated value of the order is $39.9 million (SEK300 million). The new contract calls for Sandvik to install an advanced automation system and deploy a new automated Toro LH621i loader by 2024.
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Global Mining Automation Market: Segmentation
Type
- Software Automation
- Communications System
- Equipment Automation
- Remote Control
- Driver Assistance
- Teleoperation
Technology
- Robotics
- Artificial Intelligence
- Internet of Things
- Others (Drones, Advanced Sensors, etc.)
Technique
- Surface Mining
- Underground Mining
Automation
- Assistive Automation
- Partial Automation
- Conditional Automation
- Full Automation
Application
- Mine Development
- Mine Maintenance
- Mining Process
End User
- Mineral Mines
- Metal Mines
- Coal Mines
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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