Acumen Research and Consulting recently published report titled “Mining Automation Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
TOKYO, June 23, 2022 (GLOBE NEWSWIRE) -- The Global Mining Automation Market size accounted for USD 3,301 Mn in 2021 and is estimated to reach USD 6,416 by 2030, with a significant CAGR of 7.8% from 2022 to 2030.
The mining industry is concerned with the extraction of valuable minerals and other geological elements. The extracted minerals are mineralized, which provides an economic advantage to the prospector or miner. The surge in the number of mining activities and the rise in infrastructure development are important trends in the mining automation market. Power and cement industries are also aiding growth in the mining sector. Growing worker's safety, adoption of technologically advanced equipment in the mining industry, and surging need for better productivity are some of the aspects that are generating significant mining automation market revenue.
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Mining Automation Market
Market Size 2021
US$ 3,301 Mn
Market Forecast 2030
US$ 6,416 Mn
7.8% During 2022 - 2030
2018 - 2030
2022 - 2030
By Technique, By Type, By workflow, And By Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Atlas Copco AB, Caterpillar Inc., Autonomous Solutions Inc., Hexagon AB, Ltd, Komatsu Ltd., Hitachi Construction Machinery Co., Rio Tinto, Sandvik AB, Rockwell Automation, Inc., and Siemens.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
10 hrs of free customization and expert consultation
Covid-19 Impact on the Global Mining Automation Industry
The Covid-19 epidemic has influenced a wide range of sectors. Throughout the epidemic, all of these industries saw a significant decline in sales. Coronavirus is very common in the mining industry. The virus wreaked havoc on the labor force. Mining automation, on the other hand, is appropriate for this market environment. Instead of human labor, the sector relies on machinery and software. This sector automation is bringing about positive developments. Thus, despite the fact that the mining business was severely impacted by the coronavirus pandemic, automation players saw this as an opportunity and began investing in the mining sector.
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Global Mining Automation Market Growth Factors
Global markets are seeing an increase in smart mines as a result of increased digitization. Smart automates activities by utilizing new technology and automation equipment. Because of smart mines, the market's overall operational costs are decreasing. Cost savings in mines are greater with smart mines. Because of these advantages, the mining automation industry is in high demand. All of these variables will result in a high market acceptance rate and profitability.
The rapid growth of technology, such as AI technology and robots, has expanded the use of mining automation systems as a means of increasing production efficiency. The growing trend of adopting novel technology is propelling the development of automated mining solutions. The rise of the Internet of Things (IoT) in this industry provides mine management with real-time analytics via visualization tools.
However, the market is hampered by the depletion of natural resources. Mining operations are less productive in many areas. Natural resource scarcity is one of the causes of low productivity. The depletion of natural resources is influencing the growth of the mining automation industry. The automaton technologies are beneficial in the mining region.
Furthermore, advancements in machine learning technology are expected to expand its usage, outperforming human performance in specific mining tasks. For mining automation, Infosys provides internet and ethernet services to connect various devices and equipment. Online analyzers, motor control, and gas emission equipment are all connected to ethernet networks, allowing for data extraction and viewing without the need for human intervention.
All of these elements contribute to a significant market share, offering huge growth prospects in the future.
Global Mining Automation Market Segmentation
The mining automation market is divided into four categories: technique, type, workflow, and geography. Based on technique, the market is split into underground mining and surface mining. Based on our analysis, the underground mining segment generated the maximum mining automation market revenue in 2021, whereas surface mining will witness a significant growth rate in the coming years.
Based on the type segment, the market is segregated into equipment, software, and communication systems. Out of these, the equipment segment held the major mining automation market share in 2021. Meanwhile, the software segment will witness a good growth rate in the given forecasted period.
Based on workflow, the market is categorized into mining process (autonomous haulage and automated drilling), mine maintenance (HVAC and mine dewatering), and mine development (tunnel boring, construction of access roads, and site preparation and clearing). In 2021, the mining process segment gathered a substantial amount of share 2021.
Mining Automation Market Regional Stance
The regional group includes North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific region accumulated the utmost market shares in 2021 and is expected to continue its trend during the forecast period 2022 – 2030. The untapped drilling and exploring potential in nations such as China and India, owing to the presence of a large number of mines, is likely to create significant industry growth prospects throughout the projection period. According to the India Brand Equity Fund, the number of reporting mines in India was anticipated to be 1,245 as of FY22. Furthermore, greater automation technology use in Australia is expected to drive the regional mining automation market.
Europe was one of the most important regions in the global market due to the increased adoption of automated vehicles and mining equipment in mining exploration activities. For instance, Ferrexpo plc stated in March 2021 that it had successfully launched the first large-scale automated mining trucks in Europe through the transformation of its CAT 793D haul trucks. Since 2017, the company has deployed semi-autonomous drill rigs in its operations.
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Mining Automation Market Player Analysis
The mining automation industry involves many key players. The top mining automation companied presented in the report include Atlas Copco AB, Caterpillar Inc., Autonomous Solutions Inc., Hexagon AB, Ltd, Komatsu Ltd., Hitachi Construction Machinery Co., Rio Tinto, Sandvik AB, Rockwell Automation, Inc., and Siemens.
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