Pune, March 22, 2023 (GLOBE NEWSWIRE) -- Based on SNS Insider research, mining companies are looking for ways to reduce costs, increase productivity, and improve safety in their operations, and automation technology can help them achieve these goals. As per SNS Insider, “The Mining Automation Market had a worth of USD 4.84 billion in 2022 and is anticipated to attain USD 8.77 billion by 2030, with a projected compound annual growth rate (CAGR) of 7.7% during the estimated period from 2023 to 2030”.
Mining automation has increased efficiency it brings to mining operations. Automation allows companies to extract minerals more quickly and accurately, resulting in increased productivity and profitability. By using predictive analytic, companies can anticipate equipment failures and perform maintenance proactively, reducing downtime and improving the lifespan of their equipment.
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Mining Automation Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 4.84 Billion |
| Market Size by 2030 | US$ 8.77 Billion |
| CAGR By 2023 to 2030 | CAGR of 7.7% |
| Key Segments | • By Type (Hardware, Software, Equipment, Communications Systems) • By Technique (Surface Mining Automation, Underground Mining Automation) • By Workflow (Mining Process, Mine Development, Mine Maintenance) |
| Company Profiles | MST Global, ABB Ltd., Hexagon, Hitachi, Rockwell Automation, Emerson Electric, Mitsubishi Electric Corporation, Schneider Electric, Honeywell International, and Siemens. |
| Key Drivers | • Reduced operating costs. • Growing Need for Productivity Improvement. |
| Restraints | • Natural resource depletion. |
Market Analysis
The mining industry has undergone a significant transformation in recent years, thanks to the rapid advancement of technology. The emergence of innovative technologies such as Artificial Intelligence (AI) and robotics has resulted in an increased usage of mining automation solutions, which has boosted production efficiency. This trend of deploying cutting-edge technologies has driven the growth of the mining automation market, which is expected to continue to expand in the coming years. One of the key benefits of these technological advancements is the emergence of the Internet of Things (IoT) in the mining sector. This technology offers mine management access to real-time data and analytics with the help of visualization tools.
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Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a mixed impact on the mining automation market. While it has created challenges for companies operating in the region, it has also highlighted the value of automation and digitalization in the mining industry. As the conflict continues to evolve, it will be important for mining automation companies to adapt and innovate in order to meet the changing needs of their customers and the market.
Key Regional Development
The Asia Pacific region has dominated the mining automation market, capturing a significant share of the global revenue. This driven by the increased adoption of automation technology in Australia, which has witnessed a surge in the use of robots and remote-controlled equipment for the extraction of minerals. Mining companies are increasingly turning to automation to improve safety and reduce costs, while also boosting their output. One of the key advantages of mining automation is that it enables companies to extract minerals from remote and challenging locations without putting human lives at risk.
Recent Developments Related to Mining Automation Market
- Sandvik, a global engineering group, has announced its plans to revolutionize the mining industry by introducing automated battery-electric loaders. This move will take mining productivity to the next level by replacing traditional diesel-fueled loaders with electric-powered ones. The new loaders will provide sustainable and efficient solutions that will help reduce carbon emissions and improve mining safety.
- Epiroc, a leading productivity and sustainability partner for the mining industry, has secured its biggest-ever automation order from Roy Hill, a mining company in Western Australia. The order comprises several of Epiroc's innovative automation solutions, including the company's autonomous drilling system and its Simba automation platform. The deal is set to revolutionize Roy Hill's mining operations and make them more efficient and sustainable.
Key Takeaway from Mining Automation Market Study
- Among the various segments of mining automation, the mining process segment is expected to take high growth in the market. The mining process automation can be applied to various stages of mining, including drilling, blasting, loading, hauling, and processing.
- The hardware segment is expected to dominate the market owing to the rising demand for improved efficiency and productivity in mining operations. Automation also allows mining companies to operate 24/7, which leads to increased production.
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