Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Global Mining Automation Market Size, Share & Industry Trends Analysis Report by Offering, Technique, Application, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Mining Automation Market size is expected to reach $7 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Caterpillar, Inc.
- Hexagon AB
- Hitachi Construction Machinery Co., Ltd.
- Komatsu Ltd.
- Sandvik AB
- Liebherr-International AG
- Rockwell Automation, Inc.
- Siemens AG
- Trimble, Inc.
- Autonomous Solutions, Inc.
The use of processes and software automation and the integration of automation technologies in mining vehicles and intelligent systems comprise mining automation.
Automation in mining entails utilizing technology and data to extract ores, minerals, and other resources. The procedure is implemented to improve mine site productivity, efficiency, and safety and to reduce operating expenses. In addition, it eliminates human labor in the mining process.
The demand for mining automation is driven by key causes such as an increase in miner safety concerns, a rise in mining activity productivity due to automation, the elimination of high labor costs and time, and the advent of mining automation software. Working in underground mines is considered extremely dangerous due to potential dangers such as exposure to toxic gases,inadequate ventilation,and negative health impacts.
This worry spawned the demand for sophisticated mining equipment for underground mining processes to protect mine workers, which drives the market significantly. Automation in the mining process eliminates the need for manual labor. In addition, the reduction in time required to move through the mine during a shift reduces the overall cost of the mining operation, hence driving market expansion.
Rapid technological advancements, including Artificial Intelligence (AI) and robots, have led to a rise in the use of mining automation systems to increase production efficiency. Automated mining solutions are expanding due to the rising prevalence of new technology implementation. The advent of the Internet of Things (IoT) in this industry provides mine management with real-time data &analytics via visualization tools. In addition, many operators are collaborating with technology firms for the underground deployment of wireless networks.
Market Growth Factors
Growing demand for digital twin technology
Digital Twin simulations may be employed to forecast outcomes and project future scenarios, allowing operators to manage the physical environment via the digital duplicate. By assuming full control of machinery and equipment, individuals can be replaced with total automation enabled by a virtual simulation that enables efficient route mapping, timing, and method.
Digital Twin also enables on-site workers to construct accurate virtual training simulators for new employees to face a variety of scenarios that can be simulated electronically. As the demand for digital twin technology rises, the mining automation market is predicted to grow significantly.
Presence of technologically advanced equipment
Ores can be transported from mines to the port using a self-driving load haul dump vehicle. In the future years, it is anticipated that robotic gadgets will replace roughly half of all manual jobs.
In addition, 3D imaging technology, automated drilling, a sophisticated aerial gravity gradiometer for mineral prospecting, and a sophisticated shaft and tunnel boring system are anticipated to facilitate mining operations. Thus, the availability of technologically advanced mining equipment contributes to the development of the mining automation market.
Market Restraining Factor
High cost of operating and expensive machinery
Some mines continue to face the difficulty of insufficient investment dollars to adopt new technologies. The increased pricing of these machines due to the new Environmental Protection Agency (EPA) pollution restrictions is also anticipated to hinder the market's expansion.
The national and global regulators overseeing these massive machines will impose more regulations, which will likely restrict the industry's expansion. In addition, regulations about the safety of the operator and personnel in the workplace are predicted to affect product demand and impede market expansion.
Scope of the Study
By Offering
- Software
- Equipment
- Services
By Technique
- Underground Mining
- Surface Mining
By Application
- Mineral Mining
- Coal Mining
- Metal Mining
For more information about this report visit https://www.researchandmarkets.com/r/xqu4wd
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