New York, US, July 13, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Mining Automation Market information by Offering, by Software, by Operations and Region – forecast to 2027” the market was valued at USD 2.31 Billion in 2019; it is expected to reach USD 4.03 Billion by 2025 at a CAGR of 8.6%
Dominant Key Players on Mining Automation Market Covered Are:
- MST Global
- ABB Limited
- Komatsu Limited
- Hexagon AB
- Hitachi Limited
- Trimble Inc
- Rockwell Automation
- Emerson Electric Co
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Wabtec Corporation
- Honeywell International Inc
- Siemens AG
- Atlas Copco AB
- Caterpillar Inc.
- Sandvik AB
- Yokogawa Electric Corporation
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Market USP Exclusively Encompassed:
Mining Automation Market Drivers
Rising Need for Worker Safety
Working in an underground mine is extremely hazardous owing to the prospective dangers like adverse health effects, exposure to toxic gases, lack of proper ventilation, and others. This concern derived the need for advanced mining equipment for underground mining techniques for safeguarding mine workers that is boosting the growth of the market.
Mining Automation Market Opportunities
Emergence of IoT to offer Robust Opportunities
The emergence of IoT (internet of things) has offered miners with next-generation analytics which facilitate real-time decision support. Various operators are collaborating with technology providers to deploy wireless networks in underground mining which is likely to offer robust opportunities to the market during the forecast period.
Mining Automation Market Restraints
Absence of Qualified and Skilled Labor to act as Market Restraint
The adoption of mining automation includes need of qualified and highly skilled labors at the mine site. The lack of needed personnel for operating the technology is the key backdrop. The absence of such required work force acts as a key restraint for the market growth.
Mining Automation Market Challenges
Depletion of Natural Resources to act as Market Challenge
The depletion of natural resources is likely to act as a market challenge over the forecast period. Most of the manual tasks, involving entry level mining positions have taken over by mining automation, resulting in entry level mining positions, have been taken over by mining automation, leading to loss of job opportunities for unskilled laborers that limits the market growth.
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Segmentation of Market covered in the research:
By Offering
By offering, the software segment will lead the market over the forecast period. This is mainly because of the customized use of automated mining equipment. Here lies the reason various companies can customize their chain of processes and their plan of action.
By Operation
By operation, the mining process will dominate the market over the forecast period. The mining process is needed to be able to obtain any material which cannot be grown through agricultural processes or created artificially in a factory or laboratory.
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Regional Analysis
North America to Dominate Mining Automation Market
North America will dominate this market in the forecast period. High demand for advanced manufacturing robotic technologies, favorable government policies to encourage factory automation, increased demand for automated and intelligent manufacturing systems, the US being a major contributor to mining automation, the presence of key market players in the US, the growing mining activities for extraction of minerals like nickel, zinc, and lead, and the presence of mines in Canada have experienced automation by using autonomous haul trucks for unearthing and transporting oil sands for crude oil processing are adding to the global mining automation market growth over the forecast period.
APAC to Have Healthy Growth in Mining Automation Market
The APAC region will have healthy growth in the forecast period and at a high CAGR. The presence of immense natural reserves distributed among the countries, increased use of automated mining equipment by leading mining and exploration companies, the increasing adoption of technology in Australia, and untapped potential for exploration and drilling activities in India and China are adding to the global mining automation market growth in the region. The Australian economy has experienced the use of remote-controlled equipment and robots for efficient and safe extraction of minerals.
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COVID-19 Impact on the Global Mining Automation Market
The outbreak of COVID-19 has caused the demand for automation and is expected to boost over the long run, primarily to cope with the rising costs and shortage of labor. In the mining sector, the situation is likely to vary from commodity to commodity. The mining of commodities like uranium, iron ore, and gold has remained buoyant. Commodities in contrast, like metallurgical coal and thermal coal has come under more pressure as the commodity is fully exposed to consumer demand.
Industry Updates
With an aim to jointly promote the application and construction of digitalization intelligence and automation of underground mining equipment, Epiroc & Baosteel Resources-owned underground iron ore miner has held a signing ceremony for marking a new major customer cooperation agreement which also includes an intelligent mine project.
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