Rockville, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global mining automation market is set to touch US$ 7.5 billion by 2033, expanding at 6.4% CAGR from 2023 to 2033.
Mining is the second-most significant and ancient human endeavor after agriculture. The two industries are considered the primary industries of early civilization. Mining is the primary source of mineral commodities, which all countries rely on to maintain and improve their standard of living. Mining automation is gaining prominence due to increasing awareness of the application of modern technology.
Mining automation refers to the utilization of control systems, such as computer technology and electronics, to assist machines in performing certain activities. It covers several types of equipment used in mining activities with high operational autonomy.
The main benefit of mining automation technology is cost reduction. Mining costs can be decreased by automating the procedure. It can also assist in minimizing the number of miners needed, which can help to lower mining costs. Mining automation solutions can also help boost productivity. Mining speed can be increased using automation. Moreover, the technology can aid in improving the quality of minerals
Traditionally, mining operations involved a lot of manual labor, which put people in a risky environment. A large number of human resources are needed to achieve increased productivity, which includes supplying safety equipment and high remuneration, which raises overall production costs. Many corporations are employing automation in their mining processes to prevent such significant costs and risks to personnel.
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Mining management and the government have long been concerned about the increased incidence of mining accidents. Miners frequently jeopardize their lives by digging underground in hazardous conditions to bring profitable commodities to the surface. Workers and their supervisors can surely gain from automating underground chores and using robots or other advanced technologies that can function efficiently without being hindered by any cause. Such advantages of mining automation solutions are projected to boost market growth over the next ten years.
Key Takeaways from Market Study
- The global mining automation market is valued at US$ 4 billion in 2023.
- Worldwide demand for mining automation solutions is estimated to increase at a CAGR of 6.4% from 2023 to 2033 (forecast period).
- The market is predicted to reach a size of US$ 7.5 billion by 2033.
- Asia Pacific accounted for 39% share of the global market in 2022.
- The equipment segment is expected to grow considerably during the forecast period.
“Mounting concerns regarding workers’ safety, growing acceptance of technologically advanced equipment, and increasing need for improved productivity are important factors propelling the global market for mining automation,” says a Fact.MR analyst.
Key Segments of Mining Automation Industry Research
- By Automation Type :
- Software
- Equipment
- Support Systems
- By Technique :
- Underground Mining
- Surface Mining
- By Application :
- Mining Operations
- Mine Maintenance
- Mine Developments
- By End Use :
- Mineral Mines
- Metal Mines
- Coal Mines
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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Competitive Landscape
Key players in the mining automation market are focusing on providing autonomous solutions that bring benefits such as cost-efficiency and productivity in mining operations. Moreover, several start-ups are working on new developments to gain market share.
- Solution Geosolutions, an Australian start-up, offers cloud-hosted mining exploration software. The software suite, Solve Labs, aids in exploratory efforts by utilizing advanced analytics and machine learning algorithms. The software facilitates the understanding of complicated multivariate datasets to offer the required insights, as well as the overall efficiency of mining exploration.
- Caterpillar unveiled the 789-mining truck in September 2022 to improve cab comfort, connectivity, and efficiency. The new model can transport more stuff while using up to 9% less fuel.
- Epiroc AB absorbed RNP Mexico in August 2022, which develops, produces, and distributes rock drills and associated parts to customers in the Latin American mining and construction industries.
- Hexagon AB unveiled the Life-of-Mine smart platform in June 2022, which links software, sensors, cloudware, and infield applications. The platform connects the mine to a boardroom via a single onboard ecosystem that involves a smart computer and an antenna. The solution aims to link critical mining workflows to improve productivity and safety and accelerate digital transformation.
Key Companies Profiled
- AB Volvo
- Caterpillar, Inc
- Atlas Copco AB
- Fluidmesh Networks LLC
- Autonomous Solutions, Inc
- Hexagon AB
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global mining automation market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on automation type (software, equipment, support systems), technique (underground mining, surface mining), application (mining operations, mine maintenance, mine developments), and end use (mineral mines, metal mines, coal mines), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
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