Wilmington, Delaware, United States, April 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global mining automation market is estimated to flourish at a CAGR of 6.4% from 2022 to 2031. According to Transparency Market Research, the market value of Mining Automation is slated to total US$ 7.3 billion by the end of the aforementioned period of assessment. The latest upgrades in the mining automation market include the adoption of predictive analytics, the rise of edge computing, and the use of hybrid power systems.
The latest developments in the mining automation market include the adoption of autonomous drilling and excavation technologies, the use of advanced robotics for mining applications, the integration of automation systems with other technologies such as drones and virtual reality, and the increasing focus on cybersecurity to protect against cyber-attacks and data breaches.
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The mining companies are investing in hybrid power systems to reduce costs and environmental impact, and are leveraging predictive analytics to improve operational efficiency and reduce downtime.
Key Findings of the Market Report
- The most lucrative segment of the mining automation market on the basis of the end user is the metal mining segment.
- The demand for these metals is increasing rapidly due to their applications in various industries.
- The underground mining segment is expected to have the highest market growth during the forecast period.
- North America is expected to have the largest market share due to the presence of leading market players.
Mining Automation Market Growth Drivers & Trends
- AI and machine learning can be used to analyze data from sensors and other sources to predict equipment failures and optimize maintenance schedules, reducing downtime and improving productivity.
- Digital twin technology is being used in the mining industry to create virtual replicas of physical assets, enabling mining companies to test new scenarios and optimize operations in a virtual environment
- Blockchain can be used to improve transparency and traceability in the mining supply chain, reducing the risk of fraud and unethical practices.
- Mining companies are leveraging predictive analytics to identify patterns in data and predict equipment failures, allowing them to perform preventive maintenance and reduce downtime.
- Edge computing is becoming increasingly popular in the mining industry, allowing for real-time data processing and decision-making at the edge of the network, enabling faster response times and reducing latency.
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Global Mining Automation Market: Regional Profile
- North America is a significant market for mining automation, driven by the presence of large mining companies and technological advancements. The United States and Canada are the top contributors to the growth of this market in this region.
- Europe is also an important region for the mining automation market. The rising market demand for energy and minerals is driving the growth of this market. The United Kingdom, Germany, and France are the prominent countries contributing to the growth of the mining automation market in Europe.
- The Asia-Pacific region is the largest market for mining automation, driven by rapid industrialization and increasing demand for minerals and metals to boost the mining sector. China, Australia, and India are the eminent contributors to the growth of this market in the region.
Mining Automation Market: Competitive Landscape
The mining automation market growth is being shaped by trends such as the increasing use of autonomous vehicles, the integration of artificial intelligence and machine learning, and the adoption of cloud-based technologies to improve operational efficiency and reduce costs. Some prominent manufacturers are as follows:
- Atlas Copco Group
- Autonomous Solutions, Inc.
- Caterpillar Inc.
- Hexagon AB
- Hitachi Construction Machinery Co, Ltd.
- Komatsu Ltd
- Mine Site Technologies Pvt. Ltd.
- Rockwell Automation Inc.
- RPMGlobal Holdings Limited
- Sandvik AB
- Siemens
- Trimble Inc.
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Some key market developments with regard to mining automation are as follows:
- In February 2022, Atlas Copco Group launched a new range of underground mining loaders and trucks, featuring advanced automation and connectivity features to improve productivity and safety in mining operations.
- In February 2022, Autonomous Solutions, Inc announced a partnership with Galvanized Ventures to accelerate the development of autonomous solutions for the mining industry. The partnership is expected to leverage Galvanized Ventures' expertise in investing and incubating technology startups to support the growth of Autonomous Solutions, Inc's autonomous solutions in the mining automation market.
Mining Automation Market: Key Segments
By Type
- Software Automation
- Communications System
- Equipment Automation
- Remote Control
- Driver Assistance
- Teleoperation
By Technology
- Robotics
- Artificial Intelligence
- Internet of Things
- Others (Drone, Advance Sensors, etc.)
By Technique
- Surface Mining
- Underground Mining
By Automation
- Assistive Automation
- Partial Automation
- Conditional Automation
- Full Automation
By Application
- Mine Development
- Mine Maintenance
- Mining Process
By End User
- Mineral Mines
- Metal Mines
- Coal Mines
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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