Selbyville, Delaware,, June 19, 2024 (GLOBE NEWSWIRE) -- The mining automation market valuation is projected to reach over USD 7 billion by 2032, as per a recent study by Global Market Insights Inc.
The growing need for increased operational efficiency and productivity in mining operations is driving the industry growth. Automation technologies are helping reduce labor costs and improve precision to meet the increasing safety concerns along with reducing the risk to human workers in hazardous environments. Of late, significant technological advancements including robotics, AI, and IoT have made automation solutions more viable and cost-effective.
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The demand for minerals and metals is also rising, particularly for use in renewable energy technologies and EVs, further boost the mining automation market development. Rising regulatory pressures and sustainability goals are encouraging the adoption of automation to minimize environmental impacts. The integration of advanced data analytics is enabling better decision-making and resource management, favoring the market dynamics.
The surface mining automation segment is estimated to depict significant share of mining automation market by 2032, owing to the growing need for enhanced operational efficiency and safety, reduced labor costs, and increased productivity. Significant advancements in autonomous trucks, drilling, and blasting systems are increasing the appeal of surface mining automation in various industries. The rollout of environmental regulations and sustainability goals pushing for cleaner and more precise mining operations will add to the segment growth.
Mining automation market from the mining operations application segment is anticipated to rise at significant rate between 2024 and 2032, owing to the growing need for improved safety, increased operational efficiency, and reduced labor costs. The deployment of these solutions is enhancing precision in drilling, blasting, and transportation, minimizing downtime and maximizing resource extraction. The advancements in robotics, AI, and data analytics are enabling real-time monitoring and decision-making. The rising demand for minerals for renewable energy will further accelerate the product uptake in mining operations.
Europe mining automation market will witness substantial growth between 2024 and 2032, on account of the stringent safety regulations, the higher need for operational efficiency, and reduced labor costs. Innovative developments in AI, robotics, and IoT in the region are improving the precision and productivity in mining operations. The growing push for sustainable and environmentally friendly mining practices is driving the product uptake. The surging demand for critical minerals for renewable energy technologies and electric vehicles will also drive the regional market progression.
Some of the leading firms operating in the mining automation market include ABB, Caterpillar, Komatsu, Epiroc, Global Road Technology International Holdings (HK) Limited, Hitachi Construction Machinery Co., Ltd., and Sandviken. These industry players are adopting mergers & acquisitions, partnerships, and launching novel products to increase their market share. For instance, in June 2024, Sandvik Mining and Rock Solutions introduced AutoMine Lifecycle Support Solutions, an aftermarket technology support service for AutoMine customers to enhance operational uptime and enable continuous process optimization in mining automation.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Mining automation market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total addressable market (TAM), 2024-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Technology & innovation landscape
3.4 Patent analysis
3.5 Key news and initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Focus on enhanced efficiency and productivity
3.7.1.2 Rising demand for technological advancements
3.7.1.3 Adoption of digital software in the mining industry
3.7.1.4 Rising safety concerns
3.7.1.5 Adoption of connected mines
3.7.2 Industry pitfalls & challenges
3.7.2.1 High upfront costs
3.7.2.2 Technical complexities
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Industry rivalry
3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
