Global mining automation market size was US$ 2.68 Bn in 2019 and is expected to reach US$ 4.55 Bn by 2027, at a CAGR of 6.85% during forecast period.
Global Mining Automation Market
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Mining automation is the automated mining process which is used to reduce the physical efforts of human labors by various intelligent management systems. Automated mining automates the various mining processes for both underground and surface mining operation. It involves mining process, software automation and robotic automation technology to operate mining equipments and vehicles.
Increasing digitization in mining industry for different mining operations and rapid transition towards automation by mining industry are major driving factors behind the growth of market. Growing concerns regarding worker or labour safety, rising need for better productivity, fall in operating costs by using automation and development of smart mines are expected to improve market growth during forecast period. Mining automation delivers some benefits such as improved safety, better fuel efficiency for mining vehicles, improved vehicle utilization, increased productivity, low maintenance and improved working conditions, which are ultimately propelling the growth of market. Furthermore, switch towards mining automation by many mining companies across the globe to reduce costs and to improve integrity and safety is contributing in the growth of global mining automation market.
However, high capital expenditure to be investing in automation is major restraining factor that could hamper the growth of market. Limited technically skilled workforce to operate automated mining equipment and increasing unemployment by using robotics automation in mining process could obstruct the growth of market.
Global Mining Automation Market: Segmentation Analysis
By technique, underground mining segment dominated the market n 2019 and is expected to maintain its dominance at CAGR of XX% during forecast period. The growth is attributed to the rise in the adoption of underground mining automation process for exploration and collection of minerals which are found under the earth’s crust. Working in underground mines is considered very dangerous; therefore the demand for highly developed automated mining equipment is increased for underground mining process and is ultimately results into the growth of market. Also mining companies such as Rio Tinto are continuously working towards the development of autonomous vehicles and advanced tunnelling machines for use in underground mining process which is further contributing in the growth of mining automation market.
By workflow, mining process segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during forecast period. Mining process includes autonomous haulage and autonomous drilling. Autonomous haulage mining process held the largest market share in 2019 and is witnessing fastest growth at CAGR of XX%. The autonomous haulage system is a comprehensive fleet management system for mines. The demand of autonomous haulage system have increased since it plays an important role in efficient mine management, increasing productivity, making safer work environments and minimizing operating costs, which ultimately results into the growth of market.
Global Mining Automation Market: Regional Analysis
Region wise, Asia pacific held the largest market share in 2019 and is expected to maintain its dominance at CAGR of XX% during forecast period. The developing economies such as China, Japan, India and South Korea are major key contributors behind the growth of market. China held the largest market share. The growth is attributed to increasing use of mining automation equipments by leading mining companies such as FMG Group, BHP Billiton and Rio Tinto across the region. Also the growing digitization in mining industry and rapid investment by mining companies for the production of automated mining equipments is driving the growth of market in the region.
China’s top manufacturers has developed an autonomous mining vehicle which can work 24 hours a day and can be loaded and unloaded automatically and will reduce costs, achieve safe production by removing unsafe roles for human labourers and increases efficiency is propelling the growth of market in the region.
The objective of the report is to present a comprehensive analysis of the Global Mining Automation Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Mining Automation Market dynamics, structure by analyzing the market segments and projects the Global Mining Automation Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Mining Automation Market make the report investor’s guide.
The Scope of Global Mining Automation Market
Global Mining Automation Market, By Technique
• Underground mining
• Surface mining
Global Mining Automation Market, By Automation Type
• Material Handling Equipment
• Grinding Solutions
• Electrical, control and instrumentation systems
• Communication Systems
Global Mining Automation Market, By Workflow
• Mine development
• Mining process
• Mine maintenance
Global Mining Automation Market, By Region
• North America
• Asia Pacific
• South America
• Middle East & Africa
Global Mining Automation Market, Key Players
• Atlas Copco
• Rio Tinto Group
• Autonomous Solutions Inc
• Fluidmesh Metworks
• Mine Site Technologies
• Rockwell Automation, Inc.
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