Press release
Mining Automation Market Size and Forecast 2016-2024 | Key Market Players are Sandvik AB, ABB Group, Autonomous Solutions Inc., Caterpillar Inc., Komatsu Limited, Atlas Copco, Hexagon AB, Hitachi, RPM Global and Trimble
Mining Automation Market
Mining automation also known as automated mining, eliminates humans from hazardous mining processes. Mining automation automates the mining process for surface and underground mining. The automation of mining makes underground mining possible 24/7, which increases productivity and reduces costs. Mining automation also improves worker safety.
Global mining automation market is predicted to reach USD 4.3 billion by 2024 growing at a CAGR of 11.4% during the forecast period.
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The European Union (EU), within the framework of its Horizon 2020 program and its SPARC program, focuses on autonomous underground mining. The EU SPARC program is a public-private partnership (PPP) model between euRobotics and the European Commission, whose objective is to make Europe the leader in civil robotics technology, including mining automation. SPARC is the largest robotics research and development program in the world. The SPARC program received funds from the European Community of 823 USD (1 euro = 1.18 USD) for 2014-2020 and three times more than the European industry for a total investment of 3. 3 billion dollars.
Drivers and Restraints:
Mining automation, including autonomous underground mining, is one of the main focus areas of the SPARC program. It is the motor of the mining automation market in Europe.
The safety of minors is also paramount in developed and emerging countries. Mining automation, which includes the use of robotics technology, performs mining operations in hazardous environments, ensuring the safety of workers. One of the largest mining automation companies in the US are expanding mine automation program. The use of robotic technology is also driving the market for the automation of mining in North America and Europe. Mining companies are focusing on increasing the productivity of mining operations and reducing operating costs, along with increasing the demand for mining automation.
One of the biggest barriers to the adoption of automation in the mining industry in emerging and developing countries is the large number of workers. The automation of mining reduces human participation in the mining process and is expected to lead to unemployment problems in Asia-Pacific (excluding Japan), the Middle East, Africa and South America. The cost of labor is low in emerging and developing countries. All these factors hinder the adoption of the automation of mining in these regions.
mining automation market Segmentation:
The global market for mining automation can be segmented by type, technique and geography. Markets segmented by type are equipment, software and communication systems. With mining automation equipment, operators in a remote-control room monitor the movements of trucks or unmanned loaders below the surface. The markets segmented by technique are underground mines and open pit mines. Underground mining refers to several mining technologies used to extract ore that contains lead, tin, nickel, zinc, copper, iron, silver and gold. Open pit mining is also known as open-pit mining where minerals are extracted by removing the soil and rocks that cover the minerals.
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Geographic Segmentation:
The global market for mining automation based on region is classified into North America, Europe, Asia-Pacific, Middle East, Africa and South America. It is expected that North America is an important market for mining automation in the world. The United States is expected to be the largest market in the region, followed by Canada and Mexico. Europe is expected to be the third largest producer of minerals after Asia-Pacific and North America. It should also be an important market for mining automation in the world. The main markets for mining automation in Europe are expected to be Germany, the United Kingdom, France, Italy and Spain. Asia-Pacific is expected to be one of the largest markets for mining automation in the world. China is expected to be the dominant market in the region, followed by Japan, South Korea and India. The Middle East and Africa are expected to be an important market for mining automation in the world, dominated by Iran, Saudi Arabia, Turkey and South Africa. South America is expected to be another important mining automation market in the world, led by Brazil and followed by Argentina.
Key Players:
The major players operating in the mining automation market are Sandvik AB, ABB Group, Autonomous Solutions Inc., Caterpillar Inc., Komatsu Limited, Atlas Copco, Hexagon AB, Hitachi, RPMGlobal and Trimble among others.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided.
The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
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