Mining Automation Market to reach USD 3.59 Billion by 2026 : Top Player Includes Caterpillar, Komatsu, Sandvik, Atlas Copco, Hexagon, Hitachi, RPMGlobal and Trimble.

Global Mining Automation Market Analysis

According to Verified Market Research, the Global Mining Automation Market was valued at USD 2.27 Billion in 2018 and is projected to reach USD 3.59 Billion by 2026, growing at a CAGR of 5.86% from 2019 to 2026.

The mining industry is facing an interesting future with growing demands as well as severe challenges. Being traditionally a labor-intensive industry, the trend now is to massively increase the level of automation. As technology and computers have improved over the years, mining automation technology has boomed the consumer electronics market. The use of automation technology in the mining sector is rapidly accelerating and shifting the landscape of the mining industry.

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The mining automation serves various benefits in regards to safety at mines, increased productivity and higher profits throughout the industry. Mining automation can be defined as an automated technology which enables the reduction of human labor from the mining process. The mining industry is in the transition phase and is shifting its culture towards automation. The mining industry still requires a large amount of human capital, particularly in the developing countries and emerging markets where labor costs are low offers less incentive for increasing efficiency.

Global Mining Automation Market Overview

Along with growing consumer electronics industry, the need for safety of the workers is also required. Mining sectors face numerous mishaps and faults. Thus, equipment and devices can help reduce the causalities and improve workers’ safety. By using automated equipment that can be maneuvered into unsafe areas and difficult locations, mining companies can send fewer miners underground while extracting a higher output with lower risk to their employees. The increasing focus towards worker’s safety thus, acts as a potential driver for the global mining automation market.

Moreover, these automated technologies improve the workflow of industries and help meet the growing requirement for improving productivity. It also provides real-time analytics and increases speed and efficiency, along with producing a higher yield. Thus, it can be suggested a growing requirement for improving production is encouraging automated technologies in the market and is a potential driver for the global mining automation market. However, depletion of natural resources might act as a restraint for the mining automation market at a global level.

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Global Mining Automation Market: Segmentation

The Mining Automation market is segmented on the basis of technique, workflow, type, and geography. On the basis of type, the market is segmented into Equipment, Software and Communications System

Mining Automation Market By TypeThe market for software is expected to grow at the highest CAGR over the forecast period. Software automation tools facilitate the mining operators to be able to maintain real-time control over the operations that are being undergone in order to ensure a better level of efficiency and safety. Software tools are also implemented in order to perform tasks that thereby allow the skilled workers to focus on other tasks which increase productivity.

Mining Automation Market By GeographyOn the basis of regional analysis, the global Mining Automation market is classified into North America, Europe, Latin America, Asia Pacific and Rest of the world. The Mining Automation market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period owing to growing demand from emerging economies i.e. China and India.

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The major players in the market are Caterpillar, Komatsu, Sandvik, Atlas Copco, Hexagon, Hitachi, RPMGlobal and Trimble. Apart from these, some of the other prominent players include Autonomous Solutions Inc., Fluidmesh Networks, MST Global and Symboticware among others.

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