Press release
Autonomous Mining Truck Market Product Development Strategies by Prominent Players: Komatsu Ltd., Caterpillar, AB Volvo, Autonomous Solutions Inc., Scania, Hitachi
The autonomous trucks are also known as self-driving truck which performs all major capabilities of traditional trucks with little or no human interventions. Moreover, the autonomous mining truck are specifically engineered for use in high production mining and are used to transport waste and ore produced in mines. Additionally, the trucks use infrared radars, LIDAR, cameras, sensors, complex algorithms, and others for its functioning. Besides, the truck uses global positioning system (GPS) for fleet applications. With rising adoption of autonomous mining trucks, the manufacturers are investing in development of technology.
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COVID-19 scenario analysis:
• The COVID-19 pandemic is rapidly changing the work dynamics of all the sectors, including mining industry.
• The indirect impacts of COVID-19 are likely to be wide-ranging. As a result, the affected industries are looking to develop strategies to open orders and global supply chain and restart the economy.
• Moreover, due to the decreasing demand, the commodity pricing related to mining industry are falling. For instance, the prices of platinum and palladium have fallen by 40%. Besides, South African miner Sibanye-Stillwater’s share price has lost over 60% in 4 weeks.
• However, as social distancing has become a new mainstream, the autonomous mining truck market is anticipated to grow. Due to reduced workforce on mining sites owing to COVID-19 threat, the autonomous mining truck offers the option with minimal human interaction.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Growth in mining industry and increasing demand for metals is driving the market of autonomous mining truck. Besides, autonomous mining truck aids in reducing the workforce and wages required for working, thereby saving the overall cost. Additionally, autonomous mining truck increases the work efficiency as the truck can work for longer duration without any break. Moreover, introduction of new mining sites for energy production activities is anticipated to proliferate the market growth. However, rising cybercrime restrict the autonomous mining truck market growth. Furthermore, increasing government expenditure on mining projects is bolstering the market growth.
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The autonomous mining truck market trends are as follows:
Development of fully autonomous mining trucks to foster the market
The autonomous mining truck manufacturers are heavily investing in development of complete-autonomous mining truck. The fully autonomous mining truck is designed with a cab. Moreover, the truck is equipped with cameras, radar, LiDAR and GPS receivers, and is steered and monitored by an intelligent control system. The truck would work without any human intervention and machine has complete control over the decisions to be taken. In 2019, Scania company unveiled its fully autonomous and cab-less mining trucks. Besides, the truck is solely controlled by external logistics system that tells it where to go and how to behave.
Rising adoption of autonomous trucks in mining project.
The introduction of autonomous mining trucks has led to improved safety outcomes through reduced interaction between heavy equipment and people in mining areas. Additionally, the mining projects are heavily adopting autonomous trucks for their efficiency. In 2019, BHP has signed a deal with Komatsu to deploy 41 automation-ready Komatsu 930E-5 ultra-class mining trucks at the South Flank iron ore project in the Pilbara, Western Australia.
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Key benefits of the report:
• This study presents the analytical depiction of the autonomous mining truckindustry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed autonomous mining truck market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the autonomous mining truck market research report:
• Which are the leading market players active in the autonomous mining truck market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
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