With 6.3% CAGR, Mining Automation Market Growth to Surpass USD 4.2 billion

The global mining automation market size is expected to grow from USD 3.1 billion in 2022 to USD 4.2 billion by 2027, at a CAGR of 6.3%. The growth of the mining automation market can be attributed to the growing necessity for reducing operating costs, increasing demand for remote operating and monitoring and fleet management systems, and rising demand for enhancing worker safety are driving the growth of the mining automation market. However, depletion of natural resources and growing adverse impact of automated mining on host countries are major restraints for the growth of the market.

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The mining automation market is witnessing steady growth owing to several factors including rising digital transformation of the worldwide mining industry and growing requirement for improving mine productivity. Evolution of smart connected mines and growing foreign investments in the mining sector of several countries such as Congo, Ghana, and Australia are other major factors contributing to the growth of the mining automation market.

Based on offering, the mining automation market is segregated into equipment (autonomous hauling/mining trucks, autonomous drilling rigs, underground LHD loaders, tunnelling equipment, smart ventilation systems, pumping stations, and others (hybrid shovels, total stations, mining dozers, wheel loaders, and mining excavators)), software (remote operating and monitoring systems, proximity detection and collision avoidance systems, workforce management systems, data management solutions, fleet management systems, air quality & temperature monitoring systems, and others (asset tracking and payload monitoring systems)), and communication system (wireless mesh networks, navigation systems, and RFID tags). Mining equipment held the largest share of the market in 2021 and are projected to grow at a moderate growth rate. Mining equipment form the backbone of automated mining operations. These machines are being used by mining companies to meet the growing need for increasing productivity, and controlling costs. With increasing research & development (R&D) investment and technological advancements, unmanned or autonomous equipment are being developed which reduce the frequency of hazardous incidents while increasing efficiency and productivity.

Based on technique, the mining automation market is segregated into surface mining and underground mining. Underground mining technique is projected to grow at a higher growth rate and also held the larger share of the market in 2021. Major providers of underground mining, such as BHP (Australia), Anglo American Plc (UK), Rio Tinto (UK), Vale (Canada), Glencore (Switzerland), Implats Platinum Limited (South Africa), etc., are focusing on research & development, mergers, joint ventures, collaborations, and product innovation strategies. Increasing investments in the mining sector, backed by growth in the end-user industries, is estimated to boost market for underground mining.

Based on workflow, the mining automation market is segregated into mine development, mining process, and mine maintenance. After the completion of the exploration phase, which involves a detailed search for seeking concentrated mineral deposits to ensure commercially viable mining processes, mining companies begin the development of the proposed mine site. Road headers and other automated tunnel boring equipment are equipped with the automatic sequence control system and are connected to online data-processing facilities that help the device control system to acquire and process the mining data and ensure accurate boring measurements with the preventive calculation of risks associated with a mine.

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The mining automation market is segmented into four regions, North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2021, Asia Pacific held the largest share of the market followed by rest of the world (RoW). Asia Pacific has immense natural reserves distributed among the countries throughout the region. Australia has the distinction of being the second-largest producer of alumina, gold, lithium, manganese, lead, zinc. The vast reserves of iron ores in the Western region of Australia have attracted huge foreign investments in mine exploration and development of resource-rich areas. The leading mining companies have collaborated with mining equipment providers to implement advanced automation technology to mine the iron ore reserves efficiently. Changing market scenarios and the need for advanced mining technologies have encouraged the Government of India to develop and modernize valuable mining facilities in the country. Similarly, To improve the current mining infrastructure in the country and generate new jobs, the government has opened its mining sector for foreign investments. New laws are formed to tackle the deterioration of the mining industry owing to the depletion of reserves at two of the country's biggest mines, namely, Pan American Silver's San Vicente mine and Sumitomo Corporation's San Cristobal mine.

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This release was published on openPR.