Mining Automation Market is Estimated to Reach US$ 7.5 Billion Globally by 2033

The global mining automation market is anticipated to expand from its current value of US$ 4 billion to US$ 7.5 billion by the end of 2033, progressing at a CAGR of 6.4%.
Process and software automation, as well as the incorporation of robotic technology in mining vehicles, are all aspects of mining automation.

Utilising technology and information to extract minerals, ores, or other resources is known as mining automation. The process is used at the mine site to increase output, safety, efficiency, and lower operating costs. The mining industry was severely impacted by the COVID-19 outbreak. Due to the epidemic, there was a significant decrease in the demand for minerals and metals, and several commodity prices fell to all-time lows.

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Key Takeaways from Market Study:

• The global mining automation market is valued at US$ 4 billion in 2023.
• Worldwide demand for mining automation solutions is estimated to increase at a CAGR of 6.4% from 2023 to 2033 (forecast period).
• The market is predicted to reach a size of US$ 7.5 billion by 2033.
• Asia Pacific accounted for 39% share of the global market in 2022.
• The equipment segment is expected to grow considerably during the forecast period.

"Mounting concerns regarding workers' safety, growing acceptance of technologically advanced equipment, and increasing need for improved productivity are important factors propelling the global market for mining automation," says a Fact.MR analyst.

Competitive Landscape:

Key players in the mining automation market are focusing on providing autonomous solutions that bring benefits such as cost-efficiency and productivity in mining operations. Moreover, several start-ups are working on new developments to gain market share.

• Solution Geosolutions, an Australian start-up, offers cloud-hosted mining exploration software. The software suite, Solve Labs, aids in exploratory efforts by utilizing advanced analytics and machine learning algorithms. The software facilitates the understanding of complicated multivariate datasets to offer the required insights, as well as the overall efficiency of mining exploration.

• Caterpillar unveiled the 789-mining truck in September 2022 to improve cab comfort, connectivity, and efficiency. The new model can transport more stuff while using up to 9% less fuel.

• Epiroc AB absorbed RNP Mexico in August 2022, which develops, produces, and distributes rock drills and associated parts to customers in the Latin American mining and construction industries.

• Hexagon AB unveiled the Life-of-Mine smart platform in June 2022, which links software, sensors, cloudware, and infield applications. The platform connects the mine to a boardroom via a single onboard ecosystem that involves a smart computer and an antenna. The solution aims to link critical mining workflows to improve productivity and safety and accelerate digital transformation.

Mining management and the government have long been concerned about the increased incidence of mining accidents. Miners frequently jeopardize their lives by digging underground in hazardous conditions to bring profitable commodities to the surface. Workers and their supervisors can surely gain from automating underground chores and using robots or other advanced technologies that can function efficiently without being hindered by any cause. Such advantages of mining automation solutions are projected to boost market growth over the next ten years.

Key Companies Profiled:

• AB Volvo
• Caterpillar, Inc
• Atlas Copco AB
• Fluidmesh Networks LLC
• Autonomous Solutions, Inc
• Hexagon AB

Key Segments of Mining Automation Industry Research:

· By Automation Type :
• Software
• Equipment
• Support Systems

· By Technique :
• Underground Mining
• Surface Mining

· By Application :
• Mining Operations
• Mine Maintenance
• Mine Developments

· By End Use :
• Mineral Mines
• Metal Mines
• Coal Mines

· By Region :
• North America
• Latin America
• Europe
• Asia Pacific & China
• Middle East & Africa

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Questionnaire answered in the Market outlook Report of Mining Automation include:

• What is the key strategy deployed by large players to maximize Mining Automation growth?
• What are the main challenges faced by players in the Mining Automation Demand?
• With the advent of technological advancement, how will the Mining Automation landscape change over the forecast period?
• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Mining Automation size?

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This release was published on openPR.