Press release
Mining Automation Global Market Report 2024 Segmented By | Equipment, Software, Communication System
mining automation market
The Business Research Company presents an extensive market research report on the Mining Automation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The mining automation market size has grown strongly in recent years. It will grow from $3.74 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to cost efficiency, safety concerns, labor shortages, operational optimization, remote monitoring and control, environmental compliance..
The mining automation market size is expected to see strong growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to energy efficiency initiatives, autonomous vehicles and equipment, customization and scalability, sustainable mining practices, market competition.. Major trends in the forecast period include integration of ai and machine learning, iot and connectivity, blockchain for supply chain transparency, digital twin technology, advanced sensor technologies, autonomous vehicles and equipment..
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Key Market Players:
Major companies operating in the mining automation market report are Hexagon AB, Rockwell Automation Inc., Komatsu Ltd., Rio Tinto Group, Autonomous Solutions Inc., Sandvik AB, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., RPM Global Holdings Limited, Trimble Inc., Siemens Aktiengesellschaft, Mine Site Technologies Pty. Limited, Symboticware Inc., ABB Ltd., Epiroc AB, Atlas Copco AB, Remote Control Technologies Pty. Ltd., AB Volvo, Fluidmesh Networks LLC, Joy Global Inc., Cisco Systems Inc., Schneider Electric SE, Wenco International Mining Systems Ltd., MST Global, MineSense Technologies Ltd., Mobilaris Mining Intelligence, IntelliSense.io, MineWare Pty. Ltd., Maptek Pty. Ltd., Micromine Pty.Ltd.
Market Drivers:
Rising demand for mining activities is expected to propel the growth of the mining automation market going forward. Mining activities refer to extraction activities that are connected to getting valuable or useful minerals from the Earth. They are the activities directly involved in mineral and metal exploration and production. Mining automation minimises production loss and improves safety and productivity in mineral activities, so an increase in mineral activities will propel market growth. For instance, in 2022, according to S&P Global Inc., a US-based leading provider of iconic and innovative index solutions, the global exploration budgets increased by 35% to $11.24 billion in 2021 from $8.35 billion in 2020. Furthermore, global exploration activity increased by 70% in 2021, from 27854 drill holes in 2020 to 68,880 drill holes in 2021. Therefore, the rising demand for mining activities is driving the mining automation market. Therefore, the rising demand for mining activities is driving the mining automation market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/mining-automation-global-market-report
The mining automation market covered in this report is segmented -
1) By Offering: Equipment, Software, Communication System
2) By Technique: Surface Mining, Underground Mining
3) By Workflow: Mine Development, Mining Process, Mine Maintenance
4) By Application: Metal Mining, Mineral Mining, Coal Mining
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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