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Mining Automation Market Segments 2024-2033 | Size, Share And Insights
Mining Automation Market Segments
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According to The Business Research Company's, 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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Market Drivers and Trends:
Growing demand for mineral exploration is expected to propel the growth of the mining automation market going forward. Mineral exploration is the systematic process of searching for evidence of mineralization within the Earth's crust with the goal of identifying economically viable mineral deposits for potential extraction. Mining automation significantly impacts mineral exploration by enhancing safety, efficiency, and productivity and by enabling the application of advanced technologies such as AI and machine learning to improve exploration processes. For instance, in June 2023, according to the Australian Bureau of Statistics, an Australia-based government agency, mineral exploration expenditure reached $1,039 million in the second quarter of 2023, representing an increase of 0.8% from the first quarter of the same year. Therefore, growing demand for mineral exploration is driving the growth of the mining automation market.
Technological advancement is a key trend in the mining automation market. Major companies in the mining automation market are focused on developing new mapping solutions to strengthen their position in the market. For instance, in August 2022, Sandvik, a Sweden-based specialised engineering company in mining, metal cutting, and construction, introduced the automation AutoMine mapping solution, an innovative new solution created to use mapped data to increase efficiency and increase the safety of autonomous vehicle navigation in deep mining operations. It enables a vehicle to transform 3D maps into 2D and record an underground 3D environment safely. Productivity and efficiency are increased by faster configuration and the ability to keep using other equipment in the area while it is being mapped. The cutting-edge technology used by AutoMine Mapping Solution speeds up and lowers the cost of manual mapping while enabling a safer and more productive autonomous subterranean operating environment.
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Major Key Players of the Market:
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.
Mining Automation Market 2024 Key Insights:
• 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%.
• Growing Mining Activities Fuel Demand In The Mining Automation Market
• Tech Advancements Drive Innovation In The Mining Automation Market
• Asia-Pacific was the largest region in the mining automation market in 2023
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Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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