Mining Automation Market Analysis
The mining automation market is projected to touch USD 4.03 billion at an 8.6% CAGR between 2022- 2030, states the recent Market Research Future (MRFR) analysis. Mining automation includes the usage of software automation and process and use of robotic technology both in mining automation and mining vehicles. This process includes the extraction of minerals, ores, and other resources using information and technology. Mining automation is undertaken to ensure safety, better productivity, improved efficiency, and fall in operating cost in the mine site.
Various factors are propelling the global mining automation market share. As per the current MRFR report, such factors include the growing need for worker safety, reduction in the overall operational price, improved productivity, rising productivity of mining activities with the help of automation, the availability of mining automation software, and elimination of time high labor cost.
On the contrary, depletion of natural resources and the impact of the ongoing COVID-19 pandemic may impede the global mining automation market growth over the forecast period.
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Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global mining automation market report based on operation and offering.
By offering, the global mining automation market is segmented into hardware, software, and communication system. The hardware segment is again segmented into tunnelling equipment, pumping nations, mining load-haul-dump (LHD), autonomous drilling rig, autonomous mining truck, and others. The software segment is again segmented into temperature monitoring system, remote operations and monitoring, workforce management, fleet management, and others. The communication systems segment is segmented into wireless mesh networks, navigation systems, and others. Of these, the software segment will lead the market over the forecast period.
By operation, the global mining automation market is segmented into mining process, management, and development. The mining process segment is segmented into autonomous drilling and autonomous haulage. The maintenance is segmented into mine dewatering and HVAC. The development segment is segmented into access road construction, tunnel boring, and others. Of these, the mining process segment will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global mining automation market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Growth of autonomous haulage and trucks, drilling segments, strict government regulations with regards to worker safety, growing adoption of industrial robotics, adoption of automation in water treatment and mining, mineral processing, and metals, and presence of foreign developers of automation solutions that operate from Canada are adding to the global mining automation market growth in the region.
The global mining automation market in the APAC region is predicted to have healthy growth over the forecast period. The presence of emerging economies like South Korea, China, and India, the growing infrastructure of IT technology, and increasing use of remote-controlled equipment and robots are adding to the global mining automation market growth in the region.
The global mining automation market in Europe is predicted to have admirable growth over the forecast period. Booming utility, energy, manufacturing, automotive, and transport sectors, use of 5G in the mining industry, increasing use in the mining sector, and strategic partnerships amid key manufacturers are adding to the global mining automation market growth in the region.
The global mining automation market in the RoW is predicted to have sound growth over the forecast period.
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Competitive Landscape
Leading contenders profiled in the global mining automation market report include Yokogawa Electric Corporation, Sandvik AB, Caterpillar Inc, Atlas Copco AB, Siemens AG, Honeywell International Inc, Wabtec Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Emerson Electric Co, Rockwell Automation, Trimble Inc, Hitachi Limited, Hexagon AB, Komatsu Limited, ABB Limited, and MST Global, among others.