Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Influenced by various factors, the mining automation market is equally complex in structure. Given that accident prevention is the core principle underlying mining safety, it's not surprising that one important reason mines are turning to automation and mechanization is because they attach increasing importance to prioritizing mine worker decisions. Since many mining operations are in sharing dangerous environments, the introduction of automated systems reduces man's exposure to hazardous factors and further lowers the risk of accidents--a significant increase in overall safety at workplaces. As far as mining companies are concerned, this concern for the welfare of workers has become an important factor in steering their decisions on a global basis.
With automation technologies, increased operational efficiency is possible as well as reduced downtime and optimized resource utilization. Mining companies that use autonomous vehicles, robotics and data analytics in their processes reduce waste while cutting costs. While such a large initial capital investment for automation makes many companies hesitant, in the long-run it becomes an attractive way to increase economic viability.
The ongoing innovation in robotics, artificial intelligence and communications technologies is driving the development of automation solutions. Cutting-edge technologies increase the capabilities of mining automation systems. The system even allows real time monitoring, predictive maintenance and autonomous operation for vehicles or equipment in use underground. This relentless pace of technological advancement means that the market is constantly changing, and companies scurry to keep up by incorporating new innovations into their products. In recent years, governments and regulatory bodies around the world have also been issuing more standards governing safe and ethical use of automation technologies in mining operations. Adhering to these rules is not just a legal obligation, but perhaps even more important for mining companies in maintaining their reputation and social licence. Complying with industry standards creates the environment needed for widespread adoption of automation solutions.
Operations with large amounts of resources can often afford to invest in and make use of automation technologies. But smaller or medium-sized mining companies will still encounter problems in terms of the initial investment to be made and complex automation systems. The mining industry has major players and smaller entities, so there are variations in its adoption of automation based on the characteristics of different segments along the market. Established players and up-and-coming technology providers battle to provide comprehensive, advanced automation solutions. This competitive environment encourages creativity, as businesses attempt to break away from the pack by adopting new technologies and combined solutions. Because the vendors are so diverse, there is a broad range of automation solution options that can be found to suit each mining operation.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 7.20% (2022-2030) |
Mining Automation Market Highlights:
Mining Automation Market Overview
Globally, the size of Mining Automation Market is set to grow at a CAGR of 7.20%, estimated to reach USD 12.3 Billion by 2030 driven by the rising need for worker safety in the mining industry.Mining automation eliminates the need for labours in the mining industry. This automation technology can perform mining tasks with ease. Increasing the efficiency in mines is possible through technology. High safety at the mines is possible through technology. The improvement of technology is positively impacting the mining automation market. Mining is a labour-intensive industry.
The need for skilled labours is high in this field. It leads to high labour costs for the market. However, with automation labour cost is reduced. Also, even in the areas that are dangerous this automation technology can help in the mining process. There is both hardware and software segment in the market that creates efficiency in the market. Both these segments offer equipment and services for the mining industry.
In the upcoming years, automation is expected grow in various industries. The development in automation technology will lead to high development in the mining automation market. Consumer electronics is a key factor that is leading to high improvements in the mining automation market. Due to various electronics development mining equipment are available.
COVID Analysis
Covid 19 pandemic is affecting industries across the globe. From agriculture, aerospace, defence, food and health industries are facing challenges in the pandemic. The government is imposing restrictions on several industries. The lockdowns are creating more difficult to carry out market operations.
All these factors are impacting the industries. However, mining automation is suitable for this market condition. The mining industry is highly prone to coronavirus. The labour getting affected by the virus is massive. Due to this loss of labour and revenue losses are immense for the market. However, with the automation technologies, these looses are controlled.
Instead of human labour, the industry is using equipment and software. This automation in the industry is bringing favourable changes. The exposure of automation in the mining industry is high. In the upcoming years, there is expected to be plenty of developments in the market. This pandemic is a milestone for Mining Automation Industry.
Mining Automation Market Dynamics
-
Crucial Market Drivers
The rising need for worker safety in the mining industry is a crucial driver for the market. Labour safety is an important aspect of the mining industry. It is an industry that has high mortality of labours. To improve the safety in mines automation is essential. Today, most of the mines are rapidly adopting automation. These mining vehicles and equipment protect the labourers from much harm.
Also, the need for productivity is high in the mining industry. To enhance efficiency and productivity many industries are rapidly adopting automation. The rise in productivity due to mining automation will increase the overall revenue rate. The growing digitization is another crucial driver of the market.
The rising digitization is leading to more smart mines in global markets. Smart uses new technologies and automation equipment to carry out the operations effortlessly. The overall operating cost of the market is reducing due to smart mines. Through smart mines, the cost savings are higher in mines. Due to these benefits Mining Automation Industry is witnessing tremendous demand. All these factors will lead to a high adoption rate and profitability in the market.
-
The Market Growth Opportunities
Technological advancement in the market will bring Mining Automation Market Growth. The growing urbanisation is leading to the growth of consumer electronics. The uncertain and hazardous condition in the mining industry is leading to more technological advancements. Leading-edge technologies will high scope for the market. The user-friendliness of the technology is raising overall adoption. These technological improvements in the market are raising the productivity in the mines. Also, the research in the mining automation market is massive.
With research, new automation technologies in the market are projected to grow. For the mining maintenance and development process, there are new research programs in the market. The key players of the mining automation market are increasing their investments. These investments research is expected to offer good returns in the forecast period. Due o research and development the market will witness the entry of new market players. Also, the expansion rate is estimated to grow higher in the mining automation market.
-
The Market Restraints
Depletion of natural resources is a restraining factor of the market. Mining activities are less productive in many regions. The scarcity of natural resources is a reason for low productivity. This depletion of natural resources is affecting the mining automation market growth. The automaton technologies are useful in the region with successful mining.
However, scarcity of these resources can decline the mining operations. In the next few years, the depletion rate of natural resources is expected to grow more. Even with effective automation technologies mining industry will witness less revenue rates. It is an external restraint that can affect the adoption rate. Also, the awareness about this equipment will be less due to slow mining operations. These restrictions in the market can destroy the market opportunities in foreseeable future.
-
The Market Challenges
The lack of skilled persons to operate mining technology is a market challenge. Automation in the mining industry has plenty of benefits. Mining automation can increase the efficiency and productivity of the industry. However, to operate the mining technology expertise in the field is essential. Most of the labours in the mining industry are unskilled.
However, the lack of skilled people to operate these new technologies can affect the market demand. Furthermore, the integration of IT with operational technology is another challenge of the market. There are complexities in combining both IT and automation equipment in the mining industry. These technical difficulties can affect the development of the mining automation market. New developments and product launches can slow down due to this market challenge.
-
Cumulative Growth Analysis
The Mining Automation Market Trends is witnessing decent growth in the forecast period. There are two crucial mining techniques in the market. The two types of techniques are is surface mining as well as underground mining in the market. Both these techniques help to extract hard metals.
The addition of newer technology is leading to high automation in the market. Crucial drivers of the market such as the need for higher worker safety are leading to exceptional demand. Digitization is another factor that will have a positive impact on the mining automation market. The technological advancement will bring new product launches to the market. Depletion of natural resources is a significant hindrance in the mining automation market.
-
Value Chain Analysis
As per Mining Automation Market Analysis Asia Pacific region will dominate other players. It is a region that has vast space for natural resources. The mining activity is booming in this region. Also, it is an early adopter of automation technologies. The exploration activities are rapidly increasing in this region.
The key market players are taking initiative to develop the mining activities in the next few years. Also, investment in technologies is rapidly rising. Due to these market developments, Asia pacific will hold a high Mining Automation Market Share.
Mining Automation Market Segment Overview
Mining Automation Offering Outlook
- Communication system
- Hardware
- Software
Mining Automation Operations Outlook
- Development
- Maintenance
- Mining process
Mining Automation Region Outlook
- Europe
- Asia pacific
- North America
Regional Analysis
The regional mining automation market is fragmented into Asia Pacific, North America and Europe. The increasing rate of automation in the Asia Pacific is leading to high market growth.
There is expected to be new product launches and advancements in the market. The need for high productivity and efficiency in mines is leading to more adoption. Europe is the next largest key player with the highest market shares.
The exploration activities in this region are constantly surging. It is leading to the high adoption of automation equipment. The presence of top Mining Automation Market Key Players is bringing more scope. Further, North America is a region with high development. The presence of key players leads to massive growth.
Mining Automation Market Key Player & Competitive Landscape
The competition in the mining automation market is rising rapidly. There are few global players in the market. The key players of the market are initiating new exploration activities. Also, the technological updates in the market will be high in upcoming years.
Due to price competitiveness, the costs are expected to reduce. Also, governmental initiatives and investments will increase. Further, market acquisitions, expansion and collaborations are key strategies.
The key players of the mining automation market are
- Epiroc Middle East FZE
- Yokogawa Electric Corporation
- ABB
- SYMBOTICWARE INC
- HEXAGON
- AB Volvo Rockwell Automation
- Komatsu Mining Corp
- Rio Tinto
- Autonomous Solutions Inc
- dmesh Networks LLC
- Sandvik AB
- Caterpillar
- Hitachi Construction Machinery Co
- RPM Global Holdings Limited
- Trimble Inc
- Micromine
- Siemens
Mining Automation Industry Developments
Yokogawa Electric Corporation:
- February 2024: Yokogawa partnered with Vale, a major mining company, to develop a digital twin of a Vale mine. The digital twin will be used to optimize operations and improve safety.
- October 2023: Yokogawa launched a new suite of automation solutions for the mining industry, including solutions for remote monitoring, data analytics, and process control.
ABB:
- January 2024: ABB launched a new series of electric haul trucks, the ABB Trolleys. These trucks are designed to be more efficient and sustainable than traditional diesel-powered trucks.
- December 2023: ABB signed a contract with Anglo American, another major mining company, to supply automation solutions for a new copper mine in Chile.
Market Overview
- Market Overview Highlights
- Analysis Based Upon COVID 19
- Explanation Upon The Market Dynamics
- Value Chain Analysis
- Market Segmentation Overview
- The Regional Analysis
- Competitive Landscape Analysis
- Recent Developments
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
