Mining Automation Market is Segmented by Offering, Software, Communication System, Operations, Maintenance, Development and Region
New York, USA, May 20, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), Mining Automation Market Information by Offering, Operations, and Region – Forecast till 2030”, Market could thrive at a rate of 7.20% between 2022 and 2030. The market size will be reaching around USD 12.3 Billion by the end of the year 2030
Mining Automation Market Synopsis
Mining automation refers to the use of technology and machinery to perform mining operations with minimal human intervention. The goal of mining automation is to improve efficiency, safety, and productivity in the mining industry. Automation technologies such as robotics, artificial intelligence, and machine learning are being increasingly adopted in the mining sector to improve performance and reduce costs.
Mining automation is used in a range of applications, including drilling, blasting, hauling, and excavation. It is particularly beneficial in underground mining, where it can help to improve safety by reducing the number of workers required to operate heavy machinery in hazardous conditions.
Mining Automation Market Competitive Landscape:
The affluent companies in the Mining Automation industry include
Emerson Electric Co
Mitsubishi Electric Corporation
Honeywell International Inc
Yokogawa Electric Corporation
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Revenue forecast in 2030
USD 12.3 Billion
CAGR of 7.20% from 2022 to 2030
Key Market Opportunities
The key players operating in the global mining automation market are heavily investing in acquiring the latest and advanced process control technologies from key players.
Key Market Drivers
High demand for advanced manufacturing robotic technologies.
Digitalization is increasing.
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Komatsu announced the launch of its new Intelligent Machine Control 2.0 technology. This technology uses artificial intelligence and machine learning to automate and optimize the operation of mining equipment, improving efficiency and reducing costs for mining companies.
Market USP Covered:
The mining automation market is driven by several factors, including the need for improved safety, increased productivity, and reduced operating costs. Automation technologies can help to minimize the risk of accidents and injuries in the mining industry, while also improving productivity and efficiency. The increasing adoption of digital technologies such as the Internet of Things (IoT), cloud computing, and big data analytics is also driving market growth, as these technologies can help to improve the performance of mining operations.
Another key market driver is the growing demand for minerals and metals, driven by the rapid industrialization and urbanization of emerging economies. This is leading to an increased demand for mining automation technologies, as mining companies seek to maximize production while minimizing costs.
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Mining Automation Market Restraints:
While the benefits of mining automation technologies are clear, their implementation can involve significant capital costs, which can be a major deterrent for some mining companies. These costs can include the purchase of equipment, software, and infrastructure, as well as the costs associated with the training of personnel and the integration of new technologies into existing mining operations. As a result, some companies may be hesitant to adopt mining automation technologies, which can slow down market growth.
Another major challenge facing the mining automation market is the lack of skilled workers to operate and maintain these technologies. This can be a significant hurdle, as these technologies often require specialized training and knowledge to operate effectively. Mining companies may need to invest in employee training programs or recruit new personnel to fill these roles, which can add to the overall costs associated with implementing mining automation technologies.
COVID 19 Analysis
The COVID-19 pandemic brought several challenges to the mining industry, such as the implementation of safety measures and travel restrictions, which hampered the supply chain of mining equipment and spare parts. However, the pandemic has also created opportunities for mining automation companies, as the mining industry has been looking for innovative ways to maintain production levels while minimizing human interaction and ensuring worker safety.
Moreover, the pandemic has increased the need for remote monitoring and maintenance, which can be facilitated by mining automation technologies. The mining automation market is expected to grow in the post-COVID scenario, driven by the need for enhanced safety measures, increased efficiency, and reduced operational costs.
The Offering in the market includes Hardware (Autonomous Mining Truck, Autonomous Drilling Rig, Mining Load-Haul-Dump (LHD), Pumping Stations, Tunneling Equipment, others), Software (Fleet Management, Workforce Management, Remote Operations, and Monitoring, Temperature Monitoring System and others), Communication System (Navigation Systems, Wireless Mesh Networks, others).
The Operations in the market include a Mining Process (Autonomous Haulage, Autonomous Drilling), Maintenance (HVAC, Mine Dewatering).
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The Asia Pacific region is expected to dominate the mining automation market during the forecast period, owing to the increasing demand for minerals and metals from countries like China, India, and Australia. Moreover, the presence of major mining automation players in the region is also driving market growth. North America and Europe are also significant regions in the mining automation market, owing to the increasing adoption of automation technologies in the mining industry and the presence of key market players in these regions.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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