Farmington, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global Mining Automation Market size was valued at USD 4.6 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Automation in mining means that people no longer have to work in the mining industry. This technology can make mining easier to do. Mines can be made more productive with the help of technology. Technology makes it possible for mines to be very safe places. The market for mining automation is getting better as technology gets better. Mining is a business that requires a lot of work.
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In this field, there is a high need for skilled workers. Because of this, the market has to pay a lot for labour. But automation lowers the cost of labour. This technology can also help the mining process in places that are dangerous. Hardware and software are two parts of the market that make it work better. Both of these areas serve the mining industry by providing tools and services.
Mining Automation Market Recent Developments:
- saterpillar and Minetec announced an agreement to develop underground hard rock mining technology. The main aim was to deliver the highest quality site solutions for mining customers.
- Komatsu acquired MineWare Pty Ltd for Mining Equipment. Komatsu incorporated MineWarefs solutions into its line of offerings and made further contributions to its customers by optimizing its mining operations.
- Sandvik introduced Sandvik LH517i. Designed to meet customer expectations by being safer, more reliable, and more efficient.
Mining Automation Market Segmentation Analysis:
Mining equipment made up the biggest part of the market for mining automation.
The mining industry has always cared about safety on the job. With more money going into research and development (R&D) and technological advances, unmanned or self-driving equipment is being made. This equipment decreases the number of dangerous accidents and increases efficiency and productivity. Also, when mining companies use new equipment, they can cut their operating costs by a large percentage by reducing downtime and making better use of their assets.
Underground mining had the largest share of the market for mining automation.
The main goal of running an underground mine is to get the most ore out with the least amount of waste. Underground mining uses underground load-haul-dump (LHD) loaders, articulated trucks, tunnel boring machines, roadheaders, tunnelling jumbos, and underground drills. Metals, minerals, coal, ores, and other raw materials are being used more and more in industries like energy and power, automotive, and construction. This is driving underground exploration and mining around the world.
The mining automation market was dominated by mine development.
Before any production can start, the mine needs to be set up well. This means building strong roads and buildings that can be used for more than one thing, so that mining vehicles can get around easily and equipment can be stored. As the need for underground mining for coal and other minerals grows, so does the need for efficient mine development. For underground mining, tunnel boring must be done during the mine development phase.
Regional Outlook:
Asia-Pacific, North America, and Europe make up the different parts of the mining automation market in each region. Market growth is high in the Asia-Pacific region because the rate of automation is going up. There will likely be new products and changes in the market. More adoption is being driven by the need for high productivity and efficiency in mining. Europe is the next most important player, and it has the largest share of the market. Exploration in the area is still going strong. Because of this, automation equipment is being used a lot. More people are getting to know about the top mining automation market key players. North America is also a place with a lot of progress. When key players are there, a lot of growth happens.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.3% from 2023 to 2030 |
| Market Size in 2022 | USD 4.6 Billion |
| By Type | Equipment, Software, Communications System |
| By Technique | Surface Mining, Underground Mining |
| By Applications | Mine Development, Mining Process, Mine Maintenance |
| By Companies | Caterpillar, Komatsu, Sandvik, Atlas Copco, Hexagon, Hitachi, RPMGlobal, Trimble, Autonomous Solutions Inc., Fluidmesh Networks, MST Global, Symboticware, Volvo Group, Micromine, Remote Control Technologies., and others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Mining Automation Market dynamics:
Drivers
In recent years, the constant changes in commodity prices have made it harder for mining companies to make a profit. Mining companies are using new technologies because the costs of exploration are going up and they need to keep producing all the time to meet the world's energy needs. Companies are putting their money into advanced automation technologies like AHS for driverless trucks, automated drilling systems (ADS), and real-time monitoring of assets to get the most out of their productivity gains. Companies are seeing a big drop in their operating costs when they use advanced automation technologies in mining. So, mining companies are putting a lot of effort into automating their processes to lower their operating costs.
Restraint
More automation solutions are being used in the mining industry, which has changed how local communities are involved. A study by the International Institute for Sustainable Development (IISD) says that the increasing use of automation solutions in mining could mean that mines bring in less money for the government, especially in low- and middle-income host countries. This drop in contributions could also hurt the GDP of the countries that are receiving them.
Opportunities
Connected mining is the use of technology to improve safety and productivity at a mine site, as well as to cut down on operational costs. So, connected mining, which is a mix of IT, automation, and instrumentation technologies, is a result of the improvements made to the mining industry's existing technologies. With software that gives real-time information, this integrated operations technology makes mine surveying, planning, exploration, extraction, and analysis faster and easier. It also gives a more accurate picture of the mine environment and the resources that are available.
Mining Automation Market Key Segments Covered:
Top Market Players:
Caterpillar, Komatsu, Sandvik, Atlas Copco, Hexagon, Hitachi, RPMGlobal, Trimble, Autonomous Solutions Inc., Fluidmesh Networks, MST Global, Symboticware, Volvo Group, Micromine, Remote Control Technologies., and others.
On the Basis of Type:
- Equipment
- Software
- Communications System
By Technique
- Surface Mining
- Underground Mining
On the Basis of Application:
- Mine Development
- Mining Process
- Mine Maintenance
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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