Global Mining Automation Market Report 2024-2029: Growing Significance of Smart Connected Mines

News provided by

Mar 11, 2024, 14:45 ET

DUBLIN, March 11, 2024 /PRNewswire/ -- The "Global Mining Automation Market by Equipment (Autonomous Hauling/Mining Trucks, Autonomous Drilling Rigs, Underground LHD Loaders, Tunneling Equipment, Smart Ventilation Systems), Technique (Underground, Surface), Workflow, Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global mining automation market size is expected to grow from USD 3.6 billion in 2024 to USD 5.1 billion by 2029, at a CAGR of 7.2% from 2024 to 2029. There's a growing interest in mining automation in recent years for several reasons. Technologies like machine learning, robotics, and data analytics enable mining companies to automate processes, cut costs, and improve safety. Using remote-controlled or autonomous mining trucks and equipment helps avoid accidents by keeping humans away from risky tasks. Moreover, autonomous mining equipment optimizes operations, cutting fuel consumption and minimizing waste, which lowers costs. This focus on automation aligns with sustainable resource extraction, contributing to the expected significant growth of the global mining automation market in the coming years.

Equipment offering segment is projected to grow at significant CAGR during the forecast period

The equipment offered in the global mining automation market includes autonomous hauling/mining trucks, drilling rigs, LHD loaders, tunneling equipment, smart ventilation systems, pumping stations, and others (hybrid shovels, total stations, mining dozers, wheel loaders, and mining excavators). Addressing workplace safety concerns, increased R&D investment, and technological advancements result in unmanned or autonomous equipment development, reducing hazardous incidents and boosting efficiency. Integrating innovative equipment enables mining companies to substantially cut operating costs by minimizing downtime and enhancing asset utilization.

Mine development workflow segment is projected to grow at an impressive CAGR during the forecast period

Mine development encompasses constructing the mining facility and supporting infrastructure. Upon completion of the exploration phase, where concentrated mineral deposits are identified for commercial viability, the mine development stage commences. This involves comprehensive site clearing to create accessibility for both machinery and human operations. Clearing the site lays the foundation for subsequent crucial processes in the mining operation.

The market in Europe is expected to grow at an impressive CAGR during the forecast period

The European mining industry extracts diverse metals and minerals from widespread ores, with key deposits comprising copper, lead, silver, and zinc. The European mining sector attracts investment due to advanced infrastructure, skilled labor, and stable policies. While it contributes a small share of GDP, it plays a significant role in global product production. The region's mining activities offer substantial potential for deploying advanced mining automation technologies.

The report provides insights on the following:

Analysis of critical drivers (The need of increasing safety and productivity in the mines, Growing emphasis on reducing operating costs, and Rising demand for fleet management systems) restraints (Rise in exhaustion of natural resources, Impact on GDP of host countries), opportunities (Rising adoption of digitalization in global mining industry, Increasing significance of smart connected mines, Battery industry presenting opportunities for the market) and challenges (Integrating mining technologies and convergence challenges, Environmental impacts and rising global protests by local communities, Absence of skilled personnel to operate automated mining equipment) influencing the growth of the mining automation market
Product Development/Innovation: Detailed insights on new products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the mining automation market
Market Development: Comprehensive information about lucrative markets - the report analyses the mining automation market across regions such as North America, Europe, Asia Pacific, and RoW.
Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the mining automation market
Competitive Assessment: In-depth assessment of the market position, growth strategies, and product offerings of leading players like Caterpillar (US), Komatsu Ltd. (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Hitachi Construction Machinery Co., Ltd. (Japan) and among others in the mining automation market
Strategies: The report also helps stakeholders understand the pulse of the mining automation market and provides information on key market drivers, restraints, challenges, and opportunities.

Key Topics Covered:

Executive Summary

Mining Automation Market, 2020-2029 (USD Million)
Underground Mining Technique to Dominate Market Throughout Forecast Period
Equipment Segment to Account for Largest Market Share from 2024 to 2029
Mine Development Segment to Register Highest CAGR in Mining Automation Market During Forecast Period
Asia-Pacific Held Largest Share of Mining Automation Market in 2023

Premium Insights

Attractive Opportunities for Players in Mining Automation Market - Strong Focus on Enhancing Worker Safety and Improving Productivity to Drive Mining Automation Market
Mining Automation Market, by Offering - Equipment Segment to Capture Largest Market Share in 2029
Mining Automation Market, by Workflow - Mine Development Segment to Account for Largest Market Share in 2029
Mining Automation Market in North America, by Offering and Country - Equipment Segment and US to Hold Largest Shares of North American Mining Automation Market in 2029
Mining Automation Market, by Geography - China to Record Highest CAGR in Overall Mining Automation Market During Forecast Period

Market Dynamics

Drivers

Increased Need for Safety and Productivity in Mines
Greater Focus of Mining Companies on Reducing Operating Costs
Significant Demand for Fleet Management Systems by Mining Companies

Restraints

Depletion of Natural Resources
Impact on GDP of Host Countries and Prevailing Perception of Automation as Threat to Jobs

Opportunities

Rising Adoption of Digital Technologies in Mining Industry
Increasing Significance of Smart Connected Mines
Thriving Battery Industry with Exploration of New Lithium and Battery Material Deposits

Challenges

Difficulties Associated with Convergence of Mining Technologies
Rising Global Protests and Environmental Concerns for Ecological Impact of Mining Automation
Shortage of Skilled Personnel to Operate Automated Mining Equipment

Technology Analysis

Artificial Intelligence (AI)
Digital Twin
Internet of Things (IoT)
Satcom
Cloud Computing

Case Study Analysis

Use of Rockwell Automation's Control System and Visualization Solutions in Arrium's Iron Knob Mine to Reduce Operational Costs and Minimize Downtime
Implementation of Komatsu's Ahs at Swedish Copper Mine by Boliden to Enhance Productivity and Safety
Deployment of Rockwell Automation's Factorytalk Suite at Amrun Bauxite Mine by Rio Tinto to Improve Transparency in Mining Operations
Adoption of Sandvik Ab's Mining Equipment in Veladero Gold Mine by Barrick Gold to Remain Productive in Harsh Environment
Utilization of Caterpillar's Autonomous Drills and Trucks at Gudai-Darri Mine by Rio Tinto to Create Connected Value Chain
Implementation of Hexagon Ab Products by Rustenburg Platinum (Anglo American Platinum) Mines Limited to Streamline Operations
Adoption of Komatsu's Solution by Esemin at Ei Santo Mining Site to Achieve Customized Financing and Technical Support

Company Profiles

Caterpillar
Komatsu
Sandvik
Epiroc
Hitachi Construction Machinery
Ab Volvo
Autonomous Solutions
Hexagon
Liebherr-International Deutschland
Rockwell Automation
Rpmglobal Holdings
Sany Group
Siemens
Trimble
Atdi
Cigen
Coencorp
Datamine
Groundhog
Haultrax
Micromine
Mst
Respec
Reutech
Symboticware Inc.

For more information about this report visit https://www.researchandmarkets.com/r/adryt6

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets