The global mining automation market size was valued at USD 4.25 billion in 2020 and is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rapid advancement in technology.
Mining automation is described as a technology that automates the mining process and reduces the need for human labor. The mining industry is in a phase of transition, and its culture is changing towards automation. The mining sector still requires a significant quantity of human capital, especially in developing & emerging economies, where labor costs are cheap and there is less incentive to improve efficiency. It has numerous advantages in terms of mine safety, increased productivity, and increased revenues across the business. The COVID-19 pandemic has negatively influenced the market as all key players in the mining industry closed access to their sites amid the government restrictions and lockdown. The market is expected to resume gradually by the end of year 2021.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing trend of deploying innovative technologies, such as analytics, sensors, and robotics are the key factors driving the market growth.
- Rising awareness for need for worker safety is expected to boost the market growth in the coming years.
- Reducing the operating cost for the industry is anticipated to boost the market expansion during the projected timeline.
- Lack of qualified and high skilled labor presents a major challenge. This is likely to hinder the market growth during the forecast period.
- Mergers and collaboration by major players for advancement in technology to create a significant growth opportunity for the market in the near future.
Scope of the Report
The report on the global mining automation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Mining Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Applications (Mineral Mining, Metal Mining, and Coal Mining) and Solutions (Services [Training Services, Implementation & Maintenance Services, and Consulting Services]), Equipment Automation [Remote Control Equipment, Autonomous Trucks, and Teleoperated Mining Equipment], and Software Automation)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Komatsu Ltd.; Rockwell Automation, Inc.; Rio Tinto Group; and Caterpillar, Inc.
|
Market Segment Insights
Metal mining segment is expected to grow at a rapid pace
Based on applications, the global mining automation market is segregated into mineral mining, metal mining, and coal mining. The metal mining segment is expected to grow at a rapid pace during the forecast period owing to rise in adoption for autonomous solutions in metal exploration activities. Moreover, end-user industries are expected to drive the segment growth by increasing demand for metals, such as lead, copper, zinc, and nickel. However, the coal mining segment is anticipated to hold a key share of the market in the coming years due to the growing need to enhance quarrying conditions at coal sites, which has spurred the deployment of self-contained solutions.
Technologically advanced vehicles to drive equipment automation segment
On the basis of solutions, the market is segmented into services, equipment automation, and software automation. The services segment is sub-divided into training services, implementation & maintenance services, and consulting services, while the equipment automation is further divided into remote control equipment, autonomous trucks, and teleoperated mining equipment. The equipment automation segment is projected to expand at a considerable CAGR during the forecast period attributed to technological advancement in vehicles, such as remote-control equipment, autonomous trucks, and teleoperated mining equipment.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the global mining automation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to increased adoption of automation technology in the region. However, the market of North America is anticipated to expand at a rapid pace during the forecast period attributed to vital mined resources, such as zinc, lead, and nickel along with long-term investments and favorable government policies in the region.
Segments
The global mining automation market has been segmented on the basis of
Applications
- Mineral Mining
- Metal Mining
- Coal Mining
Solutions
- Services
- Training Services
- Implementation & Maintenance Services
- Consulting Services
- Equipment Automation
- Remote Control Equipment
- Autonomous Trucks
- Teleoperated Mining Equipment
- Software Automation
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Komatsu Ltd.
- Rockwell Automation, Inc.
- Rio Tinto Group
- Caterpillar, Inc.
Competitive Landscape
Key players competing in the global mining automation market are Komatsu Ltd.; Rockwell Automation, Inc.; Rio Tinto Group; and Caterpillar, Inc. Some of these players are actively engaged in various market development strategies, such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.
Request For Customization
Enquiry Before Buying
Speak With Analyst
