Global Mining Automation Market Overview
The key driver impacting the mining automation market is the increasing number of mine worker accidents, and fatalities have forced mine owners to develop innovative solutions and equipment to ensure workers' safety. for instance, the International Labour Organisation (ILO) report estimations show that more than 2 million people die per annum through work-related illnesses and accidents. around 19% of these deaths are due to occupational accidents. the mining industry is responsible for up to 5 percent of global workplace fatalities, despite encompassing just 1 percent of the worldwide workforce. In 2018, total mining fatalities cost the world economy about US$33 billion. a large number of deaths at mining sites made mine owners incorporate automation in mining. for example, Goldcorp, a gold producer headquartered in Canada, uses smart sensors in its Éléonore Mine. Management has installed a network of monitors and sensors to ensure workers and equipment's efficiency and safety. moreover, the rising trend of deploying innovative technologies, such as sensors, robotics, and analytics, is estimated to be a significant factor that adds to the market growth.
According to Value Market Research, the global mining automation market size was valued at around USD 4000 million in 2020 and is projected to grow at a CAGR of about 7.5% during the forecast period of 2021 to 2027.
The rising investments and government support, and ongoing initiatives such as Digital Transformation Initiative (DFT) for a digital transition in the mining sector, are estimated to augment mining automation demand in the forecast period. for instance, World Economic Forum launched the project in 2015. In 2016 the Digital Transformation Initiative (DFT) was extended for a digital transition in the mining sector. It is started to deploy automation, robotics, and operational hardware to improve activities traditionally carried out manually or with human-controlled machinery. Similarly, In 2017, the Australian government had announced its plans to invest approximately USD 79 million to support medium- and small-sized miners to carry out exploration activities. However, depletion of natural resources may hamper the global mining automation market in the long run. also, the lack of skilled personnel to operate automated mining equipment is negatively impacting the market. the current industry trends, such as the growing digitization in mining operations and the evolution of smart connected mines, are expected to provide market players with new market opportunities.
The mining automation market is vast, with many local and global players. the key leaders follow different strategies to advance their market position, such as contracts, amalgamation, extending product portfolio, expansions, acquisitions, and product upgrades to raise their market share across the globe. for instance, in June 2017, Komatsu America Corp., a Komatsu Ltd subsidiary, has introduced HD405-8 and HD325-8 off-highway trucks. The new models contain payload capacities of 36.5 and 40 metric tons, correspondingly. The major players in the report are Atlas Copco, Caterpillar Hexagon, Sandvik, Komatsu Ltd, Rio Tinto Group, and Rockwell Automation, Inc.
In this research report, the mining automation market is segmented by solution, application, and region.
Analysis by Solution:
By Solution, the report is categorized into software automation, services, and equipment automation. The equipment automation segment dominates the solution segment with over 35% share in 2020. It is due to the Retrofitting existing equipment with automated technology. Moreover, the rising development of technologically advanced vehicles such as remote control equipment, autonomous trucks, and teleoperated mining equipment driving demand for equipment automation in the forecast period.
Analysis by Applications:
By application, the report is categorized into metal mining, mineral mining, and coal mining. The metal mining segment dominates the application segment with over 35% share in 2020. It is due to the increasing adoption of autonomous solutions in metal exploration activities. Moreover, the rising demand for metals such as copper, zinc, lead, and nickel by end-use industries is expected to contribute to revenue growth contribute to the high market demand for metal mining applications in the forecast period.
Analysis by Region:
In the regional outlook of the global mining automation market, the Asia Pacific region dominates with a 30% market share during the forecast period. It is due to the presence of vast natural reserves distributed among the countries throughout the region. The augmented adoption of automated mining equipment by foremost exploration and mining companies such as FMG Group, Rio Tinto, and BHP Billiton adds growth to the region. Moreover, mining companies have started utilizing automated mining equipment in their mine sites across the Western region of Australia, contribute to the development of the mining automation market in Asia pacific.
Market Segmentation Covered in the Report:
- Software Automation
- Implementation and Maintenance Services
- Training Services
- Consulting Services
- Equipment Automation
- Autonomous Trucks
- Remote Control Equipment
- Teleoperated Mining Equipment
- Metal Mining
- Mineral Mining
- Coal Mining
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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