Mining Automation Market Business Opportunities, Survey, Growth Analysis And Industry Outlook

Supportive government legislation and policies in mining activities is a major factor driving mining automation market revenue growth

VANCOUVER, BC, CANADA, August 5, 2024 /EINPresswire.com/ -- The global mining automation market size was USD 4.92 Billion in 2022 and is expected to register a revenue CAGR of 7.5% during the forecast period, according to latest analysis by Emergen Research. Growing investments in robotic solutions to digitalize and automate mining operations is another major factor contributing to revenue growth of the market. Various safety awareness initiatives are also being taken by government authorities. For instance, on 9 September 2021, The Mine Safety and Health Administration (MSHA) put forth a proposal that can require mine operators with six or more miners to develop and implement a written safety program for motorized and mobile haulage equipment used in surface mines and specific areas of underground mines, excluding belt conveyors. This written program can detail the measures operators would take to assess hazards and risks, aiming to reduce incidents related to accidents, injuries, and fatalities involving surface mobile equipment. The proposal allows mine administrators flexibility to create a safety program tailored to their specific mining conditions and operations.

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Some Key Highlights From the Report
The equipment automation segment is expected to register a significantly high CAGR over the forecast period. Factors such as rising demand to enhance efficiency and productivity in mining operations, along with growing concerns over labor shortages and need to ensure their safety while handling dangerous mining activities are driving revenue growth of this segment. Major companies are making substantial investments to incorporate advanced technologies such as Industrial Internet of Things (IIoT) sensors, Artificial Intelligence (AI) algorithms, and other innovations into their product lines. These efforts, along with the launch of new products, are contributing to revenue growth of this segment.

The underground mining segment accounted for largest revenue share in 2022. The complexity of tunneling systems in underground mining presents challenges for human operators in effectively controlling equipment and navigation. However, automated systems offer a precise solution for maneuvering through these intricate tunnels, leading to enhanced productivity and reduced operational errors.

The mineral mines segment is expected to account for largest revenue share along with highest revenue CAGR over the forecast period. Mineral mining operations can optimize the use of complex and heavy machinery by adopting automation, leading to improved productivity and precision. Automated systems excel at performing repetitive tasks with consistent accuracy, leading to increased efficiency and minimized downtime. Automation technologies in mineral mines come equipped with advanced safety features such as real-time monitoring, collision avoidance systems, and predictive maintenance, all of which contribute to preventing accidents and ensuring the safety of workers.

The Asia Pacific market accounted for largest revenue share and registered highest revenue CAGR in 2022. Factors such as growing need for real-time reporting and compliance tracking, a heightened focus on worker safety, the integration of advanced technologies such as drones and Unmanned Aerial Vehicles (UAVs), and utilization of advanced data analytics and visualization are driving revenue growth of the market in this region. Numerous efforts are underway to modernize mining equipment through the introduction of new products and innovations in existing product lines is also contributing to the market revenue growth in this region.

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Major Players/Manufacturers profiled in the report are:

Atlas Copco AB, Autonomous Solutions Inc., Caterpillar, Hexagon AB, Hitachi Construction Machinery Co., Ltd., Komatsu Mining Corp, Rio Tinto, Rockwell Automation, Inc., Sandvik AB, and AVEVA (Schneider Electric group)

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Emergen Research has segmented the global mining automation market on the basis of equipment, software, technique, and region:

Solution Outlook (Revenue, USD Billion; 2019-2032)
Software automation

Equipment automation

Autonomous trucks

Teleoperated mining equipment

Remote control equipment

Services

Implementation & maintenance

Training

Consulting

Equipment Type Outlook (Revenue, USD Billion; 2019-2032)
Automated excavators and loaders

Robotic trucks and loaders

Automated drilling systems

Automated excavators and loaders

Technique Outlook (Revenue, USD Billion; 2019-2032)
Surface mining

Underground mining

Level of Automation Outlook (Revenue, USD Billion; 2019-2032)
Assistive automation

Partial automation

Conditional automation

Complete automation

End-Use Outlook (Revenue, USD Billion; 2019-2032)
Mineral mines

Coal mines

Metal mines

Application Outlook (Revenue, USD Billion; 2019-2032)
Mine development

Mine maintenance

Mining process

Key Geographies Profiled in the Report:

North America(the U.S., Mexico, and Canada)

Asia Pacific(China, Japan, India, and Rest of Asia Pacific)

Europe(the U.K., France, Germany, and Rest of Europe)

Latin America(Brazil and Rest of Latin America)

Middle East & Africa(GCC Countries and Rest of Middle East & Africa)

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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