“The mining automation market is estimated to witness significant growth between 2017 and 2023”
The mining automation market valued at USD 2.22 billion in 2017 is expected to reach USD 3.29 billion by 2023, at a CAGR of 6.77% between 2017 and 2023. Key factors driving the growth of the mining automation include the increasing need for worker safety, the growing requirement for improving productivity, and the reduction in operating costs. However, the depletion of natural resources is a major restraining factor for the growth of the market.
“The underground mining segment of the mining automation market is expected to grow at the highest CAGR during forecast period”
Based on technique, the underground mining segment of the mining automation market is estimated to grow at the highest CAGR between 2017 and 2023. Underground miners have a high occupational risk. They have to face hazardous and life-threatening events such as collapse, flood, and release a tremendous amount of toxic gases while working in underground sites. Stringent regulations have forced mining companies to invest in advanced automated mining equipment for the safety of underground miner during mining operations. The increasing demand for automated mining equipment for underground operations is driving the underground mining automation market.
“Equipment is expected to lead the mining automation market between 2017 and 2023”
Based on type, the equipment segment is expected to account for the largest share of the mining automation market during the forecast period. Key factors such as the growing need for mine safety, increasing productivity, and controlling cost are driving the demand for advanced autonomous mining equipment.
“RoW to be the fastest-growing market for mining automation equipment during the forecast period”
The mining automation market in RoW (Congo, South Africa, Iran, and Kazakhstan) is expected to grow at the highest CAGR between 2017 and 2023. The region’s emergence as a preferred mining hub owing to its rich mineral reserves offers attractive opportunities for the mining companies. Highly undeveloped mining sector with mineral deposits scattered across vast geographical landscape presents a huge potential for the mining automation market in RoW.
The break-up of the profiles of primary participants for the report has been given below.
• By Company Type: Tier 1 – 55%, Tier 2 – 30%, and Tier 3 – 15%
• By Designation: C-Level – 53%, D Level – 26%, and Others – 21%
• By Region: Americas – 40%, Europe – 20%, Asia Pacific – 35%, and RoW – 5%
Key players operating in the mining automation market include Autonomous Solutions Inc. (US), Atlas Copco (Sweden), Caterpillar (US), Hitachi (Japan), Hexagon (Sweden), Komatsu (Japan), RPMGlobal (Australia), Sandvik (Sweden), Trimble (US), Fluidmesh Networks (US), Mine Site Technologies (Australia), and Symboticware (Canada).
The research report on the mining automation market covers different segments based on technique, type, workflow, and region. Based on technique, the market has been segmented into underground mining and surface mining techniques. On the basis of type, the mining automation market has been classified into equipment, software, and communications system. Based on workflow, the market has been segmented into mining processes, mine maintenance, and mine development. Based on region, the market has been classified into 5 major regions, namely, North America, South America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based on technique, type, workflow, and region have been conducted to offer an overall view of the mining automation market.
The value chain analysis has been performed to provide an in-depth insight into the mining automation market.
The report provides a detailed overview of major drivers, restraints, opportunities, and challenges influencing the growth of the mining automation market.
The report also includes competitive landscape, along with in-depth analysis and revenue of key players.