Mining Automation Market worth 3.29 Billion USD by 2023 with growing at a CAGR of 6.77%
The mining automation market is expected to grow from USD 2.22 Billion in 2017 to reach USD 3.29 Billion by 2023, at a CAGR of 6.77% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023.
The adoption of mining automation in various mineral ore sites has increased the number of strategic partnerships between mining automation equipment vendors and other communication systems providers. For instance, Australia is the member economy of Asia-Pacific Economic Corporation (APEC) that receives a large proportion of its income from mining. In June 2016, BHP Billiton Ltd. (Australia), a leading mining company, awarded a contract to Atlas Copco AB (Sweden) for autonomous upgrade packages for 18 drill rigs. The automation of drill rigs has helped BHP Billiton to significantly increase the safety of its personnel at the mine sites and increase the productivity and efficiency of their mining operations in Pilbara, Australia.
The objective of the report is to provide a detailed analysis of the mining automation market based on technique, type, workflow, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also gives a detailed overview of the value chain in the mining automation market and analyzes the market trends.
The underground mining automation market to hold the largest share between 2017 and 2023
An underground mining technique is used to extract the mineral and ore deposits, which are buried deep under the earth’s crust. The primary objective of operating an underground mine is to extract the maximum amount of ore with a minimum tailing. However, underground mining is considered more dangerous than that of surface mining due to the potential dangers such as adverse health effects, collapse, release of toxic gases, and lack of proper ventilation, which results in suffocation. Some of the most common types of underground mining techniques include room and pillar mining, cut-and-fill stoping, longwall mining, shaft mining, and slope mining. In room and pillar mining, the roof of the mine is supported by rock pillars spaced out at regular intervals from where the ore is mined. Cut-and-fill stoping is used in vertical stopes and in mining high-grade irregular ore bodies. Equipment used in the underground mining technique include underground load-haul-dump (LHD) loaders, articulated trucks, tunnel boring machines, roadheaders, tunneling jumbos, and underground drills.
The mining process market to hold the largest share between 2017 and 2023
Mining processes involve drilling, blasting, loading, hauling, and transporting. These critical processes are performed by implementing hauling/mining trucks; drilling rigs; underground LHD loaders; and other equipment such as hybrid shovels, total stations, mining dozers, bulldozers, dredges, hydraulic jets, and feeders. A large number of automated equipment and management systems are used in mining to get better access the information on mineral locations and handling techniques. Automation in mining has a greater prospect to keep the mining operations intact with high output.
Asia Pacific held the largest share of the mining automation market in 2016.
Asia Pacific has immense natural reserves distributed among the countries throughout the region. APAC is estimated to become the largest market for mining equipment and implementation of mining automation technologies globally. The reason for this trend is the increased use of automated mining equipment by leading exploration and mining companies such as Rio Tinto (UK), FMG Group (Australia), and BHP Billiton (Australia). These mining companies have started using automated mining equipment in their mine sites in the Western region of Australia. Moreover, the increasing digitization of mines and globalization of economies have attracted significant investments from the mining companies all over the world.
The major players in the mining automation market are Atlas Copco (Sweden), Caterpillar (US), Hexagon (Sweden), Komatsu (Japan), and Sandvik (Sweden).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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