Mining Automation Market Worth $4.2 billion by 2027

The global mining automation market in terms of revenue was estimated to be worth USD 3.1 billion in 2022 and is poised to reach USD 4.2 billion by 2027, growing at a CAGR of 6.3% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.

Latest Technological Trends in Mining Automation Market

Rising demand for Digital Twin technology

Planning mining operations and schedules are becoming increasingly effective with the application of virtual simulations. With the help of Digital Twin, miners can simulate the entire work environment to create short-term and long-term schedules with accurate time estimates for multiple operations such as drilling, extracting, and crushing. Additionally, virtual simulation of the entire work process including equipment and machinery will provide on-site workers the flexibility to test new methodologies for crucial activities and that too without any additional cost, as every test will be executed in a digital simulation.

Mining Automation Market Dynamics

DRIVERS : Rising focus on reducing operating costs

Constantly fluctuating commodity prices in recent years have put additional pressure on the profit margins of mining companies. Increasing expenses on exploration activities and the need to carry out non-stop production to meet the global energy demands have encouraged mining companies to embrace innovative technologies. To maximize productivity gains, companies are directing their investment towards advanced automation technologies, such as AHS for driverless trucks, automated drilling systems (ADS), and real-time monitoring of assets. By using advanced automation technologies for mining, companies are witnessing a significant fall in their operating costs. Thus, mining companies are focusing on deploying automation to reduce operating costs.

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OPPORTUNITIES : Evolution of smart connected mines

Connected mining refers to the application of technology to achieve better productivity and safety as well as reduce operational costs for a mine site. Thus, connected mining, a combination of IT, automation, and instrumentation technologies, is a result of the advancements in the existing technologies present in the mining industry. This integrated operations technology makes the process of mine surveying, planning, exploration, extraction, and analysis faster and easier with software providing real-time information, thereby providing a realistic image of the mine environment and the availability of resources.

Mining equipment held the largest share of the mining automation market in 2021

Workplace safety has always been a concern for the mining industry. With increasing research & development (R&D) investment and technological advancements, unmanned or autonomous equipment are being developed which reduce the frequency of hazardous incidents while increasing efficiency and productivity.

Asia Pacific held the largest share of the mining automation market in 2021

Asia Pacific 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 (Australia) Group, and BHP Billiton (Australia). 

Top Mining Automation Companies -  Key Market Players

The mining automation Companies is dominated by a few globally established players such as Caterpillar (US), Komatsu (Japan), Hexagon AB (Sweden), Epiroc AB (Sweden), and Sandvik AB (Sweden).

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