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. Key factors such as the increasing need for worker safety, the growing requirement improvement in mining productivity, and the reduction in operating costs are driving the market growth.
According to the new market research report "Mining Automation Market by Technique, Type (Equipment, Software, Communications System), Equipment (Autonomous Hauling/Mining Trucks, Autonomous Drilling Rigs, Underground LHD Loaders, Tunneling Equipment) and Region - Global Forecast to 2023", 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. Key factors such as the increasing need for worker safety, improving productivity, and reducing overall operational costs are driving the mining automation market growth.
Browse 37 Market Data Tables and 45 Figures spread through 146 Pages and in-depth TOC on "Mining Automation Market - Global Forecast to 2023"
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.
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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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