(MENAFN- GlobeNewsWire - Nasdaq) New York, NY, July 04, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Mining Automation Market Share, Size, Trends, Industry Analysis Report, By Solution (Software Automation, Equipment Automation, and Services); By Application; By Workflow; By Region; Segment Forecast, 2023 - 2032” in its research database. “As per the latest research analysis, the global mining automation market size/share will be valued at roughly USD 4.98 Billion in 2022, and its revenue is projected to reach about USD 9.95 Billion By 2032 . The market is forecasted to expand at a compound annual growth rate of approximately 7.2% between 2023 and 2032.”
What is Mining Automation? How Big is Mining Automation Market Size?
Poor air quality, a lack of structural integrity, and confined spaces are just a few safety risks mine workers face daily. One of the top issues facing the mining industry today is worker protection. To help secure worker protection, several industry players are increasingly diving safety issues by automating tasks earlier completed by people. Mines can create higher-quality final goods because automation gives them more control over their production processes.
Automating mining operations makes it possible to keep a closer eye on the entire mine environment. If and when risks to workers develop, it will be possible to promptly and accurately assess the concerns mentioned above, such as air quality.
These are the major factors expanding the mining automation market.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)
Our Sample Report Covers:
2032 Updated Report Introduction, Overview, and In-depth industry analysis. 110+ Pages Research Report (Inclusion of Updated Research). Provide Chapter-wise guidance on Request. 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends Includes Updated List of table & figures. Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
Hexagon Sandvik Autonomous Solution Komatsu Ltd. Rockwell Automation RPM Global Holdings Siemens Trimble Inc. Epiroc AB Atlas Copco Caterpillar Liebherr Group Mine Site Technologies Rio Tinto Hitachi Construction Metso Outotec SANY Group
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Prominent Growth Driving Factors
Growing adoption of the Internet of Things (IoT): One of the main factors driving the market growth is the widespread adoption of the Internet of Things (IoT), which provides mine management with real-time data and analytics with the aid of visualization tools. Another important factor is the growing preference among major operators to work with various technology companies to develop their wireless networks underground. Increased demand for digital twin technology: Growing demand for digital twin technology, as different types of planning mining operations and plans, are continuously becoming effective with other virtual simulations, positively influencing the mining automation market growth. Also, the increasing integration of digital twin technology enables miners to easily produce the work environment to create short-term and long-term agendas for different purposes, including crushing, extracting, and drilling. Rising focus on reducing operational costs: Mining industries are under increased pressure to maintain their profit margins due to the recent fluctuation in commodity prices. Companies in the mining industry have been strongly encouraged to adopt innovative technologies to reduce costs and maximize productivity gains, which are also expected to impact market growth positively-rising costs for exploration activities and the high need to carry out non-stop production to meet energy demands.
Top Findings of the Report
The demand for mining automation is primarily driven by several causes, including an increase in miner safety concerns, growth in productivity of the mining activity through automation, regulated costs, such as eliminating high labor costs and time, and the development of mining automation software. The mining automation market segmentation is primarily based on application, solution, region, and workflow. The Asia Pacific region has dominated the market in 2022.
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Top Trends Influencing the Market
Increased environment enhancements: The market is growing rapidly due to the government's increased attention to improving the mining environment to make it safe for employees and the high penetration of smart mining solutions and equipment among key companies. Deployment of innovative drones: Both private and government organizations are focusing on using advanced drones to consider mineral deposits in hard-to-reach areas, and they are increasing their use to monitor and examine below-ground activities and mining equipment, leading to automation in the mining sector globally. Advancements in 3D imaging technology, automated drilling, and an enhanced aerial gravity gradiometer for mineral exploration also create a substantial mining automation market opportunity.
Segmental Analysis
Software Automation Sector Accounts for the Largest Market Share
The software automation sector accounted for the largest mining automation market share in 2022 and will probably maintain its market position throughout the predicted period. The considerable increase in the penetration and development-related activities of technology-based vehicles like teleoperated mining equipment, autonomous trucks, and remote-control equipment can be directly attributable to the sector's market growth. Additionally, several major mining corporations use mining automation or processes to manage their operations and spot production bottlenecks better.
Metal Mining Sector Witnesses the Highest Growth
Due to the rising requirement and desire for highly automated solutions to fulfill the growing demand for different types of base metals worldwide, the market is predicted to develop at a high CAGR during the anticipated period. Moreover, due to their advantageous properties, such as thermal conductivity and corrosion resistance, base metals are frequently used in producing electrical and electronic components; as a result, the mining automation market size is expected to experience significant growth over the upcoming years.
Mining Automation Market: Report Scope & Segmentation
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 9.95 Billion |
| Market size value in 2023 | USD 5.33 Billion |
| Expected CAGR Growth | 7.2% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Hexagon AB, Sandvik AB, Autonomous Solution Inc., Komatsu Ltd., Rockwell Automation Inc., RPM Global Holdings Ltd., Siemens, Trimble Inc., Epiroc AB, Atlas Copco AB, Caterpillar, Liebherr Group, Mine Site Technologies, Rio Tinto, Hitachi Construction Machinery Co. Ltd., Metso Outotec, and SANY Group. |
| Segments Covered | By Solution, By Application, By Workflow, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. explore customized purchase options |
Geographical Overview
Asia Pacific: The market expansion in Asia Pacific can be greatly attributable to the increasing usage of highly automated mining equipment by the region's top exploration and mining corporations and the developing trend of digitalizing mines and regional economies.
North America: The mining automation market in North America is anticipated to experience positive growth over the forecasted period, primarily as a result of rising demand for sustainable mining operations, the adoption of a variety of advanced technologies in the mining sector, and a significant number of favorable policies, regulations, and financial resources from regional government authorities.
Browse the Detail Report “Mining Automation Market Share, Size, Trends, Industry Analysis Report, By Solution (Software Automation, Equipment Automation, and Services); By Application; By Workflow; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC:
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Recent Developments
In February 2022, Appian released and made its new and more unified platform widely available, which is intended to simplify complicated procedures and further aid in the design and automation of workflows. With better performance and outcomes, the new process mining technology includes a no-code module to make it easier to transform and prepare enterprise data. Hexagon introduced its new Life-of-Mine smart platform in June 2022, which aids in tying together sensors, software, cloud services, and several infield applications. Through a single onboard ecosystem made up of a smart computer and an antenna, the new platform enables a mine to link to a boardroom. It also aims to bring together critical mining activities to support the digital transition for enhancing productivity and safety.
The Report Answers Questions Such As
What is the market size of mining automation? How much CAGR is the industry estimated to register during the anticipated period? Who are the mining automation market key players? Which factors are expected to drive the mining automation industry revenue growth? What are the key opportunities in the market? Which segment accounts for the largest mining automation market share? Which region leads the market? Which are the various segments that the mining automation market report covers?
Polaris Market Research has segmented the mining automation market report based on solution, application, workflow, and region:
By Solution Outlook
Software Automation Equipment Automation Services
By Application Outlook
Metal Mining Mineral Mining Coal Mining
By Workflow Outlook
Mine Development Mining Process Mine Maintenance
By Region Outlook
North America (U.S., Canada) Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia) Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea) Latin America (Brazil, Mexico, Argentina) Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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