The Mining Automation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mining Automation Global Market Report 2024, The mining automation market size has grown strongly in recent years. It will grow from $3.74 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to cost efficiency, safety concerns, labor shortages, operational optimization, remote monitoring and control, environmental compliance..
The mining automation market size is expected to see strong growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to energy efficiency initiatives, autonomous vehicles and equipment, customization and scalability, sustainable mining practices, market competition.. Major trends in the forecast period include integration of ai and machine learning, iot and connectivity, blockchain for supply chain transparency, digital twin technology, advanced sensor technologies, autonomous vehicles and equipment..
Rising demand for mining activities is expected to propel the growth of the mining automation market going forward. Mining activities refer to extraction activities that are connected to getting valuable or useful minerals from the Earth. They are the activities directly involved in mineral and metal exploration and production. Mining automation minimises production loss and improves safety and productivity in mineral activities, so an increase in mineral activities will propel market growth. For instance, in 2022, according to S&P Global Inc., a US-based leading provider of iconic and innovative index solutions, the global exploration budgets increased by 35% to $11.24 billion in 2021 from $8.35 billion in 2020. Furthermore, global exploration activity increased by 70% in 2021, from 27854 drill holes in 2020 to 68,880 drill holes in 2021. Therefore, the rising demand for mining activities is driving the mining automation market. Therefore, the rising demand for mining activities is driving the mining automation market.
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The mining automation market covered in this report is segmented –
1) By Offering: Equipment, Software, Communication System
2) By Technique: Surface Mining, Underground Mining
3) By Workflow: Mine Development, Mining Process, Mine Maintenance
4) By Application: Metal Mining, Mineral Mining, Coal Mining
Technological advancement is a key trend in the mining automation market. Major companies in the mining automation market are focused on developing new mapping solutions to strengthen their position in the market. For instance, in August 2022, Sandvik, a Sweden-based specialised engineering company in mining, metal cutting, and construction, introduced the automation AutoMine mapping solution, an innovative new solution created to use mapped data to increase efficiency and increase the safety of autonomous vehicle navigation in deep mining operations. It enables a vehicle to transform 3D maps into 2D and record an underground 3D environment safely. Productivity and efficiency are increased by faster configuration and the ability to keep using other equipment in the area while it is being mapped. The cutting-edge technology used by AutoMine Mapping Solution speeds up and lowers the cost of manual mapping while enabling a safer and more productive autonomous subterranean operating environment.
The mining automation market report table of contents includes:
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