Mining Automation Global Market Report 2024

The global mining automation market 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%. During the historical period, growth within the industry can be attributed to several key factors. These include a focus on cost efficiency, heightened safety concerns, addressing labor shortages, optimization of operational processes, the integration of remote monitoring and control systems, and ensuring compliance with environmental regulations. These elements collectively contributed to the growth observed within this sector during that time.

The global mining automation market 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%. Anticipated growth in the forthcoming forecast period is expected to stem from various factors, notably the implementation of energy efficiency initiatives, the adoption of autonomous vehicles and equipment, emphasis on customization and scalability, the promotion of sustainable mining practices, and increased market competition. These elements are projected to drive growth within this sector. Key trends expected to shape the forecast period encompass the integration of AI and machine learning, leveraging IoT and connectivity, utilization of blockchain technology for enhanced supply chain transparency, the adoption of digital twin technology, advancements in sensor technologies, and the increased utilization of autonomous vehicles and equipment. These trends are anticipated to significantly influence and transform the industry in the upcoming period.

The anticipated surge in mining activities is poised to drive the growth of the mining automation market. Mining activities encompass the extraction of valuable minerals from the Earth, directly associated with mineral exploration and production. Implementing mining automation technology minimizes production loss, enhances safety, and boosts productivity in these activities, contributing to the market's growth. For instance, in 2022, S&P Global Inc. reported a substantial 35% rise in global exploration budgets to $11.24 billion in 2021 from $8.35 billion in 2020. Additionally, exploration activity surged by 70% in 2021, highlighting a significant increase from 27,854 drill holes in 2020 to 68,880 in 2021, underscoring the market's upward trajectory.

The escalating demand for mineral exploration is anticipated to be a key driver propelling the mining automation market. Mineral exploration involves a systematic search for viable mineral deposits within the Earth's crust. The utilization of mining automation technologies significantly influences this process by enhancing safety, efficiency, and productivity while enabling the integration of advanced technologies like AI and machine learning. Recent data from the Australian Bureau of Statistics in June 2023 indicated a 0.8% upswing in mineral exploration expenditure, reaching $1,039 million in the second quarter of the same year. This growth trend underscores the positive impact on the mining automation market due to heightened mineral exploration demands.

Technological advancements stand out as a pivotal trend shaping the mining automation market. Leading companies within this sector are directing efforts toward innovating new mapping solutions to fortify their market positioning. For example, in August 2022, Sandvik introduced the AutoMine mapping solution, designed to enhance the efficiency and safety of autonomous vehicle navigation in deep mining operations using mapped data. This groundbreaking technology transforms 3D maps into 2D, creating a safer underground 3D environment for vehicle navigation, significantly boosting productivity, and reducing manual mapping costs.

Major players in the mining automation sector are focused on introducing sophisticated automated solutions such as advanced hammer tool systems for surface and underground mining. These systems play a crucial role in facilitating efficient drilling operations, ultimately aiding in resource extraction. Sandvik's launch of the CT55 and CT67 in November 2023 showcases groundbreaking top hammer tool systems that improve productivity, lower expenses, and streamline automated drilling for various mining applications. Sandvik's innovative curved thread design reduces stress levels within the tool, optimizing drilling force and rig capacity.

In April 2021, Sandvik AB acquired Deswik, consolidating resources to bolster integrated software platforms supporting digitalization in mine planning. This strategic acquisition is poised to amplify Deswik's impact, fostering accelerated growth and augmenting Sandvik's presence in software and digitalization in the mining industry. Deswik, a provider of mine planning software based in Australia, aligns with Sandvik's vision for comprehensive software solutions and digital transformation in mining.

Major companies operating in the mining automation market report are Hexagon AB, Rockwell Automation Inc., Komatsu Ltd., Rio Tinto Group, Autonomous Solutions Inc., Sandvik AB, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., RPM Global Holdings Limited, Trimble Inc., Siemens Aktiengesellschaft, Mine Site Technologies Pty. Limited, Symboticware Inc., ABB Ltd., Epiroc AB, Atlas Copco AB, Remote Control Technologies Pty. Ltd., AB Volvo, Fluidmesh Networks LLC, Joy Global Inc., Cisco Systems Inc., Schneider Electric SE, Wenco International Mining Systems Ltd., MST Global, MineSense Technologies Ltd., Mobilaris Mining Intelligence, IntelliSense.io, MineWare Pty. Ltd., Maptek Pty. Ltd., Micromine Pty.Ltd.

Asia-Pacific was the largest region in the mining automation market in 2023. The regions covered in the mining automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mining automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the domain of mining automation, key offerings encompass equipment, software, and communication systems. Equipment constitutes machinery and tools utilized for specific mining activities or purposes. Diverse techniques, including surface and underground mining, form the basis of mining automation practices. The workflows within mining automation encompass mine development, mining processes, and mine maintenance, catering to metal mining, mineral mining, and coal mining operations.

This report provides mining automation market statistics, including mining automation industry global market size, regional shares, competitors with a mining automation market share, detailed mining automation market segments, market trends and opportunities, and any further data you may need to thrive in the mining automation industry. This mining automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mining automation market includes revenues earned by entities by process instrumentation and analytics, gearless mill control, and advanced process control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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