Mining Automation Market is anticipated to grow at a CAGR of ~6.3% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Mining Automation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global mining automation market accounted for over ~US$ 2.3 billion in 2018. It is anticipated to grow at a CAGR of ~6.3% from 2019 to 2030.
The significant growth of the market can be attributed to rising concerns related to workers’ safety at mining sites and increasing focus on environmentally sustainable mining techniques. Moreover, mining firms are increasingly focusing on expanding productivity through automation techniques, while simultaneously limiting operational costs by eliminating labor costs and saving time associated with the entire mining process. All these factors are anticipated to significantly boost the growth of the mining automation among emerging countries during the forecast period. Extensive R&D by major companies and universities across the globe to introduce robotics with maximum safety and precision is further expected to contribute to the market in the coming tars. For instance, in March 2017, IBM Corporation announced its collaboration with Goldcorp Inc. to bring IBM Watson technology to mines in Canada for exploration activities.
In the mining industry, automation helps in the prevention of several health related hazards such as musculoskeletal disorders, UV exposure, and thermal stress among others. Moreover, increasing demand for mining automation equipment and rising adoption of these equipment to eliminate human operative interference. Application of these equipment ensure protection against harmful environmental conditions such as collapsing of mines, release of toxic gases, and lack of proper ventilation among others. Mining automation techniques negates these factors which proves to be crucial aspect for the growth of the global market.
In the mining automation market, technological advancements play a crucial role in incrementing the productivity of mining operations. These includes application of robotics technology to execute a diverse range of mining operations such as room & pillar mining, cut & fill stopping, longwall mining, shaft mining, and slope mining among others. The use of robotics technology has played a critical role in driving the mining automation market in North America and Europe. Moreover, major players in mining automation, such as Caterpillar, and Sandvik, among others, are expanding their mine-automation programs which has helped in providing a necessary boost to the global mining automation market.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Mining Automation Market by Technique (Surface Mining Technique and Underground Mining Technique), Type (Equipment, Software and Communications System) and Workflow (Mine Development, Mining Process and Mine Maintenance) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/mining-automation-market/257
The adoption of new technologies in the mining automation market requires highly skilled and qualified laborers. The lack of knowledge about operating these technologies and continual depletion of natural resources caused by extensive mining activities are few of the major factors restraining the growth of the market.
Asia Pacific has several natural mineral reserves distributed across countries throughout the region and is estimated to account for the highest CAGR in the mining automation market over the forecast period. The increasing application of automated mining equipment and economic globalization across developing nations in this region has attracted significant investments from mining companies all over the world. For instance, in China, Japan and India, there is an increasing need for optimizing production costs, reducing human intervention, and changing mining landscape across various countries in this region. Hence, adoption of automation techniques in the field of mining is anticipated to propel the market significantly in the coming years.
Some of the prominent players in the global mining automation market include Caterpillar, Komatsu, Sandvik, Hexagon, Atlas Copco, Hitachi, RPMGlobal, Trimble, MST Global, and, other prominent players.
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