Mining Automation Market - Expected to Reach $3.2 Billion by 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, the growing requirement improvement in mining productivity, and the reduction in operating costs are driving the market growth.

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.

The mining automation market has been segmented on the basis of technique, workflow, type, and geography.

The underground mining technique held the largest share of the mining automation market in 2016 owing to the major minerals found under the earth's crust, which are explored, collected, and later on processed. Since working in underground mines is considered extremely hazardous, the need for advanced automated mining equipment is more for underground mining techniques. To safeguard mine workers, automated systems have been deployed at a huge rate in underground mines, which enables the market growth at a substantial rate.

The autonomous haulage mining process segment accounted for the largest market size in 2016. Hauling of ore from the mining pit to the dumping point is one of the most important and capital-intensive activities in mining operations. A continuous and efficient hauling cycle is necessary for the overall productivity of mining companies. Advantages such as the improved safety and productivity, the reduced maintenance cost, the efficient fuel consumption, the increased tire life, and the lesser downtime are achieved by automating the haulage processes inside a mine. The increasing implementation of digitized and integrated technologies such as GPS, advanced software, wireless communications, and electronic controls have made autonomous hauling highly competent.

Mining equipment are expected to continue to account for the largest market size during 2017-2023. With advancements toward the successful implementation of autonomous haul trucks in mine sites, mining equipment manufacturing companies are beginning to innovate their product offerings. For instance, in September 2016, Komatsu Ltd. (Japan), a leading manufacturer of mining equipment, launched a new version of its autonomous haul truck. The new product, also known as innovative autonomous haulage vehicle, has a cabless structure to maximize the advantages of unmanned operations in challenging conditions. This innovative vehicle provides high-performance traveling in forward as well as reverse direction by distributing equal load to the 4 wheels when the vehicle is loaded and unloaded and by adopting 4-wheel drive, retarder, and steering. The new unmanned vehicle technology would enable mining operators to improve their productivity further.

Companies Mentioned

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Mining Automation Market, By Technique

7 Mining Automation Market, By Workflow

8 Mining Automation Market, By Type

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/ccmzsf/mining_automation

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