May 2024 | Report Format: Electronic (PDF)
Mining Automation Market Growth & Trends
The global mining automation market size is expected to reach USD 8.64 billion by 2030, registering a CAGR of 7.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for accuracy and productivity required during mining activities is the high-impact rendering driver for the industry. The growing adoption of automated mining is attributed to the advantages associated with automated systems. For instance, in January 2022, Hexagon AB, one of the eminent players in digital reality solutions combining sensors, independent technology, and software programs, acquired Minnovare, one of the prominent players in drilling technology that enhances the cost, speed, and accuracy of drilling underground.
The initiative aims to strengthen and accelerate Hexagon AB’s underground roadmap and strengthen the drill and blast portfolio. The industry witnesses the adoption of drones as a step towards the evolution of unmanned and aerial data collection technology at mining sites. The automated drone system is poised to become an essential strategic part of the future of mining. For instance, in June 2020, Caterpillar Inc. acquired Marble Robots Inc. The initiative was aimed at expanding Robotization and autonomy strategy and demonstrating its commitment to the coming generation of job site results. Structure on its leadership in independent mining, the organization aims to work and bring scalable results to fulfill the changing needs of construction, chase, artificial, and waste diligence.
Furthermore, the upcoming concept in mining operations is the use of central or virtual control room that monitors several mines in distant sites from a single location. The virtual control room is expected to facilitate benchmarking and comparison of identical processes at different plants. For instance, in January 2022, Accenture, a services-based company that provides a wide range of services in interactive, strategy, and consulting technology and operations, collaborated with Celonis. This data processing company sells Software as a Service (SaaS) to enhance business processes, and it has formed a partnership to work in process mining.
They both have to create an alliance to help the organization gain some insights through which they update and optimize their business process. Accenture has set Celonis’ data-driven operation and capabilities into its tools and platforms to give new situations and insights to informed decision-making. In addition, the implementation of Geographic Information Systems (GIS) in mineral exploration activities has supplemented the industry growth. GIS enables mining professionals to perform in-depth analysis and get insights into mineral mining, evaluate mining conditions, and display geochemical or hydrological data. The transition from conventional mining techniques to automation has negatively impacted the market.
The incorporation of drones, autonomous machinery, and sensors has substantially affected local employment at the mine sites. However, skilled workers that specialize in handling remotely automated and controlled systems are expected to be in demand. For instance, in September 2021, ABB launched eMine, a fast and powerful truck charging that helps and diverts toward a zero-carbon mine, making an all-electric mine possible with electrification and a digital system. They also unveiled the piloting of the groundbreaking capability and gave FastCharge, one of the most crucial charging systems designed to affiliate with all makes of electric mining.
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Mining Automation Market Report
Mining Automation Market Report Highlights
- The mineral mining application segment will register the fastest CAGR over the forecast period
- Increased mineral exploration activities globally are expected to boost the segment’s growth
- The implementation & maintenance services segment held a significant market share in 2022
- In terms of equipment automation, autonomous trucks dominated the industry in 2022
- Retrofitting the mining equipment with automated technology is expected to contribute to the growth of the equipment automation segment considerably
Mining Automation Market Segmentation
Grand View Research has segmented the global mining automation market based on solution, application, and region:
Mining Automation Solution Outlook (Revenue, USD Million, 2018–2030)
- Software Automation
- Services
- Implementation & Maintenance
- Training
- Consulting
- Equipment Automation
- Autonomous Trucks
- Remote Control Equipment
- Teleoperated Mining Equipment
Mining Automation Application Outlook (Revenue, USD Million, 2018–2030)
- Metal Mining
- Mineral Mining
- Coal Mining
