Automated Mining Equipment Market: Global Industry Analysis and Forecast (2023-2029)

Automated Mining Equipment Market size was valued at US$ 206.65 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 12.7% through 2023 to 2029, reaching nearly US$ 477.20 Bn.
Global Automated Mining Equipment Market Overview:
Automated mining equipment is known to reduce the amount of human labour required in the mining process. The mining industry is undergoing a transformation that is leading to the embrace of automation. It necessitates a massive amount of human capital, particularly in the developing world, where labour prices are lower and so there is less incentive for rising power.

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Automated Mining Equipment Market Dynamics:
The major factors that drive the growth of the global market are an increase in the demand for employee safety, the rise in demand for increased productivity, concerns about lowering operational costs are becoming more common. The decline in natural resources, on the other hand, is expected to hinder the automated mining equipment market's growth during the forecast period. Furthermore, lower operating costs will create further opportunities for the automated mining equipment market to grow in the forecast period. The rise in automation costs, on the other hand, may pose a significant hindrance to the automated mining equipment market's growth in the forecast period.
Automated Mining Equipment Market Segment Analysis:
Based on the Technique, the market is segmented into surface mining techniques and underground mining techniques. The surface mining technique segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Surface mining techniques will all remove the waste material, or overburden, that is above the desired resource. For a variety of reasons, mining corporations prefer surface mining versus subsurface (underground) mining. It is less expensive, there are fewer electrical and water difficulties, and it is safer. When compared to underground mining, surface mining has both advantages and disadvantages. It is cheaper, can recover more of the resource (typically up to 100% within the mining excavation), is safer, and can use larger-scale mining equipment with higher production rates. These are the benefits that drive the growth of the surface mining technique segment in the global market in the forecast period.

Based on the Type, the market is segmented into equipment, software, and communication system. The equipment segment is expected to hold the largest market share of xx% by 2029. During the forecast period, rising demand for coal, iron ore, chromium, and diamonds in emerging economies is expected to drive growth opportunities for surface mining equipment. As this equipment has become more widely used, it has allowed for more selective mining operations, such as the exploration of high-quality resources and the construction of embankments and stable surfaces.

However, increased demand for underground high-capacity trucks has resulted from the need to maximize the efficiency of decline truck haulage while maintaining its competitiveness with shaft haulage. Moreover, open-pit miners are unable to locate economically viable deposits. As a result of this circumstance, underground mining has grown in popularity as a means of extending mine life and generating demand for underground mining equipment. These are the factors that drive the growth of the equipment segment in the global market in the forecast period.
Automated Mining Equipment Market Regional Insights:
The Asia Pacific dominates the Global Market during the forecast period 2023-2029. The Asia Pacific is expected to hold the largest market share of xx% by 2029. Due to constant investments and growing infrastructure projects, India, followed by Australia, accounted for a large share of overall revenue. India presents a number of opportunities for mining industries, with significant potential for bauxite, iron ore, and coal exploration. Moreover, the government's ongoing support for the development of mining and exploration has created several chances for equipment manufacturers to improve their products.

For example, the Indian government has approved 100 percent foreign direct investment in this sector for the discovery of metal and non-metal ores. Furthermore, the Ministry of Steel plans to more than double steel manufacturing capacity to 300 million tons. Such steps and support are expected to encourage mining equipment manufacturers to set up a base in the country, increasing the mining equipment industry's growth. These are the key factors that drive the growth in the Asia Pacific in the global market in the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Automated Mining Equipment Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the Global Automated Mining Equipment Market dynamic, structure by analyzing the market segments and project the Global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Automated Mining Equipment Market make the report investor’s guide.
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Global Automated Mining Equipment Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 206.65 Bn.


Forecast Period 2022 to 2029 CAGR:
12.7%
Market Size in 2029:
US $ 477.20 Bn.


 Segments Covered:
by Technique
Surface mining technique
Underground mining technique


by Type
Equipment
Software
Communication Systems


by Workflow
Mine development
Mining process
Mine maintenance



Automated Mining Equipment Market Key Players
1. Atlas Copco AB
2. Caterpillar, Inc.
3. Komatsu Ltd.
4. Sandvik AB
5. Rockwell Automation Inc.
6. Trimble Inc.
7. Autonomous Solutions Inc.
8. ABB Ltd
9. Hexagon AB
10. Hitachi Ltd.
11. AB Volvo
12. Siemens AG
13. RPM Global
14. Fluidmesh Networks
15. Symbioticware
16. Others

Frequently Asked Questions:

1. Which region has the largest share in Global Automated Mining Equipment Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Automated Mining Equipment Market?
Ans: The Global market is growing at a CAGR of 12.7% during forecasting period 2022-2029.

3. What is scope of the Global Automated Mining Equipment Market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Automated Mining Equipment Market?
Ans: The important key players in the Global market are – Atlas Copco AB, Caterpillar, Inc., Komatsu Ltd., Sandvik AB, Rockwell Automation Inc., Trimble Inc., Autonomous Solutions Inc., ABB Ltd, Hexagon AB, Hitachi Ltd., AB Volvo, Siemens AG, RPM Global, Fluidmesh Networks, Symbioticware, and Others

5. What is the study period of this Market?
Ans: The Global market is studied from 2022 to 2029.