Automation Solutions Market : Global Industry Analysis and Forecast (2023-2029)

Automation Solutions Market in Mining Industry size was valued at US$ 3.13 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 8.6% through 2023 to 2029, reaching nearly US$ 5.59 Bn.
Automation Solutions Market in Mining Industry Overview:
The Automation Solutions Market in Mining Industry is expected to reach US$ 5.59 Bn. by 2029. Human work is removed from the mining process in automated mining. The mining industry is in the process of becoming more automated. It can however necessitate a significant quantity of human capital, especially in underdeveloped countries where labor prices are cheap and there is no incentive to improve efficiency. A mining robot can cross flooded areas on its own. It can then distinguish different minerals using cameras and other sensors. The mining industry may opt to access an abandoned mine in search of minerals that were no longer in demand when the mine was still operational. Different mineral reserves are required for newer technology.To know about the Research Methodology :- Request Free Sample Report
Automation Solutions Market in Mining Industry Dynamics:
The demand for automation solutions in the mining industry is driven by key factors such as an increase in miner safety concerns, an improvement in mining activity productivity through automation, regulated expenses such as the elimination of excessive labor costs and time, and the advent of mining automation software. Natural resource depletion limits the market growth. Mining automation has taken over much of the manual work requiring entry-level mining positions, resulting in a loss of job possibilities for unskilled laborers and hampering the market growth. Similarly, the growth is driven by a shift in customer behavior toward automation.

Even with increased demand estimates, the mining industry still faces multiple challenges. Market instability and uncertainty have a direct influence on the company, making long-term planning for new projects or renovations to current facilities more difficult.

Mining companies are kept on their toes by ever-changing legal and governance regulations. Not to mention the ongoing pressure to please shareholders while collaborating with stakeholders to gain a social license to operate. Companies must optimize operations and assets, as well as bridge skills gaps and meet shifting worker demographics, in order to stay afloat.

The Demand for Worker Safety is growing

Working in underground mines is regarded as exceedingly dangerous due to potential hazards such as a lack of sufficient ventilation, toxic gas exposure, and negative health effects. This issue has resulted in a demand for modern mining equipment for underground mining operations in order to protect mine workers, which is driving the market.

Operating Costs are reduced

The reduction of manual labor from the mining process is referred to as automated mining. Furthermore, reducing the amount of time required to move through the mine during a shift lowers the overall cost of mining, which drives the market growth.

Labor shortages due to a lack of highly skilled and qualified workers

Mining automation necessitates the use of highly competent and qualified laborers on the mine site. The key backdrop is a shortage of essential employees to run the system. The lack of such a workforce is a major restraint that is expected to hamper the growth of the Automation Solutions Market in the Mining Industry.
Automation Solutions Market in Mining Industry Segment Analysis:
Based on the Technique, the market is segmented into Underground mining and Surface mining. The underground mining segment is expected to hold the largest market share of xx% by 2029. Because of the key minerals discovered beneath the earth's crust, which are explored, collected, and processed. Because working in underground mines is regarded as exceedingly dangerous, underground mining techniques have a greater demand for advanced automated mining equipment. Automated technologies have been introduced at a rapid rate in deep mines to protect mine workers, allowing the market to grow at a rapid pace.

Based on the Type, the market is segmented into Equipment, Software, and Communications systems. The mining equipment segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Mining equipment manufacturers are beginning to improve their product offerings as progress is made toward the effective introduction of autonomous haul trucks in mine sites. For example, Komatsu Ltd. (Japan), a leading manufacturer of mining equipment, released a new version of their driverless haul truck in September 2016. The new device, also known as an "innovative autonomous haulage vehicle," is designed with the structure of a cable to optimize the benefits of unmanned operations in difficult situations. By delivering equal weight to the four wheels when the vehicle is loaded and unloaded, as well as using 4-wheel drive, a retarder, and steering, this unique vehicle delivers high-performance traveling in both forward and reverse directions. Mining companies would be able to increase their output even more with the new unmanned vehicle technology.

Based on the End-Users, the market is segmented into Mine development, Mining process, and Mine maintenance. The Mining process segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. In Mining Process, the autonomous haulage mining process is expected to grow significantly in the market during the forecast period. One of the most essential and capital-intensive processes in mining operations is hauling ore from the mining pit to the disposal location. The whole productivity of mining firms depends on a constant and effective haulage cycle. By automating the haulage processes inside a mine, benefits such as greater safety and productivity, lower maintenance costs, more efficient fuel use, longer tire life, and less downtime can be realized. Autonomous haulage has become increasingly competitive due to the rising use of digitized and integrated technology such as GPS, smart software, wireless communications, and electronic controls.

The top 40 companies in the mining industry generated around $656 billion in sales in 2022. Glencore was the world's largest mining corporation by revenue in 2022.
Regional Insights:
Asia Pacific region is expected to dominate the Automation Solutions Market in Mining Industry during the forecast period 2022-2029. Asia Pacific region is expected to hold the largest market share of xx% by 2029. Natural resources flourish in the Asia Pacific, which are spread throughout the region's countries. The Asia Pacific is expected to become the world's largest market for mining equipment and mining automation technology deployment. The rising usage of automated mining equipment by top exploration and mining corporations like Rio Tinto, FMG Group, and BHP Billiton is the cause of this trend. These mining companies have begun to use automated mining equipment in their mines in Australia's Western region. Furthermore, the globalization of economies and the increasing digitization of mines have attracted major investments from mining firms all over the world.

The North American region is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The global mining industry is expected to continue to automate. Mining automation, which includes autonomous equipment installation and software automation, improves mine safety and productivity for workers in both underground and surface mining operations. The automation solutions market in the mining industry in the United States is expected to increase to over 1.5 billion dollars by 2025, with equipment automation accounting for over 946 million dollars of the total.

The objective of the report is to present a comprehensive analysis of the Global Automation Solutions Market in Mining Industry 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 has 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 help in understanding the Global Automation Solutions Market in Mining Industry dynamic, structure by analyzing the market segments and projecting the Global Automation Solutions Market in Mining Industry size. Clear representation of competitive analysis of key players by Technique, price, financial position, product portfolio, growth strategies, and regional presence in the Global Automation Solutions Market in the Mining Industry make the report investor’s guide.
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Global Automation Solutions Market in Mining Industry


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.13 Bn.


Forecast Period 2023 to 2029 CAGR:
8.6%
Market Size in 2029:
US $ 5.59 Bn.


 Segments Covered:
by Technique
Underground mining
Surface mining


by Type
Equipment
Software
Communications systems


by Workflow
Mine development
Mining process
Mine maintenance


by Application
Metal mining
Mineral mining
Coal mining



Automation Solutions Market in Mining Industry, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. ABB
2. ANDRITZ
3. Honeywell
4. Rockwell Automation
5. Siemens
6. Schneider Electric.
7. General Electric
8. Mitsubishi Electric
9. Yokogawa
10. Omron
11. IDEC
12. Koyo Electronics
13. Hitachi
14. FANUC
15. Emerson Electric Co
16. Parsec Automation
17. Grid Solutions
18. Amazon Robotics
19. Locus Robotics
20. Magazino GmbH

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Automation Solutions Market in Mining Industry?
Ans. The Asia Pacific is expected to hold the highest share in the Automation Solutions Market in Mining Industry.

2] Who are the top key players in the Automation Solutions Market in Mining Industry?
Ans. ABB, ANDRITZ, Honeywell, Rockwell Automation, Siemens, and Schneider Electric are the top key players in the Automation Solutions Market in Mining Industry.

3] Which segment is expected to hold the largest market share in the Automation Solutions Market in Mining Industry by 2029?
Ans. The underground mining segment is expected to hold the largest market share in the Automation Solutions Market in Mining Industry by 2029.

4] What is the market size of the Automation Solutions Market in the Mining Industry by 2029?
Ans. The market size of the Automation Solutions Market in the Mining Industry is expected to reach US$ 5.59 Bn. by 2029.

5] What was the market size of the Automation Solutions Market in the Mining Industry in 2022?
Ans. The market size of the Automation Solutions Market in the Mining Industry was worth US$ 3.13 Bn. in 2022.