According to Goldstein Research, “Rising need for sophisticated technology to improve the efficiency and productivity of the mining business is the major factor driving the growth of global mining automation market.” Moreover, commodity prices are hitting the all-time lows, resulting in sluggish revenue for mining companies and equipment manufacturers. As a result, mining companies are now keeping the automation as a priority in their business strategies.
Market is segmented based on solutions, by type and by applications. Applications are further bifurcated into mine development, mining process and mine maintenance. Through 2017, growth in global mining automation market The mining process, which accounted for the 40% of global mining automation market in 2016, will outpace that in mine development and mine maintenance demand.
The global mining automation market accounted for USD 1.8 billion in 2016, which is likely to reach USD 4.3 billion by the end of the forecast period i.e. 2016-2024. Further, the market is projected to expand at a CAGR of 11.4% during the forecast period.
Asia-Pacific is the largest region for mining automation market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific mining automation market valued USD 0.720 billion in 2016 and is estimated to reach USD 1.4 billion by 2024. Australia is expected to dominate the mining automation market followed by China due to large mineral production in these countries. In Australia major mining companies such as Rio Tinto, BHP Billiton have incorporated autonomous vehicles in their operations, using self-driving earthmovers to haul ore.
Internet of Things and Autonomous Vehicles: Turnkey
Internet of Things (IoT), an emerging network technology based on the incorporation of wireless technologies, micro-electromechanical systems and the internet, has revolutionized the mining industry by creating new solutions for maintaining mining safety and increasing productivity. Automated drilling machines are also ensuring mining personnel safety and improved efficiency, where technology allows operators to carry out drilling process without entering hazardous areas.
Global Mining automation Market
This report contains a detailed overview of the global mining automation market in terms of market segmentation by solutions type, by automation type and by applications.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Mining Automation Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as ABB Group, Siemens AG, Autonomous Solutions Inc., RPMGlobal, Trimble, Fluidmesh Metworks, Mine Site Technologies, Atlas Copco etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their mining automation Overall, the report represents comprehensive synopsis on the global market centric strategies according to the ongoing and expected trends in the future.
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