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Mining Automation Analysis by Solutions, by Application & by Automation Type with Regional Outlook & Forecast to 2024
Global Mining Automation Market Outlook, 2024
With the emergence of internet of things (IoT) and with the increasing level of automation, mines and processing plants are producing more reliable and enhanced data. Advancement in information technology significantly helping in optimizing workflows and to save energy and reduce overall operation costs. Mining companies are showing stronger interest to use resources effectively, reducing waste and to increase overall plant productivity through automation, using fewer resources while achieving more. These trends and the strong minerals market have resulted in many projects for major players providing efficient automation solutions for mining across the globe. Moreover, rising need for more sophisticated technology as mines are getting deeper, being set up in remote locations has significantly fueled the demand for mining automation solutions around the world.
Goldstein Research analyst forecast the global mining automation market to grow at a CAGR of 11.4% during the period 2016-2024. Further, the global mining automation market is predicted to reach USD 4.3 billion by the end of forecast period.
Underground mining Solutions
Surface mining Solutions
By Automation Type
Material Handling Equipment
Electrical, control and instrumentation systems
North America (US, Canada) Mining Automation Market
Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Mining Automation Market
Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) Mining Automation Market
Latin America (Brazil, Mexico and Rest of Latin America) Mining Automation Market
Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Mining Automation Market
Mining Automation Market Share & Forecast to 2024
On the basis of solutions, underground mining solutions dominated the global Mining automation market with more than 58% market share in 2016. The segment is projected to remain dominant over the forecast period, with CAGR of 12.4% over the forecast period.
Geographically, Asia Pacific region dominated the global mining automation market, accounted for more than 40% revenue share in global market owing to incorporation of automated solutions in mining industry by big market players. Asia Pacific region is anticipated to be the fastest growing mining automation market, which is likely to expand at a CAGR of 14.7% over the forecast period. African regions such as South Africa and Guinea among others provide immense opportunities for the growth of mining automation market as Africa is one of the largest mineral producing regions around the world, with the presence of world’s leading mining companies.
Players Focus towards New Productivity Gains propels Growth
According to our global mining automation market study on the basis of extensive primary and secondary research, one of the major trend that driving the growth of mining automation market is focus of mining industry players towards new productivity gains. Mining industry leaders are continuously investing in innovation, from automation and enhanced drilling systems to data analytics and mobile technologies in order to achieve improved mining capacity whilst reducing capital and energy intensity.
According to the report, major driver in global mining automation market is rapid technological advancement in mining automation. For instance, autonomous vehicle and automated technologies has already revolutionized the mining operations and has successfully helped the mining industry in reducing labor cost and enhancing productivity of operations.
Cyber Security- Major Challenge in the Implementation of Autonomous Solutions
Further, the report states that one challenge in global mining automation market is threat from cyber-attacks. Cyber security is one of the major challenges in the implementation of autonomous solutions as IoT evolves and network connectivity extends the system will be more prone to corporate espionage, attempted blackmail campaigns or mischievous efforts by hacking autonomous vehicles.
Covered in this global mining automation market report
The report covers the present ground scenario and the future growth prospects of the global mining automation market for 2016-2024 along with the total revenue and market development status of mining automation in every region. We calculated the market size and revenue share on the basis of revenue generated from the each segments by major players in mining automation industry across the globe.
Global Mining automation Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global mining automation market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global mining automation market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Mining Automation Companies (Key Market Players)
Our global mining automation market report comprises of the following companies as the key players in the global Mining automation market.
Autonomous Solutions Inc.
Mine Site Technologies
Sandvik Honeywell International Inc.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.