NEW YORK, March 16, 2023 /PRNewswire/ — The mining automation market will be worth USD 6,966 million by 2030, witnessing a CAGR of 6.80%, according to P&S Intelligence.
This is mainly because of the growing requirement for better workplace safety, increasing demand for fleet management systems, and rising concentration on lowering operating expenses.
Equipment Sales Generate Most of Revenue
In 2022, the equipment category had the largest market share, of above 42%. This is mainly because numerous pieces of equipment are utilized for mining processes, such as autonomous drilling rigs, autonomous hauling systems, tunneling equipment, smart ventilation systems, pumping systems, and underground LHD machines.
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Among these, autonomous drilling rigs are utilized the most. These machines work round the clock and remove numerous safety problems related to physically controlled drilling rigs, while being more accurate and reliable. This way, autonomous equipment improves productivity and miner safety.
Automated Underground Mining Equipment Highly Demanded
In 2022, the underground mining category had a significant revenue share. Advanced technologies have improved the transportation of metals and minerals, emergency responses, miner communication, and several more aspects of underground mining.
AI has the promise of making these aspects even better. For instance, AI integration allows for real-time, 24/7 screening of minerals and metals and plant processing.
Communication System Are Gaining Traction
In the coming few years, the communication system category is projected to advance at the highest CAGR, of 7.6%. High-speed digital networks for vehicle telemetry and audio & video communications are essential for better efficiency and price optimization, because of the huge size of the datasets produced in mining operations.
Further, open-pit mining procedures can utilize of optical fiber networks, cable networks, and wireless communication to overcome the problems triggered by the intricacy and geographical restrictions of underground procedures.
Mine Operations in APAC Are Automated Most Extensively
In 2022, APAC dominated the mining automation industry with a 41% revenue share. This is because of the rising acceptance of advanced technologies for mining mechanization by several nations in the region.
Browse detailed report on Mining Automation Market Size, Growth, Development and Demand Forecast to 2030
For example, Australia is a worldwide innovator in mining automation technologies that let metallurgy companies function more steadily and efficiently in complex environments. Furthermore, the increasing cost pressure that the mining sector is presently facing can be relieved by automating several key processes.
Metal Mining Being Rapidly Automated
With 34% of the global revenue, metal mining dominates the market. This is attributed to the growing demand for various metallic minerals, such as iron, copper, lead, nickel, and aluminum. Presently, bricks are being rapidly replaced by reinforced concrete in all kinds of civil infrastructure, thus driving the demand for iron rods and TMT bars.
Mining Automation Industry Segmentation Coverage in the Report
Mining Automation Industry by Offering
- Communication System
Mining Automation Industry by Technique
- Surface Mining
- Underground Mining
Mining Automation Industry by Workflow
- Mine Development
- Mining Process
- Mine Maintenance
Mining Automation Industry by Application
- Metal Mining
- Mineral Mining
- Coal Mining
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SOURCE P&S Intelligence