Automated Mining Equipment Market SWOT Analysis, Business Growth Opportunities by 2030
The global automated mining equipment market size is expected to grow from USD 8.1 billion in 2020 to USD 61.2 billion by 2027, at a CAGR of 40.1% from 2021 to 2027. Mining is a composite industry. Extracting raw material of different sizes, chemicals, and shape compositions from the earth's crust and transforming it into standardized and high-quality final products is challenging and has pushed the industry to opt for resolutions that can improve its productivity and efficiency.
Typically mines are placed in remote areas, and adopting automation helps in resource utilization in a better manner. The industry is anticipated to benefit from a considerable increase in safety practices as identifying process and operating procedures help in addressing danger points and developing the SOP to mitigate those risks. Also, using automated equipment, which can be manipulated into unsafe areas and challenging locations, the mining companies can send fewer miners underground while extracting a higher output, with lower risk to their employees.
For example, after implementing autonomous technologies in several African mines, Randgold Resources reduced the quarter-on-quarter injury rate by 29%. Get PDF for more Professional and Technical insights: https://www.marketstatsville.com/request-sample/automated-mining-equipment-market The rapidly shifting landscape of the mining industry, such as addressing environmental impact concerns, creating a safe working environment, connected equipment workspace owing to advancement in communication technology, is estimated to provide considerable value to the mining sector and its stakeholders.
However, these benefits are not without their costs and call for addressing such variables. The market is witnessing an increase in the adoption of Autonomous Truck Haulage Systems (AHS). AHS evolved with improvements in GPS for positioning and navigation, developments in sensors and detection.
Global Automated Mining Equipment Market Dynamics
Drivers: Growing Concerns for Workers' Safety and Growing Productivity
Mining corporations across the world are rapidly adopting the latest automation equipment to modernize their operations.
Automation also provides significant benefits to this sector, such as driving productivity, increasing safety, and lowering costs. The most advanced "miners" perform several technological procedures, such as transporting raw materials and drilling, using robotics. Companies that use automated mining technologies are anticipated to witness immediate and significantly increased production and reduced expenses.
Some firms have witnessed production progress between 15% and 20% after adopting the new technologies. For instance, Boliden is one of the successful mining companies globally, with firm efficiency and stock market performance. It has eight mines, and one of them, Aitik, is located in the north of Sweden, the biggest open-pit mine in Europe.
The corporation has installed a Wi-Fi communication system to enable the use of drill rigs in Aitik. The company aims to increase its annual production of 36 million metric tons of ore to 45 million metric tons.
Challenges: Security and Vulnerability Issues
Automation in mining has shown to be an engaging proposition for the industry, given its potential benefits. This new trend develops a cautionary tale of the limits and risks behind the latest and the existing technologies, notably cyber security.
Automated compromised systems pose a safety and security risk to both the human workforce and the logistics of mining organizations. In robots, mining, and other tools have the potential for physical damage or operational downtime. Cybercrime is affecting the mining industry.
Malicious network security events are increasing in number as they prove to be effective business models for attackers. The increase in such circumstances is restraining the growth of the market studied. To overcome such instances, mining executives have increased their awareness of the benefits of establishing security infrastructure, committing to the best practices, and educating internal teams to minimize vulnerabilities and the risk of being breached.
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Scope of the Report
The study categorizes the automated mining equipment market based on components, hardware, and region.
By Component Outlook (Sales, USD Million, 2017-2027)
By Hardware Outlook (Sales, USD Million, 2017-2027)
- Load Haul Dump
- Robotic truck
- Drillers and Breakers
- Other Equipment
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The hardware segment is projected to account for the largest market share by component
Based on components, the global automated mining equipment market is divided into hardware, software, and services. In 2020, the hardware segment accounted for the largest market share of 73.3% in the global automated mining equipment market. The automation of dozers and tractors gained popularity in the civil applications of the mining industry.
Currently, the semiautomatic dozers are mainly being used rather than the fully automatic ones. In January 2019, Komatsu released its intelligent, fully automatic dozers for bulk and final trim dozing for the applications in the mining industry. Caterpillar implemented semiautomatic dozers in the coal mines of the United States and Queensland, Australia.
Additionally, the companies are offering automation up-gradation for the existing, on-ground mining equipment in the industry. One of the most popular OEMs for autonomous equipment is Autonomous Solutions Inc. (ASI), which offers a wide range of automation solutions that automate more than 75 types of vehicles in mining, agriculture, etc., and automotive. Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.marketstatsville.com/table-of-content/automated-mining-equipment-market
Asia Pacific accounts for the highest CAGR during the forecast period Based on the regions, the global automated mining equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 31.5% in the global automated mining equipment market during the forecast period.
Owing to environmental uncertainties, China's mining industry is declining and observing sluggish growth. Many natural resources are regulated and limited by the government to tackle environmental concerns. The world's tungsten market is dominated by China, as the country is well capable of the mineral.
According to USGS, due to its environmental concern, the government has delimited its tungsten industry via limiting the number of export licenses and mining, quotas have been imposed on concentrate production, and placing constraints on processing and mining. India is one of the major economies driving the demand in the Asia Pacific region. The country's cement and power industries are projected to aid the mining and metals sector.
India is also observing a rise in demand for iron and steel. The demand is expected to drive the market for mining equipment. The Government of India has allowed 100% Foreign Direct Investment (FDI) in the mining sector.
Exploration of metal and nonmetal ores under the automatic route is expected to propel growth in the sector. Moreover, Australia is one of the largest mining industries globally, owing to its abundant natural resources. The country has the second-largest active mineral exploration site in the world.
Owing to which the country is a major market for mining equipment vendors.
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Key Market Players
The automated mining equipment market is mildly concentrated, with few global players operating, such as Rockwell Automation Inc., Autonomous Solutions Inc., Trimble Inc., ABB Ltd., Hexagon B, Hitachi Ltd., Komatsu Ltd., Caterpillar Inc., Atlas Copco, and AB Volvo.
Every company follows its business strategy to attain the maximum market share.