Mining Automation Market size worth $ 4513.2 Million, Globally, by 2030 at 8.1% CAGR: Verified Market Research®
The rapidly flourishing mining industry worldwide along with increasing investments in R&D activities related to technological advancements by key players in the market is anticipated to drive the demand for Mining Automation Market.
JERSEY CITY, N.J., May 24, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Mining Automation Market" By Technique (Underground Mining, Surface Mining), By Workflow (Mining Process, Mine Development), and By Geography. According to Verified Market Research, Mining Automation Market size was valued at USD 2257.9 Million in 2021 and is projected to reach USD 4513.2 Million by 2030, growing at a CAGR of 8.1% from 2022 to 2030.
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Global Mining Automation Market Overview
Augmented activities related to the adoption and deployment of innovative technologies such as sensors, robotics, and analytics, are the major factor driving the demand for automated solutions in mining. Furthermore, the use of the Internet of Things (IoT) technology has provided mining companies with data analytics which enables real-time decision provision. Key mining companies in collaboration with technology players have installed wireless networks in underground mining. For instance, in 2020, MineHub announced its collaboration with IBM to enable the use of blockchain technology to enhance operational efficiencies, logistics, and fiancé along with a reduction in cost across the mineral concentrates supply chain starting from mine to end-user.
In addition, development in machine learning technology is anticipated increase its adoption thereby, outstripping human performance in certain mining activities. Infosys offers internet and ethernet services for mining automation to form a link between various devices and equipment. Motor control, online analyzers, and gas emission devices are linked to ethernet networks which enables data extraction and visualization without any human interference. Rising demand for mining activities along with awareness regarding worker safety is also anticipated to contribute to market growth.
The major players in the market are Caterpillar, RPM Global, Komatsu, Sandvik, Atlas Copco, HEXAGON, HITACHI, TRIMBLE, AUTONOMOUS SOLUTIONS INC., FLUIDMESH NETWORKS, and Others.
Verified Market Research has segmented the Global Mining Automation Market On the basis of Technique, Workflow, and Geography.
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