New York City, NY: Jun 25, 2019 – Published via (Wired Release) – Mining is extraction of valuable minerals or other geological materials from the earth usually from an orebody, lode, vein, seam, reef or placer deposit. Mining automation removes humans from hazardous mining process.
The first five-year cumulative revenue (2019–2023) is projected to be more than US$ 16 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period. The global mining automation market is estimated to value at nearly US$ 2.9 Bn in 2019, and is expected to register a CAGR over 5.3%.
Increasing demand for advanced mining equipment for underground mining techniques to safeguard mining workers is a key factor expected to drive growth of the global mining automation market over the forecast period. In addition, rising adoption of automation in mining to eliminate human operative interference from dangerous environments and for real time atmospheric monitoring, and safety alerts, is anticipated to further fuel growth of the target market over the forecast period.
Furthermore, technological advancements in mining equipment’s and growing digitization across the globe are some other factors expected to further fuel growth of the target market over the forecasts period.
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Global Mining Automation Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global mining automation market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global mining automation market is expected to expand at a CAGR of 5.3% over the forecast period.
Global Mining Automation Market: Segmental Snapshot
The market report has been segmented on the basis of technique, material type, application, and region. The technique segment includes underground mining automation and surface mining automation. The material type segment includes equipment (autonomous trucks, remote control equipment, and teleoperated mining equipment), software, and communication system. the application segment includes metal mining, mineral mining, coal mining, and other. The regions covered in the analysis includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Technique: The underground mining automation segment accounted for highest revenue share contribution as compared to other technique segment, and is expected to register a CAGR of over 5.7% over the forecast period in the global market.
By Material Type: The equipment segment accounted for highest revenue share contribution as compared to other material type segments, and is expected to register a CAGR of over 5.3% over the next 10 years.
By Application: The metal mining segment accounted for highest revenue share contribution as compared to other application segment, and is expected to register a CAGR of over 5.1% over the forecast period.
By Region: The market in Asia Pacific accounted for highest revenue share in the global mining automation market in 2018, and is expected to register a CAGR of over 5.6% in the global mining automation market.
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Global Mining Automation Market: Competitive Analysis
The research report on the global mining automation market include profiles of some of major companies such as Autonomous Solutions, Inc., Caterpillar Inc., Trimble Inc., Sandvik AB, Atlas Copco AB, Hexagon AB (publ), Hitachi, Ltd., Komatsu Ltd., Mine Site Technologies Pty Limited, and RPMGlobal Holdings Limited.
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