Global Mining Automation Market Size, Share, Growth Analysis, By Solution(Solution, Software Automation), By Application(Metal Mining, Mineral Mining) - Industry Forecast 2024-2031

Global Mining Automation Market size was valued at USD 5.28 billion in 2022 and is poised to grow from USD 5.67 billion in 2023 to USD 9.95 billion by 2031, growing at a CAGR of 7.3% during the forecast period (2024-2031).

The swift advancement of technology, encompassing robots and Artificial Intelligence (AI), has led to an increased utilization of mining automation solutions for boosting production efficiency. The development of automated mining solutions is being propelled by the growing trend of integrating cutting-edge technologies. The emergence of the Internet of Things (IoT) in this sector gives mine managers access to real-time analytics and data through visual aids. A number of operators have formed partnerships with technology companies to construct subterranean wireless networks. For example, in April 2021, International Business Machines, Inc. (IBM) announced that it will acquire myInvenio, a startup company based in Italy. The business develops and utilizes process mining software. The partnership aims to integrate MyInvenio's task and process mining tools into the IBM Cloud to enable Robotization, an environment for planning and carrying out robotization tasks. The firm will be able to track sales, production, buying, and accounting with the help of the data-driven software and solutions. The mining sector is expanding due to the increased demand for worker security and mining. Traditional mining methods previously increased dangers at the mining site by endangering the safety of mine personnel. In order to ensure worker safety, suppliers have created sophisticated mining methods and equipment. For instance, in November 2020, ABB will introduce its mine hoist suite, ABB Capability safety plus. This is the first Safety Truth Level 3 (SIL 3) in the mining industry that has been fully independently approved. It is unique and uncommon for risk mitigation and hazards related to mine hoist solutions with appropriate security because it offers three remedies: safety plus raise protector, security plus hoist monitor, and safety plus stop system. The goal of the endeavor is to make mining settings safer for both personnel and machinery.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Mining Automation Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Mining Automation Market Segmental Analysis

Global Mining Automation Market is segmented based Solution, Application and region. Based On Solution the market is segmented into Solution, Software Automation, Services, Equipment Automation. Based on Application the market is segmented into Metal Mining, Mineral Mining, Coal Mining. Based on region the global Mining Automation Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Mining Automation Market

Because mining is a dangerous sector by nature, there is an increasing focus on enhancing worker safety. Automation technologies lower the risk of accidents and increase worker safety by enabling the use of autonomous vehicles and remote equipment operation.

Restraints in the Global Mining Automation Market

It costs a lot of money up front to implement mining automation systems, including for infrastructure, software, hardware, and training. Some mining firms may find it prohibitive to employ automation technologies because of the upfront expenditures, particularly smaller operations.

Market Trends of the Global Mining Automation Market

The usage of autonomous drillers, loaders, and haul trucks in mining operations is becoming more and more common. Because autonomous vehicles do not require human operators in dangerous areas, they can provide advantages including enhanced production, safety, and efficiency.