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Mining Automation Market worth $5.1 billion by 2029 - Exclusive Report by MarketsandMarkets™

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CHICAGOFeb. 8, 2024 /7NewswireThe global mining automation market size is expected to grow from USD 3.6 billion in 2024 to USD 5.1 billion by 2029, at a CAGR of 7.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. The global mining industry is experiencing a significant shift towards digital transformation, emphasizing enhancing worker safety and boosting productivity. This trend is propelling the growth of the mining automation industry. The emergence of connected mines and a growing imperative to reduce operational costs further expand the market. These combined factors underscore the dynamic evolution and increasing adoption of automation technologies within the mining sector.

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Browse in-depth TOC on “Mining Automation Market” 
184 – Tables
69 – Figures
262 – Pages

Mining Automation Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 3.6 billion

Estimated Value by 2029

$ 5.1 billion

Growth Rate

Poised to grow at a CAGR of 7.2%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Equipment, Technique, Workflow and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Absence of skilled workforce to operate automated mining equipment

Key Market Opportunities

Rising adoption of digitalization in the global mining industry

Key Market Drivers

Rising demand for fleet management systems

The communications systems offering segment market is expected to grow with the highest CAGR during the forecast period.

Communication systems play an essential role in efficiently carrying out mining operations. A well-established communication infrastructure helps transport data and voice and video messages, which is critical for safe and reliable mining. Various benefits, including fleet management, live monitoring of mining equipment, audio and video surveillance, safety system monitoring, field communications, and autonomous applications, justify the strategic importance of setting up communication systems in mine sites.

The surface mining technique segment is expected to hold a substantial market share during the forecast period.

Surface mining is a form of mining technique used to extract minerals and ores occurring closer to the earth’s surface. In surface mining, ore deposits are removed by systematically removing outer rock layers from the ground. Automation is pivotal in surface mining, contributing to heightened efficiency, diminished human error, and improved safety. Utilizing automated machines for drilling, digging, cutting, loading, hauling, and monitoring enhances various tasks. Autonomous hauling vehicles exemplify this, transporting materials without human intervention to mitigate accidents and bolster productivity.

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The mine maintenance workflow segment is expected to grow at an impressive CAGR during the forecast period.

Mine maintenance activities help to optimize the mine site efficiency. Key benefits of mine site maintenance include the increased operational life of equipment, high productivity, reduced breakdowns, and high workforce utilization. Ventilation is the most fundamental parameter in mining operations. Dusty surroundings and vehicle exhaust emissions present challenging situations for workers operating in control centers and administrative buildings on the mine site. However, heating, ventilation, and refrigeration (HVAC) systems hold more importance in underground mining operations. Another important mine maintenance activity is dewatering, which ensures the safety of the mine resources and assets. It is one of the most crucial mine maintenance tasks, and if left unchecked, the underground water can disrupt the entire mining process.

Key Players

The key players in the mining automation companies include Caterpillar (US), Komatsu Ltd. (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), Hitachi Construction Machinery Co., Ltd. (Japan), and others.

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