The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Mining Automation Market. The growth sectors of the Mining Automation Market are identified with precision for a better growth perspective.
Mining is the industrial process of procuring different types of minerals and coal from mines. Automation is the process of execution of any activities without manual input or operator. Traditional mining activities require intense input form an operator for carrying out mining processes. The introduction of automation eliminates human labor form process associated with mining. There are multiple forces that can alter mining automation market dynamics. Major factors are identified and discussed in the “Mining Automation Market” report offered by Market Research Future (MRFR). The report reveals about ongoing trends, market size, growth opportunities, and competitive landscape.
MRFR study on the global mining automation market states that the market can expand at 8.6% CAGR. MRFR recorded the worldwide market at USD 2.31 Bn in 2018. The penetration of automation solutions in mining processes can cause escalation in the valuation of the mining automation market. By 2023, the mining automation market can value at USD 4.03 Bn. The increase in the worldwide mining automation size can be attributed to the convenience offered by automation in the accomplishment of mining activities. Control systems, robots, computers, programmable controllers, and technology sets are utilized by automation solutions that increase efficacy and productivity of operations.
Intensive mining activities, such as loading, drilling, transporting, and hauling among others are automated using automation control devices, such as programmable logic controllers (PLCs), software, PCs, and distributed control systems (DCS). The rise in the use of SCADA or human-machine interfaces (HMIs) can improve collection of data and interaction with field devices. These are other drivers of the mining automation market that are identified by MRFR. Government authorities across the globe are observed to add momentum to the global mining automation market as funding in research and development for mining is increased and the mining regulations are made simpler.
The penetration of digitalization is manufacturing units, cost-effectives, and high quality of consumer products are expected to lay ground work for the market to surge. On the contrary, volatility of world economic conditions and lack in expertise can impede the worldwide mining automation market expansion. Automation aid in the reduction of injuries to workers, such as repetitive motion, physical strain, overexertion, exposure to hazardous substances, slipping, and other accidents. Thereby, curbing the high risk of miners’ health. Thus, the growing concern for safety of mine workers and rise in cases of occupational hazards related to mining are encouraging the adoption of automation for executing mining procedures.
The mining automation market is studied by operation and offering. Autonomous mining truck, mining load-haul-dump (LHD), autonomous drilling rig, tunneling equipment, and pumping stations are hardware offerings of mining automation. Software offerings of mining automation are workforce management, fleet management, temperature monitoring system, and remote operations and monitoring. Communication system, such as wireless mesh networks, navigation systems, and others are used in mining automation. Autonomous haulage and autonomous drilling are mining operations that are automated. HVAC and mine dewatering are maintenance procedures that are automated.
North America mining automation market to gain high revenue in the assessment period. The rise in demand for advanced robotic, favorable government factory automation policies, and increase in demand for intelligent manufacturing systems are expected to prompt the regional mining automation market. The presence of several mining automation developers in the US can bolster the expansion of the North America market. Europe mining automation market to spur at high pace due to investment made by key players in upgradation of automation technologies. Asia Pacific mining automation market to surge in years to come. Increased identification of mines, rise in need for minerals, and rising concern for workers are expected to boost the regional market.
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Mining Automation Market report added by Value Market Research, offering growth, trends, and forecast for each segment along with regional and country analysis.
The study has done with respect to market share, size, outlook, estimation and forecast period 2021-2027.
Further, this report also highlights the regional and country-level market analysis.The mining automation market is vast, with many local and global players.
the key leaders follow different strategies to advance their market position, such as contracts, amalgamation, extending product portfolio, expansions, acquisitions, and product upgrades to raise their market share across the globe.
for instance, in June 2017, Komatsu America Corp., a Komatsu Ltd subsidiary, has introduced HD405-8 and HD325-8 off-highway trucks.
The new models contain payload capacities of 36.5 and 40 metric tons, correspondingly.
