Mining Automation Market To Generate Revenue Worth $6,966 Million by 2030
- Published: February 2023
The global mining automation market is projected to generate USD 6,966 million revenue by 2030, advancing at a CAGR of 6.80% during 2022–2030. This can be ascribed to the increasing need for improving work safety, the rising demand for fleet management systems, and the surging focus on reducing operating costs.
According to large firms and their partners, the coronavirus shutdown has been hastening digitalization and automation in the mining sector, which enables more work to be completed at remote mines even if operators are far away. This trend will accelerate cost reduction, resulting in smaller, cleaner mines where more operations can be accomplished with fewer workers. The widespread use of new technologies in the mining industry is merely being accelerated to improve the efficiency of operations.
Metal Mining Is Dominating the Market
The metal mining category held the largest revenue share, of over 34%, in 2022. This is attributed to the growing adoption of autonomous technologies in metal prospecting activities, and the increasing consumers’ demand for metals including copper, zinc, lead, and nickel. To fulfill the growing need for base metals, automated solutions are in high demand in the mining industry.
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Geographically, APAC held the largest market share in 2022. This is due to the increasing adoption of automation technologies in the mining sector in various countries and the presence of several mines in the region. For instance, The Dexing Copper mine, operated by Jiangxi Copper, is the biggest in China and one of the largest in Asia. It has an area of more than 4,000 hectares and a production capacity of more than 100,000 tons per year, which, at its peak, accounted for roughly a quarter of the nation's copper output.
In addition, in 2021, a leading Chinese autonomous mining truck technology company, TAGE Idriver and Jiangxi Copper signed a contract to transform existing Komatsu and Chinese brand electric drive mining trucks into unmanned vehicles and begin unmanned driving. Similarly, in 2021, Sandvik Mining and Rock Solutions delivered its 100th loader connected to the AutoMine platform in the region.
Moreover, Australian resource companies work in some of the harshest and most-isolated locations in the world. The developments of advanced mining automation technologies, such as autonomous and near-autonomous load haul dump (LHD) and truck haulage systems that optimize fuel usage, extend tire life, and boost vehicle efficiency and safety; remotely controllable autonomous train loading and transit systems; and other systems drive the industry in the region.
The major players operating in the mining automation market include Sandvik AB, Caterpillar Inc., Liebherr-International Deutschland GmbH, Hexagon AB, Siemens AG, Epiroc AB, Komatsu Ltd., Sany Heavy Industry Co. Ltd., RPMGlobal Holdings Limited, and Rockwell Automation Inc.