The global mining automation market is set to touch US$ 7.5 billion by 2033, expanding at 6.4% CAGR from 2023 to 2033, according to a new report by Fact.MR.
Mining is the second-most significant and ancient human endeavour after agriculture – the two industries are considered the primary industries of early civilization.
Mining is the primary source of mineral commodities, which all countries rely on to maintain and improve their standard of living.
Mining automation is gaining prominence due to increasing awareness of the application of modern technology.
Mining automation refers to the utilization of control systems, such as computer technology and electronics, to assist machines in performing certain activities.
It covers several types of equipment used in mining activities with high operational autonomy.
The main benefit of mining automation technology is cost reduction – mining costs can be decreased by automating the procedure.
It can also assist in minimizing the number of miners needed, which can help to lower mining costs.
Mining automation solutions can also help boost productivity and aid in improving the quality of minerals.
Traditionally, mining operations involved a lot of manual labour, which put people in a risky environment.
A large number of human resources are needed to achieve increased productivity, as well as supplying safety equipment and high remuneration, which raises overall production costs.
Many corporations are employing automation in their mining processes to prevent such significant costs and risks to personnel.
Mining management and the government have long been concerned about the increased incidence of mining accidents.
Miners frequently jeopardize their lives by digging underground in hazardous conditions to bring profitable commodities to the surface.
Workers and their supervisors can surely gain from automating underground chores and using robots or other advanced technologies that can function efficiently without being hindered by any cause.
Such advantages of mining automation solutions are projected to boost market growth over the next ten years.
Key takeaways from the market study:
- The global mining automation market is valued at US$ 4 billion in 2023.
- Worldwide demand for mining automation solutions is estimated to increase at a CAGR of 6.4% from 2023 to 2033 (forecast period).
- The market is predicted to reach a size of US$ 7.5 billion by 2033.
- Asia Pacific accounted for 39% share of the global market in 2022.
- The equipment segment is expected to grow considerably during the forecast period.
“Mounting concerns regarding workers’ safety, growing acceptance of technologically advanced equipment, and increasing need for improved productivity are important factors propelling the global market for mining automation,” says a Fact.MR analyst.