The Global Mining Automation Market is projected to grow at CAGR of 6.09% during the period 2018-2023
The report published by Knowledge Sourcing Intelligence titled “Mining Automation Market - Forecasts from 2018 to 2023” studies the various factors affecting the demand for automation in mining worldwide. The report has been segmented by application (surface mines, underground mines), and component (hardware, software, services). The hardware component has further been divided into autonomous hauling systems, autonomous drilling systems, robots, conveyor belts, and others to provide an in-depth analysis.
In addition, the demand for mining automation solutions has been estimated based on the geography, covering five regions namely North America, South America, Europe, Middle East and Africa, and Asia Pacific, and some of the major economies in each of these regions. The trend towards automation in the mining sector would primarily be driven so as to lower the operating costs and improve the operational efficiency of the mines. Cost-effectiveness of retrofitting existing fleet coupled with rising interest in underground mining will add to the demand for these solutions in the coming years.
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By component, the demand for hardware is projected to dominate the market share in the global mining automation market in 2018.
It is estimated that the demand for hardware components will surpass the demand for software and services combined throughout the forecast period. Globally, mining automation market is currently in the initial stage as private institutions are increasing capital expenditure to deploy automation solutions in their mines so as to improve the company profitability. Autonomous Hauling Systems (AHS) will see attractive growth opportunities, while the demand for conveyor belts will grow at an impressive rate.
The Asia Pacific region is estimated to hold the lion’s share in the global mining automation market throughout the forecast period.
The demand for mining automation solutions will be dominant in the APAC region, with the region holding more than 50% of the global market share in 2023. An increasing rate of automation on account of successful integration of mining technology in Australia by leading miners is motivating companies operating in the same region to adopt automation solution, thereby driving the demand for this technology. Furthermore, China and India are adopting these solutions to reduce labor wages even further and improve the safety of workers for dangerous labor-intensive tasks. Introduction of new solutions and rising commodity prices will propel the demand for mining automation solution by the year 2023.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global mining automation market. It consists of company profiles of the leading companies such as Caterpillar, Hitachi, Ltd., RPM Global, Volvo Group, Komatsu, Micromine, Sandvik AB, and Fluedmesh Network LLC.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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