Mining Automation Market Share, Size, Trends, Industry Analysis Report, By Solution (Software Automation, Equipment Automation, and Services); By Application; By Workflow; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM3403
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global mining automation market was valued at USD 5.33 billion in 2023 and is expected to grow at a CAGR of 7.2% during the forecast period. Extensive growth in the adoption and prevalence for Internet of Things (IoT) in the mining industry that offers mine management with real-time data and analytics with the help of visualization tools coupled with the growing preferences among major operators to collaborate with several technology companies to develop their wireless networks underground, are among the primary factors propelling the market growth. In addition, the increasing government focus towards the enhancement in environment for mining to be safe for workers and high penetration among key players towards the incorporation of smart mining solutions and equipment are further boosting the market at significant pace.
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For instance, in August 2022, Sandvik Mining and Rock Solutions, introduced new “AutoMine Mapping Solution”, to enhance vehicle navigation in the under-ground mining operations. It enables to securely & safely record 3D environment converts it into 3D maps to easily readable 2D.
In the recent past, both government and private organizations are focused towards the deployment of innovative drones to assess the mineral-deposited areas that are quite difficult to reach and they are rising utilization to monitor and examine the belowground activities and mining machinery, that is resulting in the automation in mining sector all over the world. In addition, developments in automated drilling, 3D imaging technology and an improved aerial gravity gradiometer for minerals prospecting is also creating huge potential for market.
The compound effects of COVID-19 and ongoing geopolitical issues have indeed had a significant impact on the global supply of goods and services. The pandemic has disrupted supply chains and caused shortages of critical goods, while geopolitical issues such as the Russia-Ukraine war have resulted in extreme price volatility for fossil fuels and metals, contributing to record inflation in some regions. The ongoing global energy crisis and concerns about an economic downturn have also eroded trust in global institutions and fueled a backlash against globalization in some quarters. This backlash against globalization may take many forms, including protectionist policies, trade barriers, and reduced investment in international institutions.
Industry Dynamics
Growth Drivers
Increasing demand and prevalence for digital twin technology globally, as various types planning mining operations and schedules are constantly becoming effective with the application of various virtual simulations, that is positively impacting the global mining automation market growth. The rising integration of digital twin technology that allow miners to easily stimulate the work environment to create both short-term and long-term schedules for different purposes including extracting, crushing, and drilling among others.
Furthermore, the continuous fluctuation in the commodity prices in the recent years, have put extra pressure on mining companies to retain their profit margins. Rising expenses on the exploration activities and high need for carrying out the non-stop production to meet the global energy demands, have significantly encouraged companies working in mining industry to embrace innovative technologies to reduce costs and maximize productivity gains, that are also expected to have a positive impact on the market growth.
Report Segmentation
The market is primarily segmented based on solution, application, workflow, and region.
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By Solution |
By Application |
By Workflow |
By Region |
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Software automation segment accounted for the largest market share in 2022
The software automation segment accounted for largest market share in 2022, and is likely to retain its market position throughout the forecast period. The growth of the segment market can be highly attributed to extensive rise in the penetration and development related activities of technology-based vehicles like autonomous truck, teleoperated mining equipment, and remote-control equipment. In addition, various large mining companies are using mining automation or processes in order to get better handle on their business and identify productivity bottlenecks.
The equipment automation segment is expected to grow at significant growth rate over the coming years, on account of continuous growth in the research & development and high technological advancements along with the introduction to unmanned or autonomous equipment that reduce the frequency of hazardous incidents. Additionally, the incorporation of innovative equipment automation techniques also allows mining companies to minimize their operating costs by decent percentage through reducing the downtime and enhancing the asset utilization rate, that is further likely to contribute significantly towards the segment market growth in the near future.
Metal mining segment is expected to witness highest growth during forecast period
The metal mining segment is expected to grow at a high CAGR during the anticipated period, which is largely attributed to rise in the need and demand for highly automated solutions to meet the increasing demand for various types of base metals globally. Base metals are being widely used in the manufacturing of electrical & electronic components due to their beneficial characteristics including thermal conductivity and corrosion resistance, thus the increasing demand for electrical & electronics goods are projected to create huge demand for the market over the next coming years.
The mineral mining segment led the industry market with a holding of healthy revenue share in 2022, and is anticipated to exhibit considerable growth rate over the forecast period. The extensive rise in the convention of autonomous technology in mineral exploration activities and surge in the number of applications of minerals across various end-use industries are key factors driving the demand and growth of the segment market.
Mine development segment held the significant market share in 2022
Mine development segment held the significant market revenue share in 2022, which is highly accelerated by increasing prevalence and demand for underground mining for coal and several other mineral deposits, that emphasizing the necessity for effective and efficient mine development.
In addition, before commencing any kind of production processes, mine development need to be done efficiently with the help of establishing string roads and multipurpose buildings for large mining vehicles to easily navigate and for equipment storage, thus growing investments towards the mine development activities by major market players across the globe, is further anticipated to boost the growth of the segment market.
Asia Pacific region dominated the global market
The Asia Pacific region dominated the global market for mining automation in 2022, and is expected to maintain its dominance during the projected period. The regional market growth can be largely attributed to growing use of highly automated mining equipment by major leading exploration and mining companies along with the emerging trend of digitalization of mines and globalization of economies in the region.
Many large private corporations and governments are heavily investing in mining activities in mining activities to cater the rising consumption and need for metals and minerals in emerging economies and presence of untapped drilling and exploration potential in countries like China and India will stimulate the market growth in the near future.
North America region is expected to show promising growth over the anticipated period, mainly due to increasing demand for sustainable mining operations and incorporation of various advanced technologies in the mining industry coupled with large number of supportive policies, regulation, and funds that are being provided by government authorities in the region.
Competitive Insight
Some of the major players operating in the global mining automation market include Hexagon, Sandvik, Autonomous Solution, Komatsu Ltd., Rockwell Automation, RPM Global Holdings, Siemens, Trimble Inc., Epiroc AB, Atlas Copco, Caterpillar, Liebherr Group, Mine Site Technologies, Rio Tinto, Hitachi Construction, Metso Outotec, and SANY Group.
Recent Developments
- In February 2022, Appian, launched and wide availability of its new and more unified platform, that is designed to streamline complex processes and further help in assisting the workflow design and automation. The new process mining technology features a no-code module aiming to simplify the transformation and preparation of enterprises data with improved performance and results.
- In June 2022, Hexagon, launched its new Life-of-Mine smart platform, that help in connecting sensors, software, cloudware, and several infield applications. The new platform allows mine to connect to a boardroom through a single onboard ecosystem comprising a smart computer and an antenna, while aiming to bring key mining workflows together to promote the digital transformation for improving the productivity and safety as well.
Mining Automation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 5.71 billion |
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Revenue forecast in 2032 |
USD 9.95 billion |
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CAGR |
7.2% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Solution, By Application, By Workflow, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Hexagon AB, Sandvik AB, Autonomous Solution Inc., Komatsu Ltd., Rockwell Automation Inc., RPM Global Holdings Ltd., Siemens, Trimble Inc., Epiroc AB, Atlas Copco AB, Caterpillar, Liebherr Group, Mine Site Technologies, Rio Tinto, Hitachi Construction Machinery Co. Ltd., Metso Outotec, and SANY Group. |
FAQ's
The mining automation market report covering key segments are solution, application, workflow, and region.
Mining Automation Market Size Worth $9.95 Billion By 2032.
The global mining automation market is expected to grow at a CAGR of 7.2% during the forecast period.
Asia Pacific is leading the global market.
key driving factors in mining automation market are growing concern for mine and labor safety.
