Technavio analysts forecast the global robotics market in the mining industry to grow at a CAGR of around 27% during the period 2018-2022, according to their latest market research report.
The adoption of innovative business models is one of the major trends being witnessed in the market. Vendors are expected to increasingly opt for Robotics as a Service (RaaS), a business model in which robots are leased on a monthly or hourly basis. The providers also include system integration services such as upgrading and maintenance. Apart from leasing robots, vendors can also leverage technologies such as cloud computing to improve their offerings through services such as real-time monitoring of robots.
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In this report, Technavio analysts highlight the increase in technology investment by mining companies as a key factor contributing to the growth of the global robotics market in the mining industry:
Increase in technology investment by mining companies
The global mining industry has been seeing a slump in the growth in recent years. But, growing investments by mining companies in technologies such as robotics to enhance productivity and improve the workers' safety will help recover from the steep turndown. Challenges such as falling commodity prices, the lack of skilled workers, and escalating operational costs have been restricting the growth of the mining industry.
According to a senior analyst at Technavio for robotics, "Mining companies realize the hazards and risks that human personnel face due to dangers posed by elements such as fire, falling rock, entrapment, and cave-ins. The health implications of mining such as the risk of lung disease cannot be understated. The introduction of robotics in mining could eliminate 11000 to 13500 deaths per year caused during mining operations."
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Global robotics market in the mining industry - segmentation analysis
This market research report segments the global robotics market in the mining industry into the following applications (material handling, surveying and mapping, and drilling) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major applications, the material handling segment held the largest market share in 2017, accounting for over 52% of the market. The market share for this application is expected to increase by nearly 2% by 2022. This will be the fastest growing application segment during the forecast period.
The global robotics market in the mining industry is highly concentrated in APAC, which dominated the market with around 42% share in 2017. Countries such as Australia and China have major shares in the market due to the increase in emphasis on automation and robotics in mining by major vendors in the countries.