The "Global Mining Automation Market - Market Share and Industry Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Global mining automation market to witness a substantial growth rate over the forecast period (2017-2024)
Global mining automation market refers to the market of components that are used for automatizing the mining operations. Automation technology can make mining operations more efficient with software and advanced equipment. Global mining automation market is expected to witness a CAGR of 6.9% over forecast period (2017-2024).
Trends related to innovative products offered by various companies are increasing the competition between key players, thereby fueling the growth of global mining automation market. For instance, on November 2017, Micromine (Australia) has launched a product Pitram, a mine control solution and fleet management that supervises the mining operations through capturing, monitoring and reporting all processes.
The product offers a central integrated hub for underground and open pit mining operations. In addition, on April 2015, Hexagon introduced MineSight 3D is a product intended towards mine planning. It visualizes output from MineSight products helping engineers and geologists for creating and manipulating 2D and 3D data for querying, editing, and plotting/displaying all types of mining data and geology.
Moreover, on March 2017, Sabdvik AB (Sweden) has launched automated mining equipment solutions in Las Vegas. The products were CS550 automated cone crusher, UI310+ wheeled impact crusher, Pantera DP1100i surface drill rig and free flow mobile scalper.
Major driving parameters in growth of global mining automation market are increasing mining production, surge in demand for personnel's safety in mining industries, need of improving productivity in mining and reduction in operating costs.
Demand of improving workplace safety is driving the global mining automation market
Huge number of personnel loss and related consequences drives the demand of improving workplace safety in mining industry. For instance, on March 2015, a mining accident took place at Zasyadko (Ukraine), where 23 death and some injuries were reported.
In addition, according to Ministry of Mining and Chile's National Geology and Mining Service (SERNAGEOMIN), 6 deadly mining accidents were recorded in Chile in first 6 months of 2016. In March 2016, 10 deaths were reported in Pakistan at Al-Hussaini coal mine in Orakzai region, Khyber Pakhtunkhwa. Owing to huge fatalities in mining industry across the globe, the governments across the globe are promoting the implementation of automated mining techniques.
For instance, The U.S. Department of Labor's Mine Safety and Health Administration (MSHA) inspects all mines each year across U.S. to ensure healthy and safe work environments for miners. All mines across U.S. are inspected by The U.S. Department of Labor's Mine Safety and Health Administration (MSHA) each year to ensure healthy and safe work environment for miners.
Also, along with setting safety and health standards preventing unhealthy and hazardous conditions, MSHA's regulations also include requirements for training programs meeting the Mine Act requirements, instant notification of accidents, injuries, and illness at the mine by the mine operator and ensures to obtain approval for concerned equipment that are used in gassy underground mines.
Moreover, the MHSA has also laid emphasis on implementing the automation processes in mines.
Furthermore, the leading companies such as Rio Tinto (United Kingdom), Micromine (Australia) and others are involved in the development of automated vehicles for mining industry and digitalization of the mining processes. The vehicles include Autonomous dump truck, Autonomous excavator, autonomous drills etc. Also, Commonwealth Scientific and Industrial Research Organization (CSIRO) (Australia) have developed an underground longwall automation technology that aims at safeguarding the workplace along with increasing the efficiency of industry. Hence, rising concern for improving workplace safety is boosting the global mining automation market.
Evolution of connected mines: An enormous opportunity for global mining automation market
Smart connected mines are becoming the new trend in mining industry. The involvement of IoT in mining industry has led to improvement in workplace safety. Connected mine establishes networks among machines, humans and Internet that leads to better energy efficiency, optimized productivity and higher profitability.
Mining industry require high level of productivity, efficiency and long-term cost reductions. By utilizing integrated automation services and control systems, mining industries can employ driverless trucks, real-time monitoring of productivity data and supervisory control of mining operations from remote operations.
In addition, IoT (Internet of things) services play a major role in handling supply chain challenges such as cost control, planning & risk management and others. Also, IoT services provide potential benefits of improving overall efficiency that in turn boosts the profitability of the organization.
Enabling Internet of Things (IoT), miners could unlock advantages beyond mining automation and enhance new and existing IT products and services. The calls for innovation in mining industry are deafening and the IoT is making its way into mining sites to ensure safe and healthy environment for workers. Thus, rising adoption of internet of thing in connected mines creates huge opportunities for global mining automation market over the forecast period (2017-2024).