The mining automation market has grown from US $2.25 billion in 2017, and will reach $3.31 billion by 2023, at an estimated CAGR of 6.68%, according to the new Global and Regional Mining Automation market report released by Market Watch.
The base year considered for the study is 2017, and the market size is projected from 2018 to 2023. The mining automation market has been segmented on the basis of technique, workflow, type, and geography.
“Key factors such as the increasing need for worker safety, the growing requirement improvement in mining productivity, and the reduction in operating costs are driving the market growth,” the report stated.
It pointed out that the underground mining technique held the largest share of the mining automation market in 2017 owing to the major minerals found under the earth’s crust, which are explored, collected, and later on processed.
“Since working in underground mines is considered extremely hazardous, the need for advanced automated mining equipment is more for underground mining techniques. To safeguard mine workers, automated systems have been deployed at a huge rate in underground mines, which enables the market growth at a substantial rate.”
Some of the companies profiled in the report included Caterpillar, Komatsu, Sandvik, Atlas Copco, Hexagon, Hitachi, RPMGlobal, Trimble, Autonomous Solutions Inc, Fluidmesh Networks, MST Global, Symboticware, Volvo Group, Micromine, Remote Control Technologies, By Type, Equipment, Software and Communications System.