According to Future Market Insights, the global Underground Mining Automation market is estimated to be valued at US$ 1,418.6 Million in 2022 and will grow at a CAGR of 5.9% from 2022 to 2032. The rapid advancement of technology, such as Artificial Intelligence (AI) and robotics, has increased the use of automation solutions in underground mining as a means of increasing production efficiency. The growing trend of deploying cutting-edge technologies is propelling the growth of automated underground mining solutions.
| Attributes | Details |
|---|---|
| Market Size 2021A | US$ 1,307.9 Million |
| Market Size 2022E | US$ 1,418.6 Million |
| Market Size 2032F | US$ 2,516.7 Million |
| Value CAGR (2022 to 2032) | 5.9% |
The future of underground mining automation is dependent on the need to integrate various subsystems in the mines. The demand for integrated solutions for smarter, safer operations as well as increasing productivity will raise the adoption of underground mining automation. Apart from that continuous investments in technological advancements in the African region will be a major factor in the adoption of underground mining automation.
The expansion of the underground mining automation market, during the forecast period 2022 to 2032, is driven by the growing requirements for mine and worker safety. Traditional mining methods have historically endangered the safety of miners, increasing the risk at the mine site. To keep workers safe, suppliers have created smart mining machines and systems.
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The worldwide underground mining automation market was valued at US$ 1,307.9 Million in 2021 and is expected to reach US$ 2,516.7 Million by 2032.
The global underground mining automation market is expected to grow at a CAGR of 5.9% during the forecast period. This is due to factors such as the growing demand for efficiency and productivity in mining operations and the growing need for mechanization of the mineral extraction process. The increasing use of robots in mining is also expected to boost the growth of this market during the forecast period. Increasing demand for minerals and metals from emerging countries such as China and India is driving the growth of this market.
Underground mining operations are considered extremely risky because of potential risks such as poor ventilation, poisonous gas exposure, and bad health impacts. This issue has produced a demand for improved mining equipment for underground mining procedures to safeguard miners, boosting the market.
Employee safety and low production rates are two major factors behind the rising adoption of underground mining automation. Furthermore, the rise of digital mines, digital twins, and other technological advancements has influenced the global underground mining automation market, which is further expected to expand during the forecast period due to the increasing trend of industrial automation and the significant development of artificial intelligence(AI).
The growth of communications in underground mining is a key factor driving the adoption of underground mining automation solutions and services.
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A major challenge in the underground mining automation market is the lack of acceptance of the technology among professionals in developing countries. Underground mining automation providers are now taking steps such as providing training and raising awareness by offering technology exhibitions. The adoption of automation in mining requires highly skilled and qualified laborers. Shortage of manpower required to operate the technology and lack of manpower required in such background acts as a major restraint to market growth.
Manufacturers from developed countries such as Germany, the USA, the United Kingdom, France, and Japan are leaders in providing automated solutions for underground mining. Mining activity is prominent in countries such as Australia, Russia, China, Canada, Indonesia, South Africa, Peru, Brazil, and other African countries.
Mining companies are now focused on investing in the automation of underground mining, with a focus on African countries. Government regulations play an important role in the adoption of underground mining automation systems. However, some countries have adopted stringent regulations to protect the environment which are hindering mining activities resulting in negatively impacting the underground mining automation market.
Using automated solutions for underground mining allows miners to move to dangerous and difficult locations. In countries such as Australia, Brazil, and Africa the deployment of underground mining automation solutions by mining operators will have a positive impact on the underground mining automation market.
New mining projects in Southeast Asia, Latin America, and African countries are expected to increase opportunities for the underground mining automation market.
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The mining automation market is highly fragmented. A large number of players participate in the vast competition to win the large consumer base. Players engage in activities such as research and development to explore new developments and ideas in mining automation.
The strategic partnership is important to add value to the growth trajectory of the mining automation market. Players get into mergers, joint ventures, partnerships, and acquisitions initiatives to increase their influence in untapped regions. These factors are ultimately contributing to the growth in the mining automation market.
Key Players operating in the global underground mining automation market are ABB, Atlas Copco, General Electric, Glencore, Hexagon, Hitachi, Komatsu, Redpath, Rio Tinto, Rockwell Automation, Sandvik AB, Siemens AG, and others.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in 000’Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Level of Automation, Application, End Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy, France, United Kingdom, Spain, Benelux, Russia, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, GCC Countries, Turkey, South Africa, North Africa |
| Key Companies Profiled | ABB; Atlas Copco; General Electric; Glencore; Hexagon; Hitachi; Komatsu; Redpath; Rio Tinto; Rockwell Automation; Sandvik AB; Siemens AG |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Underground Mining Automation market reached over US$ 1,307.9 Million.
During the forecast period, the Underground Mining Automation market is estimated to expand at a CAGR of 5.9% from 2022 to 2032.
The Underground Mining Automation market is projected to reach US$ 2,516.7 Million by the end of 2032.
Germany is projected to lead the Europe Underground Mining Automation market in the forecast period.
Key Players operating in the global underground mining automation market are ABB, Atlas Copco, General Electric, Glencore, Hexagon, Hitachi, Komatsu, Redpath, Rio Tinto, Rockwell Automation, Sandvik AB, Siemens AG, and others.
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Underground Mining Automation Market
