Mining Automation Market - Forecasts from 2022 to 2027
The mining automation market is projected to reach a market value of US$2.850 billion by 2027, from a market value of US$1.791 billion in 2020 at a CAGR of 6.86% from 2020 to 2027.
Mining automation technology is the application of automation and digitalization in the field of mining. Mining is a field, that includes a large amount of human labour and working hours. As technological developments and advancements are leaping ahead in the present condition, the mining market and industries are compelled to enhance the mining field with the application of automation and technology. Modernizing industrial plants with the latest technology and automation can bring about drastic changes in the mining industry by reducing labour, working hours, and production. The high level of safety offered by automation and digitalization in mining is positively influencing the growth of the mining field. The growth of the market emphasizing digitalization, higher production rates, safety, fewer labour, and working hours is compelling the industrial giants to modernise the mining sector with automation. Their mining automation market is highly valued in the global market. High production, higher safety, less production time, and reduced human resources are the major driving factors, which have a positive impact on the mining automation market. The outbreak of COVID-19 disease has sent shock waves through the mining industry. Covid-19 had a large-scale negative impact on the mining automation market. The COVID-19-related health issues had resulted in a shortage of human resources in the mining automation field. The impact of a pandemic on commodity prices increased the price and demand for raw materials in the mining field, which had a negative impact on the sound economy of the mining field. The isolated and long-term lockdowns imposed by government and health organisations also resulted in a lack of skilled labourers and technicians in the automation field of the mining industry. With the help and advancements of automation technology and digitalisation, the mining industry is showing good progress in the global market after COVID put break.
Increased production with automation
The mining rate and production have tremendously increased with the introduction of automation and technology in the mining industry. The application of software and automation in the important areas of mining makes the process more precise and effective. Automation and technology also took over the role of workers, which in fact reduced workers' pressure and also resulted in a smaller number of workers in the mining field. Automation also made the mining process more effective, as the tools and instruments were controlled and carried out with automation and software. The increased production rate with the application of automation increased the market value for mining automation.
Increasing need for workers' safety
The safety of workers from life hazards is a major factor in the mining industry. The need for worker safety is increasing day by day in the industrial fields. Approval and licences for large-scale mining can only be =attained by maintaining proper worker safety and a working environment. The licencing of governments and health organisations is primarily focused on creating a healthier working environment and conditions in the mining industry. Automated mining makes the process safer and provides better working conditions for the workers engaged in the mining process. Hazardous and high-risk machines can be operated with the use of computers and control panels, which increases the need for automation and technology in the mining field. Ensuring safety in the mining industry by associating with the automation system and technology has a positive impact and hiked the value of the mining automation market.
Cost-effectiveness associated with digitalization
Replacing human effort with technology and automation in the operation of equipment can achieve a major reduction in the cost of the mining process. The operation cost of large-scale devices and equipment engaged in the mining process is tremendously decreased by the application of automation in the mining industry. Cost-effectiveness in large-scale mining is a major milestone, which can be effectively achieved by relying on and modernising, automation. The market's growth in automation mining mainly depends on the cost-effectiveness offered by technology and digitalisation.
The Asia Pacific regions hold a significant market share
The Asia Pacific accounts for the largest market share in the mining automation market. The immense natural resources in the Asia Pacific region account for the lion's share of the market in mining automation. The Asia Pacific region is also projected to achieve immense CAGR growth in the upcoming years. The Asia Pacific region is estimated to be the largest market for mining equipment and the largest implementation of mining automation technology globally. North America and South America hold the second and third major market shares in automation mining, followed by Europe and the rest of the world.
Middle East and Africa