Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Mining Automation Market size is expected to reach $7 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.
The Equipment segment is showcasing a CAGR of 7.3% during (2022 - 2028). The introduction of robust technology-based automobiles, including remote control equipment, autonomous trucks, and teleoperated mining equipment, are anticipated to drive the expansion of the segment. Recent improvements in hardware automation technologies are anticipated to continue streamlining the manner in which large-scale mining is conducted on a global basis.
The Underground Mining segment is leading the Global Mining Automation Market by Technique in 2021 thereby, achieving a market value of $5 billion by 2028. The fundamental goal of managing an underground mine is to obtain the highest quantity of ore with the least amount of waste. Underground load-haul-dump (LHD) loaders, tunnel boring machines, articulated trucks, road headers, tunneling jumbos, and underground drills are utilized in the underground mining method. Increasing demand for metals, coal, ores, minerals, and others in different end sectors, including automotive, energy & power, and construction, is pushing underground mining & exploration activities worldwide, thereby leading to the segment's growth.
The Coal Mining segment has shown the growth rate of 7.1% during (2022 - 2028). Coal extraction from the earth is referred to as coal mining. Because it contains a lot of energy, coal has been utilized extensively to produce electricity since the 1880s. To remove coal from the ground, surface mining and underground mining methods are both used in coal mining. When the coal is less than 200 feet beneath the surface, the surface mining method is appropriate; when it is more than 1,000 feet below, the underground mining method is appropriate.
The Asia Pacific market dominated the Global Mining Automation Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.8 billion by 2028. The North America market is exhibiting a CAGR of 6.7% during (2022 - 2028). Additionally, The Europe market would display a CAGR of 6.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/mining-automation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Caterpillar, Inc., Hexagon AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Sandvik AB, Liebherr-International AG, Rockwell Automation, Inc., Siemens AG, Trimble, Inc. and Autonomous Solutions, Inc.
Unique Offerings from KBV Research
North America Mining Automation Market Future Scope & Opportunities 2022-2028
Europe Mining Automation Market Size & Growth Forecast 2022-2028
Asia Pacific Mining Automation Market Size, Share & Industry Outlook to 2028
LAMEA Mining Automation Market Growth, Trends & Forecasts 2022-2028