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The Automated Mining Equipment Market is expected to grow at a CAGR of 7.21%

during the forecast period. The need for optimization of production costs, need to reduce human intervention at specific points of the operations, and changing the mining landscape will remain the key growth-driving factors for the market.

/EIN News/ -- New York, Oct. 11, 2019 (GLOBE NEWSWIRE) -- announces the release of the report "Automated Mining Equipment Market - Growth, Trends, and Forecast (2019-2024)" -

- Mining is a composite industry. Extracting raw material of different shapes, sizes, and chemical compositions from the earth’s crust and transforming it into a standardized and high-quality final product is a challenging process and has pushed the industry to opt for solutions that improve its efficiency and productivity. Typically mines are located in remote areas and adopting automation helps in resource utilization in a better manner.
- Automation plays an indispensable role in the mining industry to achieve such strategic goals. However, for the majority of those in the mining industry, automation is a much more comprehensive concept than regulative systems, supervision, and instrumentation. Automation can cover the geological/geographical information systems software to autonomous machines and from mine execution software to optimization or expert systems.
- Mining companies, worldwide, are swiftly utilizing technological developments to use their investments in equipment and human resources better to improve safety. For example, in four of Rio Tinto’s iron-ore mines, in Australia, the company has been using 73 driverless trucks to haul iron ore 24 hours a day. The employees oversee the vehicles’ operation from 750 miles away, at Rio Tinto’s centralized control center in Perth.

Scope of the Report
Automated mining is the process of removal of human labor from mining. Driverless trucks, Conductorless trains in addition to extensive use of cell phone networks to run mines are some of the autonomous technologies that are being deployed at the mines, driving efficiency, and changing the way the mining industry operates.

Key Market Trends
Growing Concerns for Increasing Productivity and Improving Workers’ Safety

- Mining companies across the world are rapidly adopting the latest automation technologies, to modernize their operations. Automation is also providing significant benefits to this sector, such as lowering costs, driving productivity, and increasing safety.
- The most advanced "miners" perform several technological processes, such as drilling and transportation of raw materials, with the use of robotics.
- Companies that make use of automated mining technologies are anticipated to witness an immediate and significantly increased production as well as reduced expenses. Some companies have witnessed a production growth between 15% and 20%, after adopting new technologies.
- For instance, Boliden is one of the most successful mining companies in the world, with firm productivity and stock market performance. It has eight mines, and one of them, Aitik, located in the north of Sweden, is the largest open-pit mine in Europe. The company installed a Wi-Fi communication system to enable the use of drill rigs in Aitik. Through this, the company aims to increase its annual production of 36 million metric ton of ore, to 45 million metric ton.
- Further, according to National Association of Software and Services Companies (NASSCOM) of India automation will drive the IoT Manufacturing spending worldwide by 2020 with Robotics and Mining Equipment Subsystems among the highest produced material in the world. This reflects the growing need for safety through automation in this industry.

Asia is Expected to hold the Largest Market Share

- China will continue to be the largest national market for automated mining equipment. Rapid increases in manufacturing output in addition to construction activity in the country and government efforts to boost the mechanization of China’s mines are expected to maintain its growth above the world average though it is expected to remain sluggish by its own standards.
- World’s tungsten market is dominated by China, as the country is well endowed with the mineral. According to USGS, due to its environmental concerns, the country has regulated its tungsten industry via limiting the number of mining and export licenses, quotas have been imposed on concentrate production and placing constraints on mining and processing.
- Apart from these minerals, China stood at number one position in the production of gold during the fiscal year 2018. The country accounted for 12% of the global production. The country is among the leaders in the production of other minerals, such as iron ore, and it is expected to drive the market for mining equipment.
- Although it will continue to be a much smaller market than China, India is expected record the fastest gains as there is still a significant need for mine mechanization. Mining output growth in India is also expected to be among the strongest in the world.

Competitive Landscape
The Automated Mining Equipment remains a consolidated market with a few major players owning major share of the market. However, with the overall size of the market expanding the market is attracting new players like Volvo which have actively entered the market only recently. With the European market expected to open up in the future, several players could enter the market.

- August 2019 - Autonomous Solutions Inc. introduced a new GPS-denied navigation solution, for vehicle positioning. The system has been tested in underground mining, where the automation technologies deployed in surface mines need only an alternative positioning system to make them feasible underground.
- June 2019 - Hexagon’s Mining division announced the introduction of HxGN MineOperate Reverse Assist, a high-precision positioning application that guides truck operators with optimum reversing path.

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