Artificial Intelligence
Autonomous Mining Equipment Global Market Report 2023
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New York, Feb. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Autonomous Mining Equipment Global Market Report 2023” – https://www.reportlinker.com/p06282487/?utm_source=GNW
Major players in the autonomous mining equipment market are Caterpillar, Komatsu, Rockwell Automation, Hitachi, Sandvik, Hexagon, and Atlas Copco.
The global autonomous mining equipment market will grow from $2.6 billion in 2022 to $2.77 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The autonomous mining equipment market is expected to grow to $3.5 billion in 2027 at a CAGR of 6.0%.
The autonomous mining equipment market consists of sales of mining equipment which function with minimal human intervention and primarily help in safe mining and transportation of ores and other materials.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Autonomous mining equipment is an autonomously or remotely operated machine that is involved in mining activity.
Asia-Pacific was the largest region in the autonomous mining equipment market in 2022.Noth America was the second-largest region in the autonomous mining equipment market.
The regions covered in the autonomous mining equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of autonomous mining equipment are autonomous hauling/mining trucks, autonomous drilling rigs, underground LHD loaders, tunnelling equipment, and other types.Autonomous equipment involves minimal human intervention and helps in safe and productive mining.
The mines included are surface mines and underground mines. The various applications involved are metal, coal, and other applications.
Rising concerns regarding miners’ safety are driving the autonomous mining equipment market.Mining is a dangerous profession with hazards such as fires, flooding, mine collapse, and health risks such as respiratory diseases, hearing loss, musculoskeletal disorders, and heat stress.
Introducing autonomous equipment such as robotic loaders, laser sensors, and driverless trucks can help ensure workers’ safety.For instance, mining company Rio Tinto is using 73 driverless trucks in four of its iron mines in Australia to improve worker safety.
More autonomous mining equipment is employed to minimize human intervention and thereby reduce accidents. Therefore, rising concerns regarding the safety of mine workers are expected to drive this market.
Judgment errors are expected to limit the growth of the autonomous mining equipment market.Incidence of accidents may take place and it often fails to give expected outcomes as they lack flexibility and are unable to handle unanticipated situations.
Passive operations fail to take corrective actions in equipment malfunctioning which may result in accidents and losses.
Autonomous mining equipment companies have recently been affected by the COVID-19 outbreak.The global pandemic has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities, thereby, affecting the entire mining industry.
Mining companies are resorting to production slowdown, operations shut down, and workforce demobilization, due to which the scale of productivity has dropped.Many mines have already implemented autonomous mining technology, however, practically, the mining activity is not possible without human intervention.
Moreover, the continuous lock-down in many areas resulted in supply disruption, reduced sales, and reduced demand for end-user industries, negatively affecting profit margins of autonomous mining equipment companies and limiting the growth of the market.
Implementing data analytics such as artificial intelligence, machine learning, Internet of Things (IoT)-embedded systems, and other analytics in mining systems is a key trend in the autonomous mining equipment market.Artificial intelligence (AI) is helping to transform the mining industry into a safer, more profitable, and more environmentally friendly industry.
AI can analyze vast quantities of data to better predict where to find better resources, along with minimizing errors.IoT system advances in mining equipment are making extraction cheaper without deteriorating existing grades.
All of these changes are helping the industry improve its efficiency from mine to market.
In August 2022, Epiroc, a Sweden-based mining company completed the acquisition of RNP México for an undisclosed amount.This acquisition strengthens Epiroc’s offering of rock drills and spare parts in Latin America.
RNP México is a Mexico-based company that develops, manufactures, and sells rock drills and related components, serving mining and construction customers in Latin America.
The countries covered in the autonomous mining equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The autonomous mining equipment market research report is one of a series of new reports that provides autonomous mining equipment market statistics, including autonomous mining equipment industry global market size, regional shares, competitors with an autonomous mining equipment market share, detailed autonomous mining equipment market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous mining equipment industry. This autonomous mining equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06282487/?utm_source=GNW
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