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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Mining

Mining automation market to hit US$7.3B by 2031: Transparency Market Research

Hybrid power systems, predictive analytics and the continued development of edge computing are key factors propelling market growth

Mining automation market to hit US$7.3B by 2031: Transparency Market Research
Photo by Piotr Arnoldes via Pexels

The international market for mining automation technology is expected to be valued at US$7.3 billion by 2031, according to the American market researcher Transparency Market Research (TMR).

The research firm released details from its new market report on Tuesday and expects the mining automation market to grow at a compound annual growth rate of 6.4 per cent in the next eight years.

Recent upgrades in the mining automation industry that TMR says will fuel the market’s growth include the integration of cutting-edge technologies such as predictive analytics, the emergence of edge computing and the utilization of hybrid power systems.

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TMR says mining companies are actively investing in hybrid power systems as a strategic approach to lower costs and minimize their environmental footprint. Additionally, they are harnessing the power of predictive analytics to optimize operational efficiency and minimize downtime, thereby maximizing productivity and profitability.

Other developments in the market include the widespread implementation of autonomous drilling and excavation technologies, the utilization of advanced robotics for mining operations, the integration of automation systems with cutting-edge technologies like drones and virtual reality and the growing emphasis on cybersecurity measures to safeguard against cyber-attacks and data breaches.

Key findings of the report

The market report identifies the metal mining segment as the most profitable in the mining automation market, driven by increasing demand for metals across various industries. The underground mining segment is projected to experience the highest growth during the forecast period.

North America is expected to dominate the market due to the presence of key market players, holding the largest market share in the mining automation industry.

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Drivers and of market growth and trends

The mining automation market is driven by several growth catlysts and trends. One significant trend is the use of artificial intelligence (AI) and machine learning to analyze data from sensors and other sources, enabling predictive maintenance scheduling and minimizing equipment failures, thus improving productivity by reducing downtime.

Another trend is the adoption of digital twin technology in the mining industry, which creates virtual replicas of physical assets for testing and optimizing operations in a virtual environment, leading to improved operational efficiency.

Additionally, blockchain technology is being utilized to enhance transparency and traceability in the mining supply chain, mitigating the risk of fraudulent activities and unethical practices. Mining companies are also leveraging predictive analytics to identify patterns in data, enabling them to proactively perform preventive maintenance and reduce downtime, leading to improved operational performance.

Furthermore, edge computing is gaining popularity in the mining industry as it allows for real-time data processing and decision-making at the edge of the network, resulting in faster response times and reduced latency for critical mining operations.

Hecla Mining Company (NYSE: HL) is one company that has started to use 3D mapping technology to improve its mining operation efficiency in North America and offer geologists better data through a partnership with Mine Vision Systems.

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Key market players

Key players and manufacturers in the market include Atlas Copco Group (STO: ATCO-A), Trimble Inc (NASDAQ: TRMB), Autonomous Solutions, Caterpillar Inc. (NYSE: CAT), Siemens AG (ETR: SIE), Hexagon AB (STO: HEXA-B), Sandvik AB (STO: SAND), Hitachi Construction Machinery Co Ltd (TYO: 6305), RPMGlobal Holdings Ltd (ASX: RUL), Komatsu Ltd (TYO: 6301), Rockwell Automation Inc (NYSE: ROK) and Mine Site Technologies Pvt Ltd.

 

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