Technological Upgrade to Bolster Demand for Automated Mining Equipment in Global Market with CAGR of 3.8% by 2026- QY Research,Inc.
Industry: Market Research
Global Automated Mining Equipment Market-New Research Report Announced with business priorities in order to assist companies to realign their business strategies.
California (PRUnderground) February 11th, 2020
Changing mining landscape to reduce human interventions is one of the major factor driving uptake of automated mining equipment. QY Research has recently published a report titled “Global Automated Mining Equipment Market Size, Status and Forecast 2020-2026”. According to the report, the global automated mining equipment market is expected to reach US$3562 mn from US$2738 mn in 2019, registering a CAGR of 3.8% between 2020 and 2026.
Demand for Lesser Human Errors to Boost Demand for Automated Mining Equipment
The need to optimize production cost is expected to boost the demand in global market. Mining industry has challenging processes, which makes it imperative to find opt for solutions to improve productivity and efficiency. As typical ores are located in remote areas, adoption of automation helps in utilizing resources in a better manner. It assists in achieving strategic goals in a more efficient way because it provides assistance beyond instrumentation and supervision. It provides assistance in geographical information system, operation of autonomous machines, mine execution software, and expert systems.
Mining companies across the world are investing in incorporating technological advancements in equipment, downsizing human resource, avoiding errors, and improving safety. Adoption of automation technology is modernizing operations in mining industry and making it more economical. All of these factors are projected to boost the demand for automated mining equipment in the coming years.
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Demand for Safety to Boost Underground Mining Segment
Underground mining segment is expected to rise in demand owing to the challenges and complications faced in employing human labour. The tough terrains, lack of oxygen, and dangerous mining accidents in recent past have all contributed to the upsurge in demand for automated mining equipment.
China Expected to Lead Global Market Owing to Increased Government Efforts
China is expected to lead the global market as it has the largest market for automated mining equipment. The rise in manufacturing output and construction activity in the country along with government initiatives to bolster the mechanization in China mines are expected to trigger the growth in this region. China is among the leading producers of minerals such as iron ore, thus it is expected to remain strong in the global market.
Key player Hexagon announced the introduction of HxGN MineOperate Reverse Assist in its mining division. It is a highly efficient positioning application that assists truck operators with optimal reversing path.
The other key players operating in the global automated mining equipment market are Rockwell, Automation, Autonomous Solutions, ABB, Trimble, Hexagon, 3B hungaria, 3D Laser Mapping, AAMCOR, Abacus Engineering, Guideline Geo, Access T&D, Accruent, Adrok, and Advanced Fleet Signs.
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