Mining Automation Market Expected to reach $3,810 million by 2023
According to a new report by Allied Market Research, titled, Global Mining Automation Market by Technique and Type: Global Opportunities Analysis and Industry Forecast, 2017-2023, the mining automation market was valued at $2,193 million in 2016, and is projected to reach at $3,810 million by 2023, growing at a CAGR of 7.9% from 2017 to 2023.
Mining automation involves use of process and software automation, and incorporation of robotic technology in mining vehicles and automation. In 2016, the underground mining segment dominated the market, in terms of revenue, due to increase in investment on automation and infrastructure.
Asia-Pacific was the highest revenue contributor to the golf cart market in 2016, accounting for around 31.41% share, owing to surge in demand for mobility for automation and increase in transition from manual work to automated work.
The report features a competitive scenario of the mining automation market and provides a comprehensive analysis of key growth strategies adopted by major players. Key players operating in the global mining automation market include Autonomous Solution Inc., Atlas Copco, Caterpillar, Hexagon, Hitachi, Komatsu Ltd., Mine site technologies, RPMGlobal Holdings Ltd., Sandvik AB, and Trimble. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Mining Automation Market:
- The underground mining segment accounted for the highest share in 2016.
- Equipment segment generated the highest revenue in 2016.
- Asia-Pacific is expected to dominate the market, in terms of market share, during the forecast period.