The global autonomous mining equipment market is expected to grow from $2.44 billion in 2021 to $2.6 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The market is expected to grow to $3.33 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%.
Major players in the autonomous mining equipment market are Caterpillar, Komatsu, Rockwell Automation, Hitachi, Sandvik, Hexagon, and Atlas Copco.
Asia-Pacific was the largest region in the autonomous mining equipment market in 2021. Noth America was the second-largest region in the autonomous mining equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 June 2019, Komatsu Ltd has agreed to acquire Immersive Corporation which is a global mining technology and workforce optimization firm for an undisclosed amount. Immersive develops, manufactures, and sells mining equipment simulators for training machine operators for surface and underground mines.
By integrating Immersive Corporation’s solutions, Komatsu will further contribute to improving mining customers’ safety and productivity and to optimizing their operations. This acquisition is expected to support both Immersive Technologies and Komatsu in offering unrivaled service and products to their customers.
The autonomous mining equipment market consists of sales of autonomous mining equipment that works on wireless communication technologies and electronic tracking (CT) systems. Autonomous equipment involves minimal human intervention and helps in safe and productive mining and transportation of ores and other materials. The market consists of revenue generated by the company’s manufacturing autonomous mining equipment by the sales of these products.
The main types of autonomous mining equipment are autonomous hauling/mining trucks, autonomous drilling rigs, underground LHD loaders, tunneling 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.
3. Autonomous Mining Equipment Market Trends And Strategies
4. Impact Of COVID-19 On Autonomous Mining Equipment
5. Autonomous Mining Equipment Market Size And Growth 5.1. Global Autonomous Mining Equipment Historic Market, 2016-2021, $ Billion 5.1.1. Drivers Of The Market 5.1.2. Restraints On The Market 5.2. Global Autonomous Mining Equipment Forecast Market, 2021-2026F, 2031F, $ Billion 5.2.1. Drivers Of The Market 5.2.2. Restraints On the Market
6. Autonomous Mining Equipment Market Segmentation 6.1. Global Autonomous Mining Equipment Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Autonomous Mining Equipment Market, Segmentation By Mine, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Autonomous Mining Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Autonomous Mining Equipment Market Regional And Country Analysis 7.1. Global Autonomous Mining Equipment Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion 7.2. Global Autonomous Mining Equipment Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion