The global automated mining equipment market size was US$ 10.1 billion in 2021. The global automated mining equipment market is forecast to grow to US$ 102.2 billion by 2030 by growing at a compound annual growth rate (CAGR) of 35.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Mines are located in remote areas, and adopting automation aids is highly necessary. Thus, the growing mining activities will surge the demand for automated mining equipment. In addition, rising concerns related to workers' safety will surge the demand for the automated mining equipment market.
Automated mining equipment enhances the productivity of the task. In addition, cost efficiency and safety offered by the equipment are expected to benefit the global automated mining equipment market.
Security issues associated with automated mining equipment may limit the growth of the market.
Growing advancements and the launch of more beneficial and innovative technologies will escalate the growth of the global automated mining equipment market. For instance, Leica Geosystems, a Hexagon company, introduced new semi-automated excavator functionality for the iXE3 3D excavator machine control solution in March 2020. The solution included tilt and tilt rotator bucket automation. In addition, Hyundai Construction Equipment unveiled an upgraded series of excavators called SMART PLUS in January 2021 to strengthen the brand's positioning, particularly in India and the export market.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has increased demand for automation, which is expected to rise in the long run due to labor shortages. In addition, the cost-efficiency of automated machines is likely to propel the market forward. Commodity mining, such as gold, iron ore, and uranium, has remained active even during the pandemic. Thus, all of these factors have significantly contributed to the growth of the global automated mining equipment market.
Regional Analysis
The Asia-Pacific automated mining equipment market is forecast to register the highest CAGR. It is due to growing environmental uncertainties. In addition, India is one of the major economies propelling the market forward. The cement and power industries of the country are expected to fuel the growth of the mining and metals sector. Iron and steel demand is also increasing in India. The mining equipment market is expected to be driven by the upsurging demand. The Indian government has permitted 100 percent Foreign Direct Investment (FDI) in the mining sector, which will contribute to the automated mining equipment industry growth.
Competitors in the Market
Market Segmentation
The global automated mining equipment market segmentation focuses on Components, Hardware, and Region.
By Component Outlook
By Hardware Outlook
By Region
