The global mining automation market is forecast to grow in value by almost 50 per cent by 2023, according to a report.
Australia and the Asia-Pacific (APAC) region will guide this global expansion, with the Markets and Markets analysis forecasting growth in value from $US2.22 billion in 2017 to $US3.29 billion by 2023.
APAC is estimated to be the largest market for mining equipment and implementation of mining automation technologies globally, Markets and Markets said.
“The reason for this trend is the increased use of automated mining equipment by leading exploration and mining companies such as Rio Tinto, Fortescue Metals Group and BHP Billiton,” the US-based analysis said.
“These mining companies have started using automated mining equipment in their mine sites in the western region of Australia.
“Moreover, the increasing digitisation of mines and globalisation of economies have attracted significant investments from the mining companies all over the world.
“Key factors such as the increasing need for worker safety, the growing requirement improvement in mining productivity, and the reduction in operating costs are driving the mining automation market growth.”
The report added that a restraint for the mining automaton market would be the depletion of natural resources and the reduction in grades at mine sites.
It said mining equipment manufacturers, such as Caterpillar, Atlas Copco, Sandvik and Komatsu, were focusing on product launches and developments, acquisitions, and collaborations strategies to enhance their product and service offerings and expand their business.
“Top companies are adopting an organic approach toward improving their position in the mining automation market, by either improving their existing product portfolio or by adding new offerings,” Markets and Markets commented.