Global Autonomous Mining Equipment Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Autonomous mining equipment is an autonomously or remotely operated machine that is involved in mining activity.

Sizing and Forecast

The autonomous mining equipment market size has grown strongly in recent years. It will grow from $2.77 billion in 2023 to $2.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to past industry challenges, early adopters and pioneers, r&d investments and breakthroughs, cost efficiency demands, mining industry trends.

The autonomous mining equipment market size is expected to see strong growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to adoption by competitors, emerging market trends, resource scarcity & exploration, investment trends, remote operations & connectivity, safety prioritization. Major trends in the forecast period include data analytics integration, shift toward sustainability, modular and scalable solutions, ai and automation integration, safety enhancement focus.

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Segmentation & Regional Insights

The autonomous mining equipment market covered in this report is segmented –

1) By Type: Autonomous Hauling/Mining Trucks, Autonomous Drilling Rigs, Underground LHD Loaders, Tunneling Equipment, Other Types
2) By Mine: Surface Mines, Underground Mines
3) By Application: Metal, Coal, Other Applications

Asia-Pacific was the largest region in the autonomous mining equipment market in 2023. North America was the second-largest region in the autonomous mining equipment market share. The regions covered in the autonomous mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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 for the growth of the autonomous mining equipment market.

Key Industry Players

Major companies operating in the autonomous mining equipment market report are Aktiebolaget Volvo, Glencore plc, Hitachi Ltd., Broken Hill Proprietary Company Limited, Caterpillar Inc., Rio Tinto Company Limited, Vale S.A., Suncor Energy Inc., Anglo American plc, ABB Ltd., Komatsu Ltd., Freeport McMoRan Inc., Liebherr-International AG, Atlas Copco AB, Teck Resources Limited, Newmont Corporation, Sandvik AB, Barrick Gold Corporation, South32 Limited, Rockwell Automation Inc., First Quantum Minerals Ltd., Agnico Eagle Mines Limited, Hexagon AB, Epiroc AB, Gold Fields Limited, Newcrest Mining Limited, Northern Star Resources Limited, Trimble Inc., Kinross Gold Corporation, Lundin Mining Corporation, Yamana Gold Inc., Pan American Silver Corporation, Evolution Mining Limited, OZ Minerals Limited, Autonomous Solutions Inc.

The autonomous mining equipment market report table of contents includes:

1. Executive Summary

2. Autonomous Mining Equipment Market Characteristics

3. Autonomous Mining Equipment Market Trends And Strategies

4. Autonomous Mining Equipment Market – Macro Economic Scenario

5. Global Autonomous Mining Equipment Market Size and Growth

…

32. Global Autonomous Mining Equipment Market Competitive Benchmarking

33. Global Autonomous Mining Equipment Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Autonomous Mining Equipment Market

35. Autonomous Mining Equipment Market Future Outlook and Potential Analysis

36. Appendix

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