Mining Automation Market Size

Mining Automation Market Growth Projections and Opportunities

Influenced by various factors, the mining automation market is equally complex in structure. Given that accident prevention is the core principle underlying mining safety, it's not surprising that one important reason mines are turning to automation and mechanization is because they attach increasing importance to prioritizing mine worker decisions. Since many mining operations are in sharing dangerous environments, the introduction of automated systems reduces man's exposure to hazardous factors and further lowers the risk of accidents--a significant increase in overall safety at workplaces. As far as mining companies are concerned, this concern for the welfare of workers has become an important factor in steering their decisions on a global basis.
With automation technologies, increased operational efficiency is possible as well as reduced downtime and optimized resource utilization. Mining companies that use autonomous vehicles, robotics and data analytics in their processes reduce waste while cutting costs. While such a large initial capital investment for automation makes many companies hesitant, in the long-run it becomes an attractive way to increase economic viability.
The ongoing innovation in robotics, artificial intelligence and communications technologies is driving the development of automation solutions. Cutting-edge technologies increase the capabilities of mining automation systems. The system even allows real time monitoring, predictive maintenance and autonomous operation for vehicles or equipment in use underground. This relentless pace of technological advancement means that the market is constantly changing, and companies scurry to keep up by incorporating new innovations into their products. In recent years, governments and regulatory bodies around the world have also been issuing more standards governing safe and ethical use of automation technologies in mining operations. Adhering to these rules is not just a legal obligation, but perhaps even more important for mining companies in maintaining their reputation and social licence. Complying with industry standards creates the environment needed for widespread adoption of automation solutions.
Operations with large amounts of resources can often afford to invest in and make use of automation technologies. But smaller or medium-sized mining companies will still encounter problems in terms of the initial investment to be made and complex automation systems. The mining industry has major players and smaller entities, so there are variations in its adoption of automation based on the characteristics of different segments along the market. Established players and up-and-coming technology providers battle to provide comprehensive, advanced automation solutions. This competitive environment encourages creativity, as businesses attempt to break away from the pack by adopting new technologies and combined solutions. Because the vendors are so diverse, there is a broad range of automation solution options that can be found to suit each mining operation.