Segments covered: By Type – Autonomous Hauling/Mining Trucks, Autonomous Drilling Rigs, Underground LHD Loaders, Tunneling Equipment, Other; By Application – Metal, Coal, Others; By Aircraft Type – Fixed-Wing, Rotary-Wing; By Application – Cargo Aircraft, Passenger Aircraft; By End User – Commercial, Defense
LONDON, June 29, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s autonomous mining equipment market research report, the market is highly consolidated, with small number of large players dominating the market. The key players in global autonomous mining equipment are focusing on expanding their operational and business presence in the market through development of new and innovative products that increases mining efficiency and safety. The top ten competitors in the market made up to 96.87% of the total market in 2020. Major players in the autonomous mining equipment industry include Sandvik , Caterpillar , Komatsu Limited, Hitachi Construction Machinery Co., Ltd., Scania AB, Codelco, Rockwell Automation , Volvo , ASI Mining and Hexagon .
The pandemic disrupted mining operations across the globe, and at the peak of the pandemic, almost 1,600 mines worldwide had been temporarily suspended. The global mining output declined severely, with Mexico’s mining chamber estimating that mining output in the country is likely to fall by around 17% in 2020. India based coal mining company, Coal India, reported an 11.2% decrease in production in May 2020 compared with the same period in the previous year.
The global autonomous mining equipment market is expected grow from $2.28 billion in 2020 to $2.81 billion in 2021 at a compound annual growth rate (CAGR) of 23.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.44 billion in 2025 at a CAGR of 5%.
The Business Research Company’s report titled Autonomous Mining Equipment Global Market Report 2021: COVID 19 Growth And Change to 2030 covers major autonomous mining equipment companies, autonomous mining equipment market share by company, autonomous mining equipment manufacturers, autonomous mining equipment market size, and autonomous mining equipment market forecasts. The report also covers the global autonomous mining equipment market and its segments.
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Autonomous mining equipment market trends show that companies are focusing on the development of battery powered equipment for mining. The energy regeneration and efficient drivetrain configuration ensures lower energy consumption along with an extended driving range, which makes it more variable than diesel counterparts. Battery or electric equipment also provides a healthier working environment, is easier to maintain, has lower operational costs, and has higher capacity and productivity. For instance, Japan based mining equipment maker, Komatsu, offers electric mining dump trucks, which has pioneered trolley systems and autonomous driverless operation in the mining industry.
Companies in the autonomous mining equipment market are focusing on predictive maintenance for equipment in order to reduce downtime and predict failures. The sensors embedded in equipment can monitor temperature, speed, and vibration on machines and trigger alerts to predict failures before they occur. These advance warnings allow mining companies to carry out maintenance work before it becomes a major problem and halts operations, decreasing downtime and increasing productivity of companies. For instance, Brazil based mining company, Vale , uses predictive maintenance in its plant, which has helped it increase the lifespan of haul truck tires by 30%, saving the company $5 million.
Autonomous Mining Equipment Global Market Report 2021: COVID 19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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