PUBLISHER: The Business Research Company | PRODUCT CODE: 1489291
PUBLISHER: The Business Research Company | PRODUCT CODE: 1489291
Autonomous mining equipment refers to vehicles and other machinery used in the mining industry that can be operated remotely or without human intervention, often through the integration of robotic components, advanced software, GPS (Global Positioning System) and internet connectivity.
The autonomous mining equipment market consists of sales of autonomous mining equipment by entities (organizations, sole traders or partnerships) that are engaged in manufacturing autonomous equipment and vehicles which function with minimal human intervention and primarily help in safe mining and transportation of ores and other materials. Autonomous mining equipment works on wireless communication technologies and electronic tracking (CT) systems.
The global autonomous mining equipment market was valued at $2,116.49 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Rising Labor Costs Or Labor Shortages
Rising labor costs or labor shortages propelled the growth of autonomous mining equipment market in the historic period. Companies looked for alternate ways to maintain or boost productivity levels as traditional mining operations encountered difficulties with rising personnel costs or shortages. By lowering reliance on human labor and hence lessening the impact of growing costs or shortages, autonomous mining equipment provided a workable option. Adoption of autonomous technology was further encouraged by improvements in operational efficiency and safety. For instance, in October 2021, according to the monthly Job Openings and Labor Turnover Survey conducted by the US Labor Department, there were 10.4 million job opportunities in August 2021, while the number of workers quitting their employment increased to 4.3 million, the largest amount recorded since December 2000. Additionally, according to the Wage Price Index (WPI), published by the Australian Bureau of Statistics, an Australia-based government agency that collects and analyzes statistics, in the first quarter of 2021, labor costs increased by 1.5%, marking the slowest growth rate since the second quarter of 2020. Labor costs have steadily risen over the past three quarters. The private sector experienced a 2.0% increase in labor costs, while the public sector saw a 0.5% rise in the same period. Therefore, the rising labor costs or labor shortage supported the growth of autonomous mining equipment market.
Focus On Development Of Innovative Technologies To Automate Vehicles
Companies in the autonomous mining equipment market are focusing on innovative technologies to develop advanced autonomous vehicles. For example, in August 2023, ABD Solutions, a UK-based driverless retrofit solution provider, launched an Indigo Drive vehicle automation solution. It makes it possible to automate mining vehicles without requiring pre-existing infrastructure wherever in the world. The servers and operator stations that allow a site to oversee its fleet of automated vehicles make up the small Mobile Supervisory System. It is made to function in the harshest conditions. Hot-swappable lithium-ion battery packs give the mobile system a full day of operation, alternatively, the batteries can be replenished with solar energy or hydrogen generators.
The global autonomous mining equipment market is highly concentrated, with large players dominating in the market. The top ten competitors in the market made up to 64.1% of the total market in 2022.
Autonomous Mining Equipment Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global autonomous mining equipment market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for autonomous mining equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The autonomous mining equipment market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider autonomous mining equipment market; and compares it with other markets.