Autonomous Mining Equipment Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including the response to past industry challenges, the influence of early adopters and pioneers who embraced autonomous mining equipment, ongoing research and development (R&D) investments leading to breakthroughs in autonomous technology, demands for cost efficiency within the mining sector, and prevailing trends within the mining industry that favored the adoption of autonomous equipment. These elements collectively contributed to the evolution and advancement of autonomous mining equipment during the historical period.

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 anticipated growth in the forecast period can be attributed to factors such as the adoption of autonomous mining equipment by competitors, emerging market trends shaping the mining industry, considerations related to resource scarcity and exploration, prevailing investment trends in the sector, the increasing importance of remote operations and connectivity, and a heightened prioritization of safety within mining operations. Major trends expected in the forecast period include the integration of data analytics for informed decision-making, a shift towards sustainability in mining practices, the implementation of modular and scalable solutions, the integration of artificial intelligence (AI) and automation, and a continued focus on enhancing safety in mining operations.

The autonomous mining equipment market is witnessing growth driven by escalating concerns about miners' safety. The mining industry poses various hazards, such as fires, floods, and health risks, necessitating safety measures. Autonomous equipment, including robotic loaders and driverless trucks, is increasingly adopted to mitigate risks and enhance worker safety. Rio Tinto, for instance, employs 73 driverless trucks in Australian iron mines, showcasing the industry's commitment to minimizing human intervention for safety reasons. Thus, the rising safety concerns among mine workers are anticipated to propel the growth of the autonomous mining equipment market.

The autonomous mining equipment market is poised for expansion due to the growing demand for critical minerals. These minerals are crucial for a country's economy and national security, with their supply chain susceptible to disruptions. The deployment of autonomous mining equipment, leveraging technologies such as robotic loaders and driverless trucks, is becoming prevalent to extract critical minerals cost-effectively. The International Energy Agency reports a substantial increase in global investments in vital minerals, projecting the value of energy transition minerals to reach $320 billion by 2022. Therefore, the escalating demand for critical minerals is set to drive the growth of the autonomous mining equipment market.

Autonomous mining equipment companies have encountered challenges amid the COVID-19 outbreak. The pandemic has led to containment measures, impacting industries, and resulting in production slowdowns, operations shutdowns, and workforce demobilization. Despite the implementation of autonomous mining technology, the practicality of mining without human intervention remains a challenge. Supply disruptions, reduced sales, and declining demand have affected the profit margins of autonomous mining equipment companies, impeding market growth.

A key trend in the autonomous mining equipment market is the incorporation of data analytics, including artificial intelligence, machine learning, and Internet of Things (IoT) embedded systems. These technologies are transforming the mining industry, making it safer, more profitable, and environmentally friendly. AI analyzes extensive data to predict resource locations and minimize errors, while IoT-embedded systems enhance the efficiency of mining equipment, making extraction cost-effective without compromising grades. This trend reflects the industry's commitment to improving efficiency throughout the mining process.

Leading companies in the autonomous mining equipment market are dedicated to innovative technologies such as mobile supervisory systems (MSS). An MSS is a software application enabling users to monitor and control industrial processes remotely via mobile devices. For example, ABD Solutions launched the Indigo Drive vehicle automation solution, allowing the automation of mining vehicles globally without requiring pre-existing infrastructure. The MSS comprises servers and operator stations, ensuring seamless fleet oversight in harsh conditions. This technology enhances operational efficiency, exemplifying the industry's pursuit of cutting-edge solutions.

In August 2022, Epiroc completed the acquisition of RNP México, reinforcing its offerings in rock drills and spare parts in Latin America. This strategic move strengthens Epiroc's presence in the region, catering to the needs of mining and construction customers. The acquisition positions Epiroc as a key player in Latin America's mining equipment market.

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. 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.

The primary types of autonomous mining equipment include autonomous hauling/mining trucks, autonomous drilling rigs, underground LHD loaders, tunnelling equipment, and other specialized types. Autonomous mining equipment minimizes the need for human intervention, enhancing safety and productivity in mining operations. The types of mines involved can be surface mines or underground mines, and these autonomous technologies find applications in various mining sectors, including metal, coal, and other specific applications.

The autonomous mining equipment market research report is one of a series of new reports that provides autonomous mining equipment market statistics, including autonomous mining equipment industry global market size, regional shares, competitors with an autonomous mining equipment market share, detailed autonomous mining equipment market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous mining equipment industry. This autonomous mining equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the autonomous mining equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The autonomous mining equipment market consists of sales of mining equipment which function with minimal human intervention and primarily help in safe mining and transportation of ores and other materials. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.