Mining Automation Market Size, Share, Growth Analysis, By Offering (Equipment (autonomous hauling/mining trucks, autonomous drilling rigs, underground LHD loaders, tunneling equipment)), By Technique (Undergrounding mining, surface mining), By Workflow (mining process (autonomous haulage, automated drilling), Mining maintenance (HVAC installation & maintenance and mine dewatering), Mining development (tunnel boring)), By Solution (Software Automation, Services, Equipment Automation), By Application (Metal Mining, Mineral Mining, Coal Mining), By Region - Industry Forecast 2024-2031

The mining automation market size was valued at USD 5.28 billion in 2022 and is poised to grow from USD 5.67 billion in 2023 to USD 9.95 billion by 2031, growing at a CAGR of 7.3% in the forecast period (2024-2031).  

The rapid growth of technology, including Artificial Intelligence (AI) and robots, has resulted in a greater use of mining automation solutions to increase production efficiency. The increasing trend of incorporating cutting-edge technologies is driving the growth of automated mining solutions. The rise of the World Wide Web of Things (IoT) in this industry provides mine management access real-time data and analytics via visualization tools. Several operators have teamed up with technology firms to build underground wireless networks. 

For instance, International Business Machines, Inc. (IBM) declared its purchase of myInvenio, an Italian startup company, in April 2021. The company creates and runs process mining software. The goal of the collaboration is to include MyInvenio's process & task mining technologies into the IBM Cloud enabling Robotization, an environment for organizing and conducting robotization activities. The based-on data software and tools will assist the organization track sales, production, buying, and accounting. The growing demand for mining and worker security is driving industry expansion. Previously, traditional mining procedures jeopardized mine workers' safety, resulting in increasing risks on the mining site. 

As a result, providers have developed intelligent mining systems and equipment to assure worker safety. ABB, for example, will launch the ABB Capability safety plus, a mine hoist suite, in November 2020. It is the mining industry's first fully independently approved Safety Truth Level 3 (SIL 3), and it's very particular and rare for risk mitigation as well as dangers for mine hoist solutions with proper security by providing three remedies: safety plus stop system, security plus hoist monitor, as well as safety plus raise protector. The effort attempts to make mining environments safer for people and equipment.