Market Size of Mining Laboratory Automation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 1.84 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mining Laboratory Automation Market Analysis
The Mining Laboratory Automation Market was valued at USD 369.3 million in 2020 and is expected to reach USD 408.59 million by 2026 at a CAGR of approximately 1.66% during the forecast period (2021 - 2026). The COVID-19 outbreak had an immediate impact on the global economy and that impact goes across all industries, including mining. The pandemic has greatly influenced the market's growth during 2020, as almost all players in the mining industry had closed access to their sites amid the lockdown restrictions. They have tried to maintain operations only with minimal staff.
- The demand for automation equipment in the mining industry is primarily driven by the rising need to enhance productivity and improve workers' safety. The outbreak of COVID-19 has driven the demand for automation and is expected to increase over the long run, primarily to cope with the shortage of labor and increasing costs.
- The deployment of automation, AI, and robotics is rapidly increasing due to the enhanced productivity and mitigating operational costs for laboratories, which is further expected to boost market growth.
- Numerous mining operations are partnering with technology companies to deploy and innovate creative solutions in their operations, to enhance the safety of the people working in the mines. Also, advanced data analytics is being applied to the raw data to create visualizations, insights, and recommendations, which is delivered to mine managers and employees in real-time on their mobile devices. Such instances of innovations and technology adoption in the industry are expected to provide several opportunities for growth.
- In March 2020, Nokia collaborated with CENGN and NORCAT to install and operate a private LTE/4.9G wireless connectivity network in NORCAT's Underground Centre. NORCAT and CENGN will serve as a hub for the future of mining technology, while Nokia will help in furthering its commitment towards advancing worldwide mining innovation.
- The cost to set the laboratory automation module, including software, is on the higher side and discourages small enterprises. This factor is expected to tilt the market growth opportunities towards vendors who have extended presence in the supply chain, over the forecast period.
