The autonomous mining equipment market consists of sales of autonomous mining equipment that works on wireless communication technologies and electronic tracking (CT) systems. Autonomous equipment involves minimal human intervention and helps in safe and productive mining and transportation of ores and other materials.
The global autonomous mining equipment market is expected to decline from $3.09 billion in 2019 to $2.85 billion in 2020 at a compound annual growth rate (CAGR) of -7.76%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. Slowdowns in even one large industrial component can have a ripple effect across other components and industries. The entire supply chain from production to international trade has been impacted. The market is expected to recover and reach $3.52 billion in 2023 at a CAGR of 7.25%.
