Collision Avoidance System Market in Mining Sector Size, Share & Trends Analysis Report, By Mining (Device, Technology), By Mine Category (Metals, Coal, Others), and by Region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global Collision Avoidance System Market in Mining Sector size of 5,266.91 million USD in 2022 is projected to reach a CAGR of 10.2% from 2023-2030.
Over the next three decades, demand for critical minerals is expected to skyrocket. According to the International Energy Agency, annual demand for critical minerals from clean energy technologies will exceed $400 billion by 2050, which is equivalent to the current coal market's annual revenues. The industry's inability to meet demand could have serious consequences for the cost—and, ultimately, the pace—of global adoption and implementation of energy transition technologies. The raw materials are the most expensive component of an EV battery. The supply and price of input battery metals will have the greatest impact on whether EVs can compete with and eventually replace traditional internal-combustion vehicles. There is no doubt that the next generation of advanced technologies, such as collision avoidance systems, has the potential to significantly move us closer to zero harm. Analytics, when combined with the right data, can help businesses go beyond a simple analysis of past events to identify potential future scenarios that increase the likelihood of an incident occurring. These predictive models can aid in the prevention of safety incidents.
According to the study, vehicle interactions account for 35% of mining fatalities in Australia, with pedestrians and vehicles accounting for 53%.
Over 40% of serious injuries (fatalities and permanent disabilities) in the mining industry in the United States are caused by accidents classified as' struck-by or caught-in machinery and powered haulage equipment.
As evidence, more than half of the mines are either planning to deploy or have already deployed CAS. Most have seen a significant decrease in collision-related deaths and injuries. While CAS systems may be viewed as the "silver bullet" for preventing fatal collisions, any collision avoidance technology must be viewed as part of a coordinated risk management solution across the modern mine-site.
CAS must be at the forefront of our minds because it plays a critical role in today's increased safety concerns, the need for greater sustainability, and the fact that we must decarbonize as a society both domestically and globally. 90% of leaders polled expect sales revenue to increase in the coming year, with growth ranging from 20% to 50% for one quarter. Growth is primarily driven by strong market demand as a result of urbanisation, with productivity-led growth also reported and enabled by increased technological investment. It is worth noting that commodity prices are not the primary driver of growth, implying that there are numerous new collaborative opportunities fuelling the expansion of mining industry. Companies are collaborating to address some of the most important challenges and opportunities in mining, such as decarbonisation and automation, while miners are still adjusting to the rapid pace of technological advancement.
Americas to Dominate the Market