Collision Avoidance System Market in Mining Sector - Trends Forecast Till 2030

Market Snapshot

Market Overview

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.

Delvens Industry Expert's Standpoint

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.

Market Portfolio

Key Findings

• While safety has always been a priority in mining, COVID-19 emphasises the importance of it in maintaining employee and community trust. As a result, businesses are investing in intensive training in addition to putting in place strong internal controls. Many are also taking steps to keep workers safe by hastening the implementation of automation and robotics solutions. Most mining companies have in-depth reports tracking the number of worker injuries sustained, the frequency rate of safety incidents, and many other metrics.
   
• Rethinking current corporate social responsibility policies in the direction of impact investment in CAS systems, with the goal of creating sustainable businesses for local communities. To navigate the new reality, miners must boost their use of automated processes and other modern devices such as AI and ML in addition to a need reply on a war footing.
   
• Blind spots are a major leading causes of fatal and injury collisions. Driver visibility can be limited on large machinery due to a variety of factors. Lack of direct vision through front and side windows, lack of rear vision, operator position, bulkheads, and vehicle size and type are all examples. In addition, ear defenders, which reduce site workers' ability to clearly hear approaching vehicles, and poor visibility due to inclement weather and dusty work sites increase the possibility of accidents. There are numerous technology solutions that can be installed to improve safety, depending on the vehicle type and use.

Regional Analysis

Americas to Dominate the Market

• South African mines were quick to take up this solution and apply it to their particular challenges. It quickly became clear that customers were looking for more functionality – and not just in terms of protection for pedestrians, but also ways of preventing collisions between vehicles.
   
• 47 percent of mines surveyed expected to either invest in the technology for the first time or invest more in the next two years. 40% of respondents had stated they were expecting to invest in the technology in the following two years. Overall, collision avoidance ranked top of 13 different technologies examined with another safety solution, fatigue detection, being identified by 45% of mines as expecting

Competitive Landscape

• Hexagon Mining
• Caterpillar
• Becker Mining Systems
• AMTIL
• LSM
• Torsa

Recent Developments

• Hexagon is a leading company to provide equipment for the mining industry. Hexagon work for multiple industries and operation they owned a subsidiary company that worked for the mining industry. They more focus on organic growth using fixed exchange rates and acquisitions. They widely spread their business geographically, with a broad customer base within numerous market segments.
   
• Torsa not only providing own product they are also provided an on-demand product in collaboration with clients. The customized products allow the customer to make their composition and collaborative work culture for the customer and the company. Develop products through analysis of need, by various concepts, development of hardware (electronics and enclosures), software, and firmware until reaching a final prototype.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
   
• Gain authentic and granular data access for Collision Avoidance System Market in Mining Sector so as to understand the trends and the factors involved in changing market situations
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope