Mining automation is set to grow in value by almost 50 per cent by 2023, according to a new report.

Analysts at Markets and Markets have predicted a growth in value from $US2.22 billion in 2017 to $US3.29 billion by 2023.

They believe the Australia and Asia-Pacific (APAC) region will guide the global expansion in automation, as it is well-placed to take on new mining equipment and implement automation technologies.

“The reason for this trend is the increased use of automated mining equipment by leading exploration and mining companies such as Rio Tinto, Fortescue Metals Group and BHP Billiton,” the US-based analysis said.

“These mining companies have started using automated mining equipment in their mine sites in the western region of Australia.

“Moreover, the increasing digitisation of mines and globalisation of economies have attracted significant investments from the mining companies all over the world.

“Key factors such as the increasing need for worker safety, the growing requirement improvement in mining productivity, and the reduction in operating costs are driving the mining automation market growth.”

The report said mining equipment manufacturers, such as Caterpillar, Atlas Copco, Sandvik and Komatsu, were all launching increasingly automated products, acquisitions, and collaboration strategies.

“Top companies are adopting an organic approach toward improving their position in the mining automation market, by either improving their existing product portfolio or by adding new offerings,” the Markets and Markets report says.