The global metal ore market, one of the segments of mining industry. During the historic period it grew at a compound annual growth rate (CAGR) of around negative 3%. This was mainly due to the increased sales of automobiles and rising disposable income.
For the forecasted period, the market size is expected to be over $670 billion by 2021, growing at a CAGR of nearly 10 %. The growth rate for forecasted period is much higher when compared to the historic period. This is mainly attributed to fluctuating prices of raw materials.
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The use of robots in the metal ore mining industry is improving the efficiency and productivity of mines and reduces operational costs. Robotics is significantly increasing the mining capabilities by rolling out autonomous trucks and drills, thus reducing the need for human workforce.
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