Smart Mining Solution Market – Emphasis on Achieving Operational Efficiency and Miners’ Safety to Trigger Growth
While the mining sector continues to face the brunt of global recession downturns, mining companies find the need to determine ways to sustain in a market that is also categorized by a widening talent gap, rising stakeholder demands, and deteriorating access to key aspects such as water and energy. Today’s scenario has made it vital for miners to concentrate on differentiating their business models to generate long-term value, with which they can not only attract more investors but also generate significant profits. Smart technology incorporation continues to remain a go-to approach in order to attain this success. Rise in the adoption of technology, globally, is not just changing the demand dynamics of some commodities, but is also modifying the traditional approach to mining.
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The deployment of smart mining solutions allows mining companies to boost production efficiency by using real-time monitoring and communication, and reduce labor expense. In a recently published extensive study on the smart mining solution market by Transparency Market Research (TMR), analysts showcase a positive viewpoint of the industry. The study unveils the key elements driving industry growth, while listing the developments made by market competitors.
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Contemplating the Past; Tracing the Role of Digital Solutions in Mining
Since the beginning of civilization, individuals have utilized mining techniques to extract minerals from the surface of the Earth. Discoveries have highlighted the extraction of flint pebbles from deposits in Britain and France, back in the New Stone Age. In ancient times, as far back as 3000 BCE, Egyptians mined copper. In the initial stage, mining was slow-paced, hazardous, and involved the use of heavy and complex equipment. However, with progress in time, the mining industry has witnessed the development of safe and accurate methods of discovering and mining substances found in the Earth. Mining technology has made tremendous advances in the past three decades, in wake of the Industry 4.0 Revolution.
With the rising adoption of sensor technology, Industrial Internet of Things (IIoT), and smart devices and gadgets, the demand for smart mining solutions has risen tremendously, translating into significant market numbers. The smart mining solution market is expected to reach a valuation of ~ US$ 9.2 Bn in 2019. Continuous innovations in technology and the growing applicability of smart mining solutions are expected to drive the growth of the market, registering a CAGR of 11.5% throughout the period of forecast.
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Artificial Intelligence: Disrupting the Smart Mining Space
Technologies such as Artificial Intelligence are not just bringing transformations across several industries, but also laying the ground for the mining sector, for becoming a digitally disrupted and supported industry. Apart from offering real-time tracking, predictive maintenance for equipment, and environmental and emission monitoring, AI-enabled systems and solutions are driving operational excellence and safety. Protecting fatal open-cast accidents on mining sites is made possible with such futuristic systems.
Autonomous Vehicles: Changing the Face of Future Mining Capabilities
Autonomous and remote-controlled vehicles are becoming the new face of the automotive sector. Beyond this, their significance continues to grow across the mining space, wherein, miners would be able to operate vehicles remotely without human intervention. Another significant development witnessed across the mining sector is the deployment of drone solutions for both, surface and underground mining.
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