Augmented Reality in Mining - Thematic Intelligence

Augmented Reality in Mining - Thematic Intelligence

Summary

Digitalization is helping industries navigate a difficult macroeconomic landscape and geopolitical conflicts that are disrupting supply chains. In the mining sector, the use of AR technologies is increasing in popularity, especially among digitalized mines. AR comes into play by improving mining productivity and safety. Indeed, it can reduce the cost of maintenance, perform remote monitoring and maintenance, help with remote exploration, create interactive training, and protect on-site workers from risks associated with mining activity.

The AR market will be worth $100 billion by 2030

Augmented reality (AR) describes a technology that allows users to see the real world overlaid with data. Worth nearly $22 billion in 2022, the technology is still nascent. But GlobalData forecasts a surge in popularity in the coming years with the global AR market reaching $100 billion by 2030, growing at a compound annual growth rate (CAGR) of 21% over the period. AR brings benefits throughout the mining value chain. AR is helping the mining sector to digitalize, thereby increasing productivity, and ensuring the health and safety of on-site workers.

AR is an essential investment for digitalized mines

Digitalization is helping industries navigate a difficult macroeconomic landscape and geopolitical conflicts that are disrupting supply chains. In the mining sector, the use of AR technologies is increasing in popularity. AR digitalizes mines by overlaying geology, geophysics, and imagery onto a 3D representation of mining sites, allowing for a comprehensive view. This technology also provides realistic visualizations of mining operations, processes, equipment, and products, enhancing understanding and efficiency. For example, AR enables remote assistance for maintenance and repair, using smart glasses or headsets with zoom capabilities for inspections, and guiding technicians step-by-step through the process. Also, the visual guide of the process enhances accuracy and efficiency, such as during drilling, to prevent damage and loss of resources. AR technologies are used to create digital twins of mines, allowing engineers and managers to test equipment and processes before implementation, and refine new designs like mine extensions. This approach helps optimize the mining workflow, identifying potential issues, reducing costs, and minimizing the risk of project delays.

AR plays a role in the safety and training of mining workers

There were 42 mining fatalities in the US in FY2023, a 31% increase from the previous year, most often in machinery accidents, according to the US Department of Labor. Ensuring the safety of the mining workforce is a primary concern. AR helps make mining safer and improves workforce training. Remote monitoring of on-site risks and AR visuals that identify potential hazards can directly reduce injuries and fatalities. AR provides immersive training for new hires and facilitates advanced knowledge acquisition. Therefore, it improves workforce quality, collaboration, and productivity, while reducing costs.

Key Highlights

Worth nearly $22 billion in 2022, the technology is still nascent. But GlobalData forecasts a surge in popularity in the coming years with the global AR market reaching $100 billion by 2030, growing at a compound annual growth rate (CAGR) of 21% over the period.

In the mining sector, the use of AR technologies is increasing in popularity.

AR is helping the mining sector to digitalize, thereby increasing productivity, and ensuring the health and safety of on-site workers.

Scope

This report provides an overview of the Augmented Reality theme. The detailed value chain comprises four layers: semiconductors, components, devices, platforms, apps, and content. Leading and challenging vendors are identified across both segments.

It identifies mining challenges, such as ESG, safety, productivity, and resource development, and an impact assessment of augmented reality on the mining industry, addressing these challenges.

Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.

Reasons to Buy

• This report will help you to understand augmented reality and its potential impact on the mining sector.
• Benchmark your company against your competitors and assess how mining companies are utilizing augmented reality to drive revenues.
• Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the mining industry.
• Understand key industry challenges and where augmented reality use cases are most useful.
• Develop and design your corporate strategies through an in-house expert analysis of augmented reality by understanding the primary ways in which this theme is impacting the mining industry.
• Position yourself for future success by investing in the right augmented reality technologies.