Internet of Things (IoT) in Mining - Thematic Intelligence

Internet of Things (IoT) in Mining - Thematic Intelligence

Summary

IoT enables real-time monitoring and control of mining operations. Therefore, it has become a vital technology for the mining industry. In an industry known for its complex and hazardous operations, IoT provide data on equipment status, safety hazards, and environmental factors, thus improving operational efficiency, safety, and sustainability.

According to GlobalData forecasts, the total IoT market in mining will be worth $7.8 billion in 2027, having grown at a compound annual growth rate (CAGR) of 16.1% from $3.7 billion in 2022.

The Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. IoT technology is employed across the whole mining value chain, from prospecting to reclamation. It influences various aspects such as productivity, remote monitoring, automation, predictive maintenance, operational efficiency, sustainability, and workforce safety.

According to GlobalData forecasts, the total IoT market in mining will be worth $7.8 billion in 2027, having grown at a compound annual growth rate (CAGR) of 16.1% from $3.7 billion in 2022. Given the hype surrounding artificial intelligence (AI), we expect further blending of the two technologies, as this combination makes mining processes more efficient.

IoT can benefit the whole mining value chain

In an industry known for its complex and hazardous operations, IoT solutions enable mining companies to automate workflows, improve efficiency while reducing costs, and improve safety and environmental, social, and governance (ESG) credentials across the whole value chain. IoT supports mining operations such as autonomous drilling, driverless haul trucks, health and safety monitoring, energy management, and environmental monitoring. IoT technologies enabling these mining operations include drones, wearable tech, proximity detection sensors, and autonomous trucks. Also, a growing number of products and services incorporate AI into their capabilities, especially for predictive maintenance and digital twin modeling.

The pursuit of faster return on investment drives IoT adoption

IoT implementation across all mining segments is encouraged by lower latency, increased computing power, and the falling price of sensors. IoT-enabled technologies such as drones for surveying and safety and autonomous vehicles and machinery are affordable even for smaller companies and lead to a faster return on investment (ROI). Autonomous mining represents the future, with mining companies of all tiers investing in it. However, it will likely remain primarily accessible to larger players due to the financial commitments involved.

Key Highlights

IoT technology is deployed across the whole mining value chain, from prospecting to reclamation. Its spread has been encouraged by reduced latency, increased computing power, and the falling price of sensors, which have led to a faster ROI.

IoT solutions enable mining companies to automate workflows, improve efficiency while reducing costs, and improve safety and ESG credentials. IoT supports mining operations such as autonomous drilling, driverless haul trucks, health and safety monitoring, energy management, and environmental monitoring. IoT technologies enabling mining operations include drones, wearable tech, proximity detection sensors, and autonomous trucks.

Also, AI has increased relevance across all IoT layers, and a growing number of products and services incorporate this disruptive technology into their capabilities, especially for predictive maintenance and digital twin modeling.

Autonomous mining represents the future, with mining companies of all tiers investing in it. However, it will likely remain primarily accessible to larger players due to the financial commitments involved.

Scope

• This report provides an overview of the IoT theme. The detailed value chain comprises of five layers: physical, connectivity, data, apps, and services. 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 IoT 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 IoT and its potential impact on the mining sector.
• Benchmark your company against your competitors and assess how mining companies are utilizing IoT 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 IoT use cases are most useful.
• Develop and design your corporate strategies through an in-house expert analysis of IoT by understanding the primary ways in which this theme is impacting the mining industry.
• Position yourself for future success by investing in the right IoT technologies.