
Augmented Reality in Mining - Thematic Intelligence
Description
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.
Table of Contents
60 Pages
- Executive Summary
- Players
- Mining Challenges
- The Impact of Augmented Reality on Mining
- How AR helps tackle the challenge of ESG
- How AR helps tackle the challenge of safety
- How AR helps tackle the challenge of geopolitical and supply chain risk
- How AR helps tackle the challenge of labor shortage
- How AR helps tackle the challenge of productivity
- How AR helps tackle the challenge of resource development
- Case Studies
- The Clirio app makes mine projects easier and quicker to understand
- VSight Remote AR technology lowers cost reducing specialists’ presence on the site
- Arvizio collaborates with Sight Power to create a digital twin of the mine
- Augmented Reality Timeline
- Market Size and Growth Forecasts
- AR software
- AR hardware
- Signals
- M&A trends
- Patent trends
- Company filing trends
- Augmented Reality Value Chain
- Semiconductors
- Central processing units
- Graphics processing units
- Vision processing units
- Image processors
- Communication chips
- Micro-electromechanical systems (MEMS)
- Memory chips
- Components
- Motion tracking
- Batteries
- Displays
- Cameras and 3D lenses
- Audio component
- Machine vision
- Devices
- Smartphones
- AR smart glasses
- AR headsets
- Platforms
- Artificial intelligence
- The impact of generative AI
- Apps and content
- Companies
- Leading augmented reality adopters in mining
- Leading augmented reality vendors
- Specialist augmented reality vendors in mining
- Sector Scorecard
- Mining sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- LIST OF TABLES
- Table 1: Key challenges currently facing the mining sector.
- Table 2: M&A trends
- Table 3: Leading augmented reality adopters in mining
- Table 4: Leading augmented reality vendors
- Table 5: Specialist augmented reality vendors in mining
- Table 6: Glossary
- Table 7: GlobalData reports
- LIST OF FIGURES
- Figure 1: Key players in augmented reality
- Figure 2: In Q4 2023, there was a general consensus that AR would disrupt businesses
- Figure 3: Thematic investment matrix
- Figure 4: Clirio’s app allows users to build a 3D holographic representation of a mine
- Figure 5: VSight Remote AR technology
- Figure 6: Arvizio’s AR digital twin for the mining industry
- Figure 7: The augmented reality story
- Figure 8: AR will become a $100 billion market by 2030
- Figure 9: Enterprise AR will continue to be more lucrative than the consumer market by 2030
- Figure 10: AR software will dominate the market over the forecast period
- Figure 11: The AR software market will generate $82 billion in revenue by 2030
- Figure 12: The AR hardware market will be worth $18 billion by 2030
- Figure 13: AR headsets will lead the AR hardware market
- Figure 14: AR patent activity in the mining sector has declined from 2019 to 2023
- Figure 15: AR filing activity in the mining sector has been steadily increasing
- Figure 16: The augmented reality value chain
- Figure 17: AR value chain – Semiconductors
- Figure 18: AR value chain – Components
- Figure 19: AR value chain – Devices
- Figure 20: AR value chain – Platforms
- Figure 21: AR value chain – Platforms - AI
- Figure 22: AR value chain – Apps and content
- Figure 23: Who does what in the mining space?
- Figure 24: Thematic screen
- Figure 25: Valuation screen
- Figure 26: Risk screen
- Figure 27: Our five-step approach for generating a sector scorecard
Pricing
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