Internet of Things (IoT) in Mining - Thematic Intelligence
Description
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.
- 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.
Table of Contents
56 Pages
- Executive Summary
- Players
- Mining Challenges
- The Impact of IoT on Mining
- How IoT can help address the challenge of ESG
- How IoT can help address the challenge of safety
- How IoT can help address the challenge of productivity
- How IoT can help address the challenge of resource development
- Case Studies
- Replacing faulty cables is not a manual process anymore
- A safe and accurate LiDAR mapping device for challenging mining sites
- ABB’s VOD system reduces energy usage and ensures a healthy working environment
- Clarity helps First Quantum Minerals to improve air quality compliance
- Caterpillar enhances safety and communication with the Connected Worker system
- Market Size and Growth Forecasts
- Signals
- Mergers and acquisitions
- Patent trends
- Company filing trends
- Hiring trends
- IoT Value Chain
- Physical layer
- Connected things
- Cameras and lenses
- Sensors and microcontrollers
- Microprocessors
- Connectivity layer
- Edge infrastructure
- Cloud infrastructure
- Networking equipment
- Telecom networks
- Data layer
- Data integration
- Data aggregation
- Data processing
- Data storage
- Data validation
- Data governance and security
- App layer
- Apps
- Platforms
- Services layer
- Integration services
- Consulting services
- Companies
- Leading IoT adopters in mining
- Specialist IoT 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: Mergers and acquisitions
- Table 3: Leading IoT adopters in mining
- Table 4: Specialist IoT vendors in mining
- Table 5: Glossary
- Table 6: GlobalData reports
- List of Figures
- Figure 1: Key players in IoT
- Figure 2: IoT is a disruptive technology for the mining industry
- Figure 3: Thematic impact assessment
- Figure 4: Ingenious E-Sense identifies damaged HV cables through the electromagnetic field they emit
- Figure 5: Emesent provides solutions to safely map hazardous, hard-to-reach, and GPS-denied mine sites
- Figure 6: ABB's Ability Ventilation Optimizer system can result in potential annual energy savings of up to 50%
- Figure 7: First Quantum Minerals improved its compliance monitoring by deploying Clarity’s IoT solutions
- Figure 8: Caterpillar’s Connected Worker System HC1 Hard Hat
- Figure 9: The global IoT market in mining will generate $7.8 billion in revenue by 2027
- Figure 10: IoT patent filings in the mining sector have remained steady in recent years
- Figure 11: The vital role of IoT in the mining industry is more evident as time goes on and ore grade goes down
- Figure 12: IoT filing activity in the mining sector
- Figure 13: IoT-related hiring activity by mining companies peaked in December 2022
- Figure 14: The IoT value chain
- Figure 15: The IoT value chain - Physical layer: leaders and challengers
- Figure 16: The IoT value chain - Connectivity layer: leaders and challengers
- Figure 17: The IoT value chain - Data layer: leaders and challengers
- Figure 18: The IoT value chain - App layer: leaders and challengers
- Figure 19: The IoT value chain - Services layer: leaders and challengers
- Figure 20: Who does what in the mining space?
- Figure 21: Thematic screen
- Figure 22: Valuation screen
- Figure 23: Risk screen
- Figure 24: Our five-step approach for generating a sector scorecard
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