What are Smart Mining & How Do They Work in Mining Industry?
Smart mines with already incorporated technologies can automate their operations quickly than those who are lagging in technological adoption. By the implementation of advanced technologies, mining operators can expand their current wireless network of embedded sensors. For instance, the installation of automation software enables the operator to monitor static and moving assets remotely and program automated interaction between both.
The Smart Mining Market Accounted for US$ 9.8 Billion In 2019 And Is Expected to Grow at A CAGR of 18.9% Over the Forecast Period 2020-2027, To Account for US$ 38.5 Billion By 2027.
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Although 77% of mining companies are in the beginning stage of their digital transformation journey, most of the mining companies have already taken significant initiatives to introduce IIoT in operation. For instance, the Bulgarian Chelopech, an underground gold, and copper mine, operated by Canadian firm Dundee Precious Metals, is adopting modernization, digitization, and introduction of a mobile IP network (with companies such as Dassault Systèmes GEOVIA, Sandvik, and Cisco for the connectivity and network part) for uninterrupted and productive services.The introduction of IIoT helps to attain an increase in production, better and cheaper communication possibilities, real-time maintenance, fast productivity data, better collaboration, and instant resolution of issues. This is one of the leading trends in the smart mining market, which adds to the safety of miners on-site.
Increasing demand for minerals and metals leads to increasing the expansion of mining activity that drives the growth of the smart mining market. Rising adoption of autonomous equipment, increased concerns about safety and security, growing environmental concerns are boosting the growth of the smart mining market. Furthermore, smart mining technology is considerably safer and environment-friendly as compared to the traditional mining technology.
The Growing Need for Ensuring Data Security Drives Smart Mining Market
Data sources in the smart mining industry can be classified into two parts, namely, direct or indirect (ancillary) measurements. Direct measurement sources are those taken by instruments such as GPS and conventional geodetic surveys. Indirect references refer to systems that collect data as a by-product of processes or operations such as Fleet Management Systems, SCADA or DCS data, blast hole drills, and geomodeling data. For improving ore recovery, an ore body modelling technique is used. The model provides geological patterns that help in determining the drill holes. The right mining decisions, therefore, depends on the availability of correct data from multiple systems combined with real-time data analytics.
The List of Companies - Smart Mining Market
- ABB Ltd.
- Alastri
- Caterpillar Inc.
- Intellisense.io
- Hexagon AB
- Hitachi, Ltd.
- MineSense
- Rockwell Automation, Inc.
- SAP SE
- Trimble Inc.