We have come a long way since mining using pick and hammer. Advancements in technology have helped the mining industry since its inception. The industrial revolution has now reached its new pinnacle with the advent of smart technology. Today, the mining equipment has changed drastically as we have entered the fourth era of the industrial revolution. Modern tools and techniques now dominate the mining industry and 3D modeling tools, drones, wearables, and Artificial Intelligence (AI) are just a few examples.
The increasing demand for connectivity coupled with the penetration of the Internet of Things (IoT) is the major factor behind the revolution of the mining industry. What’s more, the smart mining industry has been gaining more and more traction due to increased demand for the safety of workers and ever-increasing demand for connectivity and automation. According to Allied Market Research, the global smart mining market is projected to reach $24.04 billion by 2027, growing at a CAGR of 13.0% from 2020 to 2027. While the demand for smart mining has been increasing, the outbreak of Covid-19 has severely affected the market growth.
Impact of Covid-19 outbreak on the smart mining market
The mining industry has dealt with a number of economic challenges but the Covid-19 pandemic is unprecedented, even for the major companies in the market. The sudden disruption of daily routine and a complete lockdown across various countries for months coupled with the constant threat to human life has affected the smart mining industry – perhaps permanently.
During the first few months of the Covid-19 pandemic, companies had to get on board with every strict regulation imposed by governments to protect the people and business. During this period, maintaining and building trust with suppliers and stockholders was instrumental. What’s more, companies had to take dramatic measures to keep the supply chain intact. However, as soon as the physical distancing regulations were relaxed, smart mining companies focused on resuming production and regaining operational efficiency. Although the loss that occurred during the first few months was irreversible, companies had to adjust themselves to current market demands and trends and develop more streamlined, sustainable, and more importantly, safer ways of operations. Currently, companies have been refocusing on production and forecasting how to deal with future challenges such as international trade and increasing demand for greener ways of energy production.
Also read: IoT to make an entry in European mining operations
Before the pandemic, the world was dealing with a trade war between the major economies of the globe, which is expected to continue post-pandemic. However, only time will tell whether the pandemic would improve or undermine international cooperation. Apart from this, more and more companies are now borrowing to cushion their economies due to the Covid-19 pandemic. Thus, post-pandemic, the governments would increase taxes to repay this debt.
Tools to deal with Covid-19 pandemic
However, to deal with the unprecedented challenges due to the Covid-19 outbreak, various companies have launched innovative solutions. For instance, Axora, one of the major leaders in the smart mining market, recently launched its Smart Mining Resource Center to aid companies in recovering from the Covid-19 pandemic. According to the companies, the mining industry can get back on track by adopting digital technologies to enhance safety, increase profits, and minimize overall operational costs. Thus, the launch of the online Smart Mining Resource Center is expected to help companies bounce back and regain their market value, post-pandemic. The center offers insights on the latest industry happenings and novel technologies that companies can adopt along with access to various digital solutions to accelerate business growth, avoid duplications, and minimize wasted investment.
According to Dr. Nick Mayhew, the Chief Commercial Officer of the company stated that although the downtime during the pandemic has negatively affected the mining industry, it has offered a unique opportunity for the smart mining industry. During the pandemic, companies can improve their digital solutions by accelerating digital transformation. What’s more, this could be the perfect time for companies to make themselves smarter and thrive in the future.
Also read: The applications of BIM to construction site safety
Similarly, Shell and IBM partnered together to unveil Oren, a digital mining services marketplace platform. The platform is said to help mining companies find novel solutions to mine safely and sustainably. Shell, the prime supplier of lubricants to the mining industry, recently published that around 80% of 350 mining businesses often deal with operational challenges including lack of skilled workers and incomplete measures to keep employees safe while deploying autonomous technology. On the other hand, the adoption of smart mining could solve a few of the mining company’s problems.
The incorporation of blockchain, AI, and smart mining equipment is gaining popularity over the last couple of years. Since the Covid-19 pandemic, the world has witnessed increased demand for smart mining solutions that incorporate drones, predictive maintenance, and remote health monitoring technologies. However, such solutions demand heavy investment and significant budgets. The tool developed by the two companies could help in this matter. It offers ready-made and proven solutions to mining companies to enhance their operations by aggregating data from several sources and create an all-in-one view of their operations. This would help companies to abstract insights and develop strategies to move forward with data-driven information and decisions.
Upcoming opportunities in the smart mining industry
Just as IoT has turned houses into smart homes, the technology is on its way to transforming the mining industry. The project has already begun creating the world’s first intelligent mine in 2021. This futuristic mine is expected to use various smart systems that connect all components of the mining value chain and enable the analysis of humongous quantities of mining data in real-time, so as to make informed decisions accordingly.
Apart from this, wearables and AI are now used to offer real-time data regarding locations of workers, their fitness, and monitor their health. With the advent of the 5G infrastructure, the smart mining market is on its way to a brighter future. What’s more, with the promise of smarter mines and AI and IoT at its disposal the smart mining market is bound to bring the much-awaited revolution in the mining & metal industry.
Also read: Advancing GEOBIM for highways/horizontal construction
