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Mining industry to embrace digitalization strongly by 2030: research

Fundamental investment drivers are ensuring the safety of the workforce and improving productivity levels

mining digital

Mining industry to embrace digitalization strongly by 2030: research. Source: pixabay.com

According to ABI Research, miners’ spend on digital technologies will grow by a CAGR of 5.2% over this decade and reach $9.3 billion in 2030.

The research has found that mining firms are starting to appreciate the benefits that digital technologies can deliver. These include having insights on changing geological conditions to ensure workforce safety and the condition of their equipment to avoid unplanned downtime.

While the needs are critical, technology suppliers cannot assume that example deployments from other verticals will resonate with miners. Often individual mining plants operate autonomously with relevant references from other mines a key investment criteria. Suppliers will need to be patient and support partners to build their credibility in the vertical
Michael Larner, Principal Analyst, Industrial & Manufacturing at ABI Research

In fact, some of the largest mining firms realize the benefits that digital technologies provide. For instance, Rio Tinto has been an advocate of automation and has been running a fleet of autonomous trucks and trains.

According to data, miners’ key investments will be in 4G/5G networks to underpin data collection projects to map sites or utilize drones to collect images of the entire site.

Meanwhile, data analytics software from suppliers such as IntelliSense.io, Seeq, and Senseye will help miners avoid unplanned downtime.

Suppliers such as Strayos help miners anticipate the impact of blasts in open-cast mines, which is forecast to fuel spend on data analytics to increase by CAGR 8.9% and be worth $1.4 billion in 2030.

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