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June 19, 2020updated 22 May 2021 7:39am

Mining companies likely to spend more on technology due to COVID-19: Poll

The mining industry has been significantly impacted due to the COVID-19 pandemic leading to suspension of mining activities at a number of properties.

The mining industry has been significantly impacted due to the COVID-19 pandemic leading to the suspension of mining activities at a number of properties. Operations at more than 1,600 mines had been suspended globally in April 2020, according to GlobalData, a leading data and analytics provider.

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GlobalData predicts that the revenue from IoT in mining will grow to reach $1.9 billion by 2025, with a compound annual growth rate (CAGR) of 6.2% between 2020 and 2025. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.   Download the full report to get ahead of the competition
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COVID-19 has highlighted the need for automation and introduction of new technologies in mining operations to effectively overcome disruptions to operations.

Verdict has conducted a poll to assess whether mining companies will increase their technology spend due to the COVID-19 pandemic.

Analysis of the results shows that the likeliness is high of mining companies investing more on technologies, as opined by a majority 64% of the respondents including 33% who strongly agreed.

While 16% of the respondents were neutral, 20% disagreed to the idea that mining companies would accelerate their spending on technology, including 9% who strongly disagreed.

Tech spending by mining companies: COVID-19

The analysis is based on 351 responses received to a poll completed by readers of Verdict’s Mining Technology site between 01 May and 18 June.

COVID-19 drives  the need for further investment in mining technology

The mining industry is among the most exposed sectors to the spread of coronavirus due to the inevitable close proximity in operations. The uncertainty surrounding the pandemic and the threat posed by the disease has emphasised the need for solutions that can minimise the number of people employed at mine sites.

Mining companies should focus on investing in autonomous materials movement such as autonomous trucks and automation of repetitive tasks in the long-term in the current scenario, says GlobalData.

A few mining companies have already implemented technologies such as drones and mine communication systems.

According to a survey conducted by GlobalData, many major companies were already on their way to investing in such technologies in 2019. Approximately 21% of the mine sites surveyed by GlobalData had invested in drones.

Self-driving haul trucks, remote operations centres, predictive maintenance technologies, remote control vehicles, mine planning software fatigue detection, 3D printing and wearables are some of the major technologies upcoming in the mining industry.

The implementation of such technologies and the level of automation needs to be increased further to sustain during uncertain environments, according to Austmine, Australia’s leading industry body for mining, equipment and technology.

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Free Report
img

Determine the future strategies for IoT in Mining

IoT can be beneficial across the whole mining value chain, from prospecting to reclamation. The technology allows different assets and people to be monitored and accounted for across vast distances in hazardous conditions.  GlobalData’s IoT in Mining Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
GlobalData predicts that the revenue from IoT in mining will grow to reach $1.9 billion by 2025, with a compound annual growth rate (CAGR) of 6.2% between 2020 and 2025. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.   Download the full report to get ahead of the competition
by GlobalData
Enter your details here to receive your free Report.

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