Insights and Trends - Mining Industry: United States
Experts in the mining industry predict trends related to the application of technology to boost production, streamline the value chain, and increase overall profitability. Industrial Internet of Things (IIoT) and artificial intelligence are some trends expected to shape the future of the US mining industry, as discussed in the following section.
Industrial Internet of Things (IIoT)
- According to experts, digital trends such as automation and the Industrial Internet of Things (IIoT) are set to transform the mining industry towards safer, efficient, sustainable, and profitable production.
- It is a trend because significant efforts in the industry are currently geared towards exploring IIoT technology that allows mining organizations to use interconnected sensors to collect data in large quantities remotely and in real-time.
- One of the driving factors behind this trend is the desire of players in the mining industry to lower production costs, improve the quality of products, and also increase profitability. Statistics show that in the past 15 years, production costs have sharply risen.
- One of the experts who have joined the discussion about IIoT as an emerging trend is Joe Carr, the director of mining innovation at Inmarsat. In his opinion, “advanced IIoT solutions can even form the backbone of a fleet of completely autonomous haul trucks, drills, and excavators which can deliver additional savings, reducing fuel and staffing costs and optimizing operating efficiency. ”
- According to industry experts, in the near future, mine employees will be focused on business aspects such as managing strategic relationships, rather than on operational aspects.
- Experts predict that machines used in mines will be able to process data independently and make decisions using information from connected sensors.
- According to market research, some key players operating in North America (including in the United States) are focusing on providing real-time analysis through artificial intelligence and other automation processes.
- The idea behind ‘smart mines’ and the driving factor behind the application of artificial intelligence in mining is to allow for advanced capabilities to find, extract, and process mined materials quickly, cheaply, and at better rates per tonne.
- “Artificial intelligence will make decisions on production and routes to market, informed by learning from connected global trends and the real-time capabilities of the companies’ mining properties,” says the director of sales for EMEA, Rajant Corporation, Chris Mason.
- As an expert in the industry, Mason believes that the value chain will also be intelligent and connected, from mines all through to the ultimate user of the materials.
To identify predicted/emerging trends in the US mining industry, we utilized industry sources and reputable market researches. While trends specific to the United States were not readily available, we reviewed sources that were general to the global mining industry but were keen to pick on those that mention the US as one of those countries affected by such global trends. The trends are as herein presented.