Artificial Intelligence (AI) in Mining Market Statistics: 2030
Mining is major industry, which extracts minerals such as coal, iron ore, copper, and gold from deep earth surfaces. These minerals are filtered out to be used as fuel in different industries. Digital technologies and artificial intelligence allow the companies to extract minerals in harsh places and under extreme weather conditions. In addition, technologies, such as artificial intelligence and machine learning, are being implemented to increase efficiency, effectiveness, environmental & safety concerns, and other aspects to help to maintain mining a valuable business. Mining is an expensive task and to minimize the operational cost, the companies take the help of AI-based machineries to predict the exact location of minerals. With the adoption of new technology in the industry, AI is becoming a powerful tool for analyzing data of all kinds in the mining industry propelling the growth of the artificial intelligence in mining market.
COVID-19 scenario analysis
- The COVID-19 virus has affected a lot of industries due to lockdown imposed by the governments of 180+ nations. This led to the downfall of global economy. However, the mining industries were less affected compared to rest of the industries. Mineral extraction has become a crucial step to drive the economy. Some countries have a vast mineral resource, and their economies are totally dependent on it.
- As several industries were shut down due to lockdown and consumption of minerals was also decreased, which gave the opportunity to the mineral extraction companies to extract minerals and keep it as reserve for the future demand. Artificial intelligence helps to keep low operational cost by spotting the exact location of the mineral in deep earth, using historical data, data analytics, and others.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The rising demand for advanced technologies, artificial intelligence, and machine learning to spot the location, analyze patterns, and optimize resources to reduce waste drives the growth of the market. In addition, autonomous mining equipment equipped with artificial intelligence is set to increase overall productivity and minimize fatal mistakes. However, limited understanding of deployment of AI‑related technology and poor testing method to generate insights hamper the artificial intelligence in mining market growth. Furthermore, adoption of the latest AI technology to make faster decisions with more accuracy, boosting efficiency through eliminating errors, and improving health and safety measures are the factors expected to provide lucrative opportunities for the artificial intelligence in mining market.
The market trends for artificial intelligence (AI) in mining market are as follows:
AI-driven automation to drive the market growth
AI-driven automation enriches digital control systems and programmable logic devices to improve consistency and accuracy at mining sites. It speeds up discovery and exploration phases by predicting target areas and using soil samples for quantification of mineral deposit as well as impurities in the extracted output. Artificial intelligence also integrates robotic automation and IoT to manage autonomous drilling techniques and carrying fleets. It allows digital mines built with sensor network technologies to take advantage of IoT data for real-time surveillance and operations.
AI responsible to reduce environmental impact
Mining is not referred as environment-friendly method as it is disruptive and causes negative impact on the environment. The implementation of artificial intelligence in this segment is expected to reduce the environmental impact. The deployment of cameras and sensors in the mines for constant surveillance of the operations is performed inside and outside mines. These devices are able to monitor extraction and mining activities by reducing the spread of waste and harmful materials in the environment. Regular vibrations in the surfaces, temperature changes, and other several events can all be identified by machine learning.
Key benefits of the report:
- This study presents analytical depiction of the artificial intelligence (AI) in mining market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the artificial intelligence in mining market share.
- The current artificial intelligence in mining market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the artificial intelligence in mining market.
Questions answered in the artificial intelligence (AI) in mining market research report:
- Which are the leading players active in the artificial intelligence (AI) in mining market?
- What are the detailed impacts of COVID-19 on the market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
Artificial Intelligence (AI) in Mining Market Report Highlights
By Enterprise Size
Key Market Players
Vale SA, Aluminum Corp. of China Limited, Glencore PLC, China Minmetals Corporation, POSCO, Jiangxi Copper Ord Shs A, Anglo American PLC, Rio Tinto Limited, BHP Group PLC, ArcelorMittal SA