The need to extract raw materials in safer, more efficient, sustainable and cost-effective ways is driving the adoption of Industry 4.0 technologies across the global mining sector.
How the industry rebounds in the coming years will depend to some extent on its use of Industry 4.0 technologies to overcome supply chain obstacles. Already we are seeing evidence that those companies that are increasing the speed of adoption of the Internet of Things (IoT) and associated technologies are gaining an advantage, through their ability to maintain operations autonomously and with greater insight.
Nearly half (47%) of all mining respondents in Inmarsat’s research noted that the challenges of Covid-19 have demonstrated the importance of the Internet of Things (IoT) and automation to ensure the continuing success of their business.
While the mining sector has, historically, lagged behind other industries in its adoption of radical ideas and new technologies, Inmarsat’s research also reveals that the sector has made considerable progress in terms of IoT adoption and development over the last few years and is upbeat about its potential. While progress has been made in mining IoT adoption globally, the North American miners are currently leading the way with the highest investment commitments on IoT spending.
Key to organizations unlocking the potential of IoT is a formal IoT strategy, which 46% of the study’s mining respondents stated they have. There are regional variations in levels of IoT maturity: while 53% of mining companies in (Asia-Pacific region) have a formal IoT strategy, this drops to only 37% of Latin American businesses.
With a rapid increase in IoT adoption over 2020, the mining industry is reaching new levels of IoT maturity, but there are still challenges to overcome. Connectivity challenges, particularly in relation to reliable connectivity for mobile assets, persist and businesses need to look at the right blend of technologies from their service providers to move projects from trial to full implementation more easily. Skills, particularly around technical support and integration need to be bolstered. The industry is also highly security aware and, encouragingly, is taking steps to improve its defences, with over half (56%) of all respondents investing in new technologies to address IoT security concerns, more so than any other sector we surveyed.
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