Mining is a highly technical and industrial business that requires a lot of in-depth knowledge. It is also a very capital-intensive industry. As such, it has high barriers to entry and requires operators to invest large amounts of money upfront. Due to these factors, the mining industry has been dominated by large entities with access to capital and resources. However, things are changing rapidly as startups emerge that can operate with lower initial capital costs and access to niche resources that larger players cannot afford or access. These small-scale operators are leveraging new technology for their businesses and some are even exploring augmented reality (AR) as an effective way of increasing operational efficiency and reducing costs. Let’s explore this further.
What is AR?
AR is a combination of real and virtual that makes it possible for two or more elements to exist in the real world and also in a different environment. In other words, it is the combination of the real world and the digital technology. AR is a layer of augmented reality where digital information is overlaid on the real world using sensors including cameras, motion sensors or a computer algorithm. AR technology is not new, but it is being used more now because it allows developers to create interactive experiences that were not possible before. AR is a layer of technology where digital information is overlaid on the real world using sensors including cameras, motion sensors or a computer algorithm. This layer of technology also allows for interactive experiences that were not possible before. Adhere to industry standards, such as AR/VR, and AR becomes a key part of the broader digital ecosystem. AR lets you create mixed reality experiences by combining the real world with digital elements. It is a layer of technology where digital information is overlaid on the real world using sensors including cameras, motion sensors or a computer algorithm. This layer of technology also allows for interactive experiences that were not possible before. Adhere to industry standards, such as AR/VR, and AR becomes a key part of the broader digital ecosystem.
Augmented reality in mining industry
Mining is a highly technical and industrial business that requires a lot of in-depth knowledge. It is also a very capital-intensive industry. Due to these factors, the mining industry has been dominated by large entities with access to capital and resources. However, things are changing rapidly as startups emerge that can operate with lower initial capital costs and access to niche resources that larger players cannot afford or access. These small-scale operators are leveraging new technology for their businesses and some are even exploring augmented reality for mining industry as an effective way of increasing operational efficiency and reducing costs. Mining sector is expected to grow at a CAGR of around 6% over the next five years, according to research findings. While the majority of the growth is expected to come from Asia, there’s also a good chance that the Americas and Europe will see growth as well. Looking at the current state of the industry, it’s clear that a lot of change is on the horizon. From a technological perspective, there are many ways in which the mining sector can improve its efficiency and profitability. One way in which this can be done is by exploring the use of augmented reality.
How augmented reality works in mining sector?
An AR system typically involves the use of one or more cameras, and a computer or other device that processes the images captured by the camera and generates a computer-generated image that is then sent to a compatible device, such as a smartphone, tablet, or computer monitor. The computing device then receives and interprets the computer-generated image, and displays the image on its screen. When used in the mining sector, AR helps operators cut costs by making data visualization easier and more accurate. Some of the key areas where AR can be used in the mining sector include asset production, exploration, and exploration workflow. AR can be used to visualize data from sensors and cameras, such as the geographic positioning and orientation of assets and their production. This can help increase the efficiency of operations, as well as the accuracy of data visualization. Another important area where augmented reality can be used is in production. This includes visualization of power and control systems, as well as real-time visualization of sensor readings.
Benefits of AR in mining sector
There are many benefits of using AR in the mining sector, especially when talking about cutting costs. Let’s take a look at some of them. – To begin with, AR technology has the potential to significantly reduce the costs of doing business. By making data visualization easier and more accurate, it opens up new avenues for efficient and accurate data analysis, which in turn can help improve asset performance and increase production. This, in turn, leads to a reduction in equipment downtime, as well as an increase in asset reliability. – Another significant advantage of AR lies in its ability to assist with asset planning and scheduling. By making data visualization easier and more accurate, it eliminates the need for operators to manually collect data, and then interpret it manually. This, in turn, can help with the scheduling of operations, thus increasing operational efficiency and reducing costs. – Finally, the use of AR can also result in a significant reduction in the amount of time required for training new employees. This is because it provides them with a better understanding of their jobs and operations, as well as making it easier for them to visualize data.
Conclusion
The mining sector is expected to grow at a CAGR of around 6% over the next five years, according to research findings. While the majority of the growth is expected to come from Asia, there’s also a good chance that the Americas and Europe will see growth as well. Looking at the current state of the industry, it’s clear that a lot of change is on the horizon. From a technological perspective, there are many ways in which the mining sector can improve its efficiency and profitability. One way in which this can be done is by exploring the use of augmented reality.