The global 5G in mining market size is estimated to surpass USD 2.15 billion in 2023 and is expected to reach USD 12.75 billion by 2029, growing at a CAGR of 34.55%. The 5G technology offers various opportunities for implementation of industry 4.0, such as IoT, Artificial intelligence, machine learning, robotics, and others.
The report is published by Arizton.
5G technology can empower the new industry model and may change the delivered values that can never be imagined. For all users of the 5G network, it gives higher speed and better load-carrying capacity. For Industry 4.0, good connectivity is required, which can be possible by deploying the 5G cellular network. Over the last few years, the mining industries have started deploying Industry 4.0, such as big data, machine learning, artificial intelligence, IoT, augmented reality, and others. Production, drilling, blasting, and milling can be easily done using these technologies. The operator can track the data transmission, assets, security on the field, and vehicles in a real-time with fewer errors from one place.
With the increasing benefits and emerging technologies, mining industries have connected their services and products with technologies such as IoT, Artificial Intelligence (AI), 5G, Cloud Computing, Augmented Reality and Virtual Reality, Cyber Security, and others. Artificial Intelligence's popularity is increasing because it is helping to deliver better results. It helps in generating daily data, due to which manual errors are reduced. Thus, the company can get accurate data for monitoring and analysis. Artificial intelligence integration helps analyze the values, increase production from old infrastructure, and make good company growth decisions. Such growth of AI is also expected to contribute to the growth of 5G in mining market.
Expanding Mining Industry Boosting the 5G In Mining Market
The mining industry has grown tremendously in recent years due to advanced technology and rapid industrial development. The mining industry provides raw materials for various industries such as steel, electronics, manufacturing, building material, glass, aluminum, automotive, and others. All these industries are speculated to grow tremendously in the coming days. And due to this, the growth in these industries will propel the growth of the mining industry. For instance, bauxite mining has grown in recent years due to significant demand from the aluminum and aerospace industries. Aluminum produces various products such as window frames, airplane parts, electric wiring, and kitchen utensils.
Growing Acceptance for 5G Technology in Mining
The development of connectivity infrastructure and improvement in connectivity is expected to boost the demand for 5G networks across the mining sector. In underground mining, a high-speed network is required with low latency for better output from various applications. The high bandwidth can easily contribute to and improve the operations in the mining sector by enabling their capacity. Moreover, the mining industry operates in various remote locations, where connectivity is a barrier for the companies. Here the 5G in mining market comes in handy to such problems. The emergence of 5G and Software Defined Networking in Wide Area Networks (SD-WAN) encourages mining companies to shift to this network. 5G connectivity provides low latency and high-speed connectivity, where SD-WAN safely transfers the data between different centers, remote units, and cloud environments. Thus, it will optimize efficiency and resolve data security problems in the mining industry.
Increasing Security Concern
The major problem hindering the adoption of 5G in the mining industry is its security issues. Unlike in its previous versions of 4G, 3G, and 2G, it was easy to find out if anyone was trying to commit cybercrime. However, it becomes difficult in the 5G connectivity scenario as users can easily switch their location by switching their antenna location. Thus, there is a big risk of attack for stealing the information, which is very important for any organization to make future decisions for growth of organizations. Such factors can hamper the growth of the 5G in mining market. Thus, there is a need to tackle all such problems, which may lead to overcoming these challenges, thereby helping the market grow.