The industry-wide shift towards digital solutions suggests data and analytics, as well as enhanced compliance, are the future of the industry. Regulator compliance has seen an increase in IoT and AI technologies being implemented by companies which allows for continuous monitoring as well as detailed reporting of operational metrics.
GlobalData found that patent filing had increased from 190 in 2022 to 512 in 2023 leading to 1,695 total. This surge shows that the industry is shifting towards digitalisation and compliance is underway and picking up speed. A reason for this is that improved technology can result in improved operational efficiency, leading to more output for less cost.
Vaibhav Gundre, project manager of disruptive tech at GlobalData said: “The rising patent activities reflect the mining sector’s strategic pivot towards digital innovation. The broader sector trend focuses on cloud-based virtualisation and predictive analytics, coupled with advancements in scalable and adaptable monitoring systems. These innovations are not only streamlining operations but are also setting new benchmarks for regulatory compliance, enabling mining companies to manage environmental and safety risks more effectively.”
Gundre added: “Looking ahead, it is crucial to sustain this progress through continuous innovation. However, the sector also needs to tackle issues such as technology integration and scalability to ensure that these developments are advantageous for all stakeholders. Maintaining this balance will be vital for preserving high standards of transparency and efficiency.”
Rockwell Automation has utilized cloud-based data in virtualising industrial environments, whilst also performing predictive analysis and real-time data visualisation. Using these technologies helps the company and the wider industry meet regulatory requirements.
General Electric has supplied machinery which is designed for operational flexibility and improved compliance. It has focused on creating scalable and adaptable monitoring solutions that can be integrated into existing industrial systems without too much adaptation.
These two companies offer different solutions for different problems. Rockwell Automation focuses far more on comprehensive and detailed monitoring solutions, whilst General Electric focuses on compatibility and minimising integration disruptions. These unique approaches both work towards the shared vision of enhancing regulatory compliance through the means of technology, but with different means.