A new report has analysed the global market for renewables in mining operations, looking at market forecasts for capacity and revenue by both technology type and region.
Predominantly powered by traditional fossil fuels, the energy-intensive mining industry is now working to incorporate renewables, namely solar PV and wind, into mining operations.
Global capacity in this market is expected to triple through 2027, with growth led by Asia Pacific – home to some of the world’s largest mining economies including China, India, and Australia.
Annual revenue for renewables and energy storage in the mining sector is expected to generate roughly $122 million by 2027.
“The sheer size of the mining industry coupled with its energy-intensive nature makes it uniquely positioned for disruption as the world energy market shifts,” says Shayne Willette, research analyst with Navigant Research.
“Though deployments have been sporadic, renewables are expected to seize a greater share of generation at mining sites as costs decrease and an emphasis on reliability and sustainability grows.”
Several renewable projects for mines were commissioned over the last decade, and Navigant Research expects this trend to continue as renewable costs decrease and the focus on decarbonization increases.