Annual Revenue for Renewables and Energy Storage in the Mining Sector Is Expected to Generate Roughly $122 Million by 2027
Capacity growth in this market is expected to triple, led by Asia Pacific
A new report from Navigant Research analyzes the global market for renewable technologies at mining locations, providing market forecasts for capacity and revenue, broken out by technology and region, through 2027.
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. Click to tweet: According to a new report from @NavigantRSRCH, 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.
The report, Renewable Energy in the Mining Industry, analyzes the global market for renewable technologies at mining locations. The technologies discussed in this report are solar PV, wind, and battery energy storage. The study provides an analysis of the market issues, opportunities, and implementation challenges associated with integrating renewable technologies into powering mines. Global market forecasts for capacity and revenue, broken out by technology and region, extend through 2027. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Renewable Energy in the Mining Industry, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.