Renewable Energy Will Supply at Least 5 Percent of Power Demand for the Mining Industry by 2022, Forecasts Navigant Research
More than 1,438 megawatts of renewable generation capacity will be deployed for mining operations worldwide by 2022, report finds
BOULDER, Colo.--(BUSINESS WIRE)--The mining industry, which uses tremendous amounts of energy each year, is on the verge of changing the way it manages energy. More remote operations, rising energy prices, and the desire to reduce mining companies’ carbon footprints have created a growing consensus in the mining industry that renewable energy at mine sites, both grid-tied and off-grid, is not only feasible but also, in many cases, necessary. Click to tweet: According to a recent report from Navigant Research, the portion of energy consumption in the mining industry supplied by renewable energy will grow from less than 0.1 percent to at least 5 percent – and possibly up to 8 percent – by 2022.
“The industry is now at a point where it can move forward into larger and more complex deployments, potentially including energy storage technologies, which would enable a higher percentage of renewable use per mine site.”
“A number of mines are already utilizing large-scale wind power, but these sites were chosen based on extreme needs and/or ideal wind characteristics,” says Kerry-Ann Adamson, research director with Navigant Research. “The industry is now at a point where it can move forward into larger and more complex deployments, potentially including energy storage technologies, which would enable a higher percentage of renewable use per mine site.”
Wind power will account for the majority of deployed renewable energy assets by 2022, with nearly 516 megawatts (MW) of capacity, according to the report. Following closely will be solar power, with 493 MW of installed capacity. In terms of geographical distribution, the Asia Pacific region will see the highest level of renewable capacity, with 505 MW. In all, more than 1,438 MW of renewable energy capacity for mining operations will be deployed worldwide by 2022, the report concludes.
The report, “Renewable Energy in the Mining Industry”, analyzes the global market for renewable energy in the mining industry. The study provides an analysis of developments in the sector from a quantitative and qualitative perspective. Global market forecasts of revenue and capacity, segmented by region, technology, and investment scenario (base and aggressive), extend through 2022. The report also examines market and technology issues related to the adoption of renewable energy in the mining industry and profiles key industry players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* 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.