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Navigant Research, a US market research institution, recently released a report that the energy-intensive mining industry, which is mainly powered by traditional fossil fuels, is currently working to incorporate renewable energy (i.
e.
solar photovoltaic and wind energy) into mining operations
.
Annual revenues from renewable energy and energy storage in the mining industry are expected to reach $122 million
by 2027.
Global renewable energy and energy storage capacity in this market will triple during the forecast period, with growth in the Asia-Pacific region driving some of the world's largest mining economies, including China, India and Australia
, according to the report.
Shayne Willette, research analyst at Navigant Research, said: "As the world energy market changes, the sheer size of the mining industry combined with its energy-intensive nature gives it a unique advantage
.
While deployment is more decentralized, renewable energy is expected to account for a larger share
of mining plants due to falling costs and an increasing emphasis on reliability and sustainability.
”
Renewable energy projects at several mines have been commissioned over the past decade, and Navigant Research expects this trend to continue as global renewable costs fall and decarbonization concerns increase
.
Navigant Research, a US market research institution, recently released a report that the energy-intensive mining industry, which is mainly powered by traditional fossil fuels, is currently working to incorporate renewable energy (i.
e.
solar photovoltaic and wind energy) into mining operations
.
Annual revenues from renewable energy and energy storage in the mining industry are expected to reach $122 million
by 2027.
Global renewable energy and energy storage capacity in this market will triple during the forecast period, with growth in the Asia-Pacific region driving some of the world's largest mining economies, including China, India and Australia
, according to the report.
Shayne Willette, research analyst at Navigant Research, said: "As the world energy market changes, the sheer size of the mining industry combined with its energy-intensive nature gives it a unique advantage
.
While deployment is more decentralized, renewable energy is expected to account for a larger share
of mining plants due to falling costs and an increasing emphasis on reliability and sustainability.
”
Renewable energy projects at several mines have been commissioned over the past decade, and Navigant Research expects this trend to continue as global renewable costs fall and decarbonization concerns increase
.
