30 April 2024
by Alex Brinded

Electric mining market predicted to boom

The electric mining market will grow more than US$23bln by 2044 – a 32% compound annual growth rate, reports IDTechEx.

IDTechEx analysis highlights that a single, 150-tonne, diesel-engine haul truck will require more than US$850,000 per year in fuel © omid roshan/ unsplash

Although still emerging, more major original equipment manufacturers are increasingly electrifying their products, finds the emerging technology research organisation.

Sector growth will be driven by complementary sectors – such as batteries and charging – as well as policy drivers, health and safety, and the total costs of ownership savings.

In Electric Vehicles in Mining 2024-2044: Technologies, Players, and Forecasts, IDTechEx analyses 70 vehicles to discover trends in batteries, charging, pricing and other enabling technologies.

The mining industry accounts for 2-3% of all global carbon dioxide emissions, says the research organisation, with 40-50% from diesel-engine mining vehicles.

There is a wide range of possible duty cycles for mining machines, but the most intense require 20-hour a day operating times, or even round the clock. 

IDTechEx analysis highlights that a single, 150-tonne diesel haul truck will require over US$850,000 per year in fuel, and electrification could save over US$5.5mln in energy costs alone over the vehicle's lifetime.


Alex Brinded

Staff Writer