The company's commercially-oriented 310-page report, ‘Mining Electrification: Vehicles, Generation, Repurposing 2022-2042', looks at the next 20 years in mining electrification. IDTechEx found "gaps in the market for everything from the humble gravel pit to diamonds 4km below, and ocean-floor mining", which it stated are all moving towards adopting battery-electric vehicles and processing using electricity generated from renewable sources such as solar, wind and water.
The report also noted that electrification is inevitable due to factors such as cost, regulations and social licence to operate. It added that faster adoption of electrification is possible, and gives mining companies a competitive advantage as the industry has stronger market drivers and options for electrification than other industries.
As an example, emerging technologies mean that mines could store or generate extra electricity in the future, creating extra income. It highlighted the trend of solar and wind power in the mining industry with energy independence, meaning increased energy storage. Mine sites could incorporate electricity storage technologies such as gravity storage, floating solar or caverns for compressed air storage, which can all then provide it electricity when it is needed.
The report predicted that many mining operations will produce so much electricity they will be able to do much more downstream processing, and that as mineral reserves deplete or are exhausted, the mines could transition to becoming zero-emissions power stations and/or electricity storage for local communities or even national grids. IDTechEx called it the untold story of mining electrification - beyond the vital safety, greening and cost reduction of electrics.
Another topic the report touched on is the financial benefits of electrification, which is often underestimated and can lead to decisions that are not optimal. The report quantified the number, cost and market value of mining electric vehicles by type as well as appraising the electrification activities of over 50 suppliers and mines. It also included a roadmap of potential initiatives, new options and technology progress for 2022-2042 that examined other industries to benchmark best practices.
Raghu Das, CEO of analysts IDTechEx, explained: "Many pivotal advances will occur after 10 years but they need to influence planning and viability calculations now. What timing for unmanned mines, increased processing on-site, the final death of diesel, fuel-cell shakeout, tripling the endurance of battery vehicles before recharge? Should your mine transition to being electricity and/ or storage for others? Later change of course to incorporate some of these dramatic opportunities will be expensive and sometimes even impossible. An open-pit mine can provide massive solar power and massive gravity storage from summer to winter when solar is feeble. Sea-floor mining may produce its own wave and tidal power for local processing and ice for local fish farming as well. At least consider the emerging options."
