Electric vehicles for mining will be a $9 billion market in 2028
As mines age and operations continue to extract lower ore grades at deeper levels, a focal shift to increased productivity, efficiency and improved safety continues
May 03, 2018 Aman Atak
Electric vehicles for mining will be a $9 billion market in 2028, as forecast in the new IDTechEx Research report Electric Vehicles and Autonomous Vehicles in Mining 2018-2028, with companies Atlas Copco, Sandvik, BYD, Komatsu and Caterpillar currently developing pure electric equipment lines.
As mines age and operations continue to extract lower ore grades at deeper levels, a focal shift to increased productivity, efficiency and improved safety continues. An example of this can be observed as underground mining progresses to deeper levels, ventilation for diesel mobile equipment fleets becomes a greater challenge, in addition to emission particulate and safety regulations tightening in some jurisdictions. The market forecast for electric vehicles in mining shows that by 2028, it is expected that there would be in the tens of thousand units of electric vehicles (hybrid and pure electric) in global mining operations, with a market value of $9 billion.
A mine project feasibility featured in the report, outlines reductions in capital and operational expenditure costs due to a reduced in ventilation/cooling infrastructure requirements of up to 20% and 25% respectively. As the mining industry continues to focus on increased productivity, efficiency and improved safety, feasibility figures such as these can go some way to support the cost economics of a project.
Of equal importance in the adoption of electric vehicles in mining are not just the vehicles themselves, but also enabling technologies. Advancement in Li-ion battery technology in terms of electric range and energy and power capacity will lead to a reduction in the price of battery packs used in electric mining vehicles. This would subsequently reduce the manufacturing cost of electric mining vehicles, making the technology more viable. The market is currently in the testing phase of different charging solution (i.e. slow charging and fast charging) with currently no clear indication of which technology will become the preferred choice.
For a more detailed overview of both electrification and automation technologies in mining operations, IDTechEx has recently published Electric Vehicles and Autonomous Vehicles in Mining 2018-2028. This report gives an even more granular analysis of the underlying technology and open challenges.
Learn more at the next leading event on the topic: Business and Technology Insight Forum. Cambridge 2018 on 19 - 21 Jun 2018 in Cambridge, UK hosted by IDTechEx.