PUBLISHER: Guidehouse Insights | PRODUCT CODE: 1455658
PUBLISHER: Guidehouse Insights | PRODUCT CODE: 1455658
Mining companies have an important role to play in the transition to non-fossil energy sources. While the industry provides the raw materials needed for the manufacture of clean energy technologies, it is also a significant source of CO2 emissions. A little under half of the emissions from mining operations come from diesel consumption in heavy duty mining vehicles and equipment. Haulage trucks are the largest fuel users, accounting for approximately 68 million tons of CO2 emissions per annum.
Most of the world's major mining players have released climate strategies, typically covering operational emissions with climate neutrality goals set for the 2040s and 2050s. Working in tandem with mining equipment and powertrain suppliers, these companies are currently exploring a range of solutions to decarbonize haulage trucks, excavators, loaders, drilling rigs, and other onsite equipment. Unlike most alternative pathways, hydrogen offers mining players the flexibility to produce fuel onsite or procure it from third-party suppliers. It also presents faster refueling times, increased power density and greater range potential than battery electric solutions. However, the low round trip efficiency of hydrogen technologies compared to fully electric pathways typically entails higher operational costs. With some notable exceptions, mining players are therefore taking a cautious approach to investing in hydrogen technologies.
This Guidehouse Insights report forecasts hydrogen-powered mining equipment sales and revenues from 2024-2033, segmented by global region, equipment type, and powertrain technology. It provides a detailed overview of mining players and equipment suppliers, discusses some of the tradeoffs between electrification and hydrogen-based decarbonization pathways, and offers recommendations to stakeholders across the hydrogen technology and mining value chains.