Fuel efficiency technologies are critical to the mining industry as they can significantly reduce the industry’s environmental impact and operating costs. According to a World Bank study, the mining sector accounts for approximately 3-5% of the world’s total energy consumption. Therefore, the implementation of fuel efficiency technologies can have a significant impact on reducing the industry’s greenhouse gas emissions.
An example of fuel efficiency technology is the use of electric or hybrid vehicles in the mining industry. These vehicles use electricity as a power source, resulting in significantly lower emissions and fuel consumption compared to conventional diesel vehicles. A report by the International Energy Agency (IEA) estimates that the global market for electric vehicles used in the mining industry will reach $1.5 billion by 2025. This can not only help reduce the overall carbon emissions of the mining industry but also save mining companies money on fuel costs.
Another fuel efficiency technology gaining popularity in the mining industry is the use of autonomous equipment. Autonomous equipment such as trucks, excavators, and drilling rigs can operate without human intervention, making fuel consumption more efficient. According to a Markets-and-Markets report, the global autonomous mining equipment market was valued at $2.2 billion in 2019 and is expected to reach $3.3 billion by 2025.
In addition, mining companies are considering using renewable energy sources such as solar and wind power to power their operation. A report by the Global Mining Standards and Guidelines Group (GMSG) estimates that by 2040, renewable energy could supply 30 percent of the mining industry’s energy needs. This can significantly reduce the mining industry’s dependence on fossil fuels, which can help reduce emissions and fuel consumption.
In addition, mining companies are exploring the use of data to reduce the risk of downtime and maintenance and improve fuel efficiency in power plants. USP&E Global, a company based in South Africa, has developed SmartPower, a SCADA monitoring software. SmartPower is generator monitoring software that not only provides real-time performance data but also facilitates predictive maintenance. This allows engineers to get a digital overview of their power plant and which engine components are working efficiently. SmartPower uses predictive analytics, artificial intelligence, and machine learning to assess the health and efficiency of power plants.
Overall, the mining industry can greatly benefit from the adoption of fuel-efficient technologies. These technologies can not only help reduce the environmental impact of mining but also provide mining companies with significant cost savings.
