1Q 2024

Hydrogen-Powered Mining Equipment Market

Fuel Cell Electric and Hydrogen Combustion Engine Mining Equipment: Global Equipment Delivery and Revenue Forecasts, 2024-2033

Hydrogen Innovations

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 CO₂emissions 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.

Pages 38

Tables | Charts | Figures 41

Key Questions Addressed

What considerations will affect mining companies’ selection of hydrogen-powered or fully electrified solutions to decarbonizing mining equipment?
What will be the respective contributions of fuel cell electric and hydrogen combustion engine technologies in the mining equipment market?
Which mining players are most likely to adopt hydrogen-powered solutions, and for which types of equipment?
To what extent will the large haulage segment drive early deployments of hydrogen powertrain technologies in the mining industry?
What are the key drivers and barriers affecting hydrogen technology adoption in the mining sector?

Who Needs This Report

Mining equipment manufacturers
Fuel cell technology providers
Internal combustion engine manufacturers
Mining companies
Hydrogen project developers
Policy makers

Table Of Contents

1. Executive Summary

1.1 Market Introduction

1.2 Market Forecast

2. Market Issues

2.1 Drivers

2.2 Barriers

2.3 Increasing Material Demands from the Energy Transition

2.4 Impact of Declining Ore Grades

2.5 Sources of Emissions from Mining Operations

2.6 Powertrain Technologies

3. Industry Value Chain

3.1 Equipment and Technology Providers

3.2 Mining Companies

4.Market Forecasts

4.1 Methodology

4.2 Global Market Overview

4.2.1 Hydrogen-Powered Mining Equipment by Region

4.2.2 Hydrogen-Powered Mining Equipment by Equipment Type

4.2.3 Hydrogen-Powered Mining Equipment by Powertrain Technology

4.3 Regional Market Forecasts

4.3.1 North America

4.3.1.1 Hydrogen-Powered Mining Equipment by Equipment Type, North America

4.3.1.2 Hydrogen-Powered Mining Equipment by Powertrain Technology, North America

4.3.2 Europe

4.3.2.1 Hydrogen-Powered Mining Equipment by Equipment Type, Europe

4.3.2.2 Hydrogen-Powered Mining Equipment by Powertrain Technology, Europe

4.3.3 Asia Pacific

4.3.3.1 Hydrogen-Powered Mining Equipment by Equipment Type, Asia Pacific

4.3.3.2 Hydrogen-Powered Mining Equipment by Powertrain Technology, Asia Pacific

4.3.4 Latin America

4.3.4.1 Hydrogen-Powered Mining Equipment by Equipment Type, Latin America

4.3.4.2 Hydrogen-Powered Mining Equipment by Powertrain Technology, Latin America

4.3.5 Middle East & Africa

4.3.5.1 Hydrogen-Powered Mining Equipment by Equipment Type, Middle East & Africa

4.3.5.2 Hydrogen-Powered Mining Equipment by Powertrain Technology, Middle East & Africa

5. Conclusions and Recommendations

5.1 Main Takeaways

5.2 Recommendations

5.2.1 Mining Equipment Manufacturers

5.2.2 Powertrain Technology Providers

5.2.3 Mining Companies

5.2.4 Hydrogen Project Developers

5.2.5 Policy Makers

6. Acronym and Abbreviation List

7. Table of Contents

8. Table of Charts and Figures

9. Scope of Study

10. Sources, Methodology & Notes

List of Charts and Figures

Hydrogen-Powered Mining Equipment Deployments and Revenue by Region, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Region, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Equipment Type, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Powertrain Technology, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Equipment Type, North America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Powertrain Technology, North America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Equipment Type, Europe, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Powertrain Technology, Europe, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Equipment Type, Asia Pacific, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Powertrain Technology, Asia Pacific, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Equipment Type, Latin America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Powertrain Technology, Latin America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Equipment Type, Middle East and Africa, 2024-2033
Hydrogen-Powered Mining Equipment Deployments and Revenue by Powertrain Technology, Middle East and Africa, 2024-2033
Pictorial Representation of the Industry Value Chain

List of Tables

Hydrogen-Powered Mining Equipment Deployments by Region, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Region, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Equipment Type, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Equipment Type, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Powertrain Technology, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Powertrain Technology, World Markets, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Equipment Type, North America, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Equipment Type, North America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Powertrain Technology, North America, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Powertrain Technology, North America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Equipment Type, Europe, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Equipment Type, Europe, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Powertrain Technology, Europe, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Powertrain Technology, Europe, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Equipment Type, Asia Pacific, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Equipment Type, Asia Pacific, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Powertrain Technology, Asia Pacific, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Powertrain Technology, Asia Pacific, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Equipment Type, Latin America, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Equipment Type, Latin America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Powertrain Technology, Latin America, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Powertrain Technology, Latin America, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Equipment Type, Middle East & Africa, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Equipment Type, Middle East & Africa, 2024-2033
Hydrogen-Powered Mining Equipment Deployments by Powertrain Technology, Middle East & Africa, 2024-2033
Hydrogen-Powered Mining Equipment Revenue by Powertrain Technology, Middle East & Africa, 2024-2033

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