The Global Mining Renewable Energy Systems Market was accounted for USD 3366.7 Million in 2020 and is expected to reach USD 5100 Million by 2028, growing at a CAGR of around 5.2% between 2021 and 2028.
Systems for generating sustainable energy from mining are used in mining sites, particularly in off-grid settings. These sources include, among others, geothermal, biomass, and wind. The cost of renewable energy sources like wind and solar has significantly decreased over the past couple of years, yet the amount of energy per unit is rising along with the price of electricity and diesel. As a result, mining corporations are interested in incorporating renewable energy sources into their operations.
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Solar or wind energy systems are combined with or incorporated into diesel power plants used in mining. Particularly in rural places where transportation accounts for a disproportionately large portion of the total cost of diesel, wind and solar power are roughly 70% less expensive than energy produced from diesel. The cost of solar and wind energy has significantly decreased recently. The cost of solar modules has decreased by about 30% recently, while the height of turbine towers has increased, enabling efficient power generation in many regions where the wind is weaker at lower elevations. Because pension funds value safe investments and are willing to accept relatively low returns, they are attracted to renewable energy systems in mining as a trustworthy choice.
Many businesses lack the assets and funds necessary to finance brand-new renewable energy projects. While power generation with diesel engines requires extremely low investment prices but offers high operating costs, limiting the market’s growth, solar and wind projects require significant capital expenditure and offer relatively limited operating costs.
COVID-19 Impact Analysis
Due to the strict enforcement put in place by governments to stop the development of COVID, the global market for mining renewable energy systems has temporarily seen a minor fall in sales. The production had been halted because to the limits put in place by different countries to contain COVID, which caused disruption throughout the entire supply chain. But there is a spike in demand, and the world markets are slowly realising their full potential.
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The cost of producing energy using traditional methods, such as diesel generator sets, is often expensive, which raises the operational costs of mining. Renewable energy, however, might be a helpful supplement to diesel gensets that, in comparison, lowers the operational cost of the mining process. By investing in mergers and acquisitions and expanding their product line, the leading market participants keep a competitive edge in the worldwide market. The Lifecycle of a Mine, an interactive microsite that highlights the tasks and procedures that go into each step of the life of a contemporary gold mine, was introduced by Newmont Mining Corporation in March 2017.
Source Type Segment Analysis Preview
The solar segment is anticipated to be the most alluring component of the worldwide mining renewable energy systems market based on source type. Due to the widespread usage of solar energy in industry, it made a significant contribution of approximately USD 960 million in 2017. Another factor driving the demand for solar energy in mining operations is the existence of a sizable number of mines in tropical areas.
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Regional Segment Analysis Preview
The market for mining renewable energy systems is anticipated to be most appealing in the Asia Pacific. The Asia Pacific region might be a significant source of mined goods. The area generates more than half of the world’s ore, quite 70% of the metals copper, nickel, silver, lead, zinc, bauxite, and tin, as well as 90% of the metals coal and molybdenum. To the economies of the entire Asia Pacific, mining contributes about 25%. To promote sustainable growth, the regional governments are promoting the implementation of beneficial mining practises.
Key Market Players & Competitive Landscape
The global mining renewable energy systems market report profiles some of the leading players in the market and analyzes their key strategies. The major players in the market are Bluhm Burton Engineering Pty Ltd (BBE), Barrick Gold Corporation, Black & Veatch Holding Company, Cambridge Energy Partners, Conergy, Cronimet Holding GmbH., Downer Group, Enel Green Power, General Electric, Hanwha Group, Juwi AG, Newmont Mining Corporation, Nuance Energy Group, Inc., Pöyry Plc., Siemens AG, SolarReserve, LLC, Vergnet and ViZn Energy Systems amongst others.
The global Mining Renewable Energy Systems Market is segmented as follows:
By Source Type
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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