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.
Market Overview
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.
Mining renewable energy systems are clean sources of power generation utilized in mining sites, especially for off-grid locations. These sources include wind, solar, biomass, and geothermal among others. The quantity of energy per unit is increasing, then are electricity and diesel prices, whereas the costs for renewable energy, wind and solar, are falling considerably during a previous couple of years. Hence, mining companies are taking interest in renewable energy systems to integrate them into their mining activities.
In mining, solar or wind systems are combined with or integrated into existing diesel power plants. Wind and solar power are approximately 70% less costly than electricity from diesel, especially in remote areas where transport makes up an outsized share of the entire diesel cost. Solar and wind energy prices have reduced considerably in recent years. The solar module process has fallen by almost 30% within the recent past and turbine towers became taller, which allows for efficient power generation in many locations where the wind isn't strong enough at lower altitudes. Hence, renewable energy systems in mining are considered a reliable option and are attracting many institutional investors like pension funds, that value secure investments and accept comparatively low returns.
Many companies don't have the resources and capital to finance new renewable energy projects. Solar and wind projects require high capital investment and offer very limited operating costs, whereas electricity generation with diesel engines requires very low investment costs and offers high operating costs thus limiting the expansion of the market.
COVID-19 Impact Analysis
The global mining renewable energy system market has witnessed a slight decline in the sales for short term due to the lockdown enforcement introduced by governments to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in disruption across the whole supply chain. However, the global markets are slowly opening to their full potential, and theirs a surge in demand.
Growth Factors
The price of electricity generation through conventional sources like diesel gen-sets is generally high which subsequently increases the operational cost of mining. However, renewable energy may be a favorable add-on to diesel gensets which comparatively reduces the operational cost of the mining process. The prominent market players maintain the competitive edge in the global market by making investments in mergers and acquisitions and by increasing their product portfolio. In March 2017, Newmont Mining Corporation launched a Lifecycle of a Mine, an interactive microsite that features the activities and processes that make up each stage of the life of a modern-day gold mine.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Source Type Segment Analysis Preview
Based on source type, the solar segment is expected to be the most attractive segment of the global mining renewable energy systems market. As solar energy is being used by several industrial sectors it contributed a major share of over USD 960 million in 2017. Moreover, the presence of a significant number of mines in the tropical regions is another factor fueling the demand for solar energy in mining operations.
Regional Segment Analysis Preview
The Asia Pacific is predicted to be the foremost attractive region for the mining renewable energy systems market. The Asia Pacific may be a crucial supplier of mined products. The region collectively produces over half the world’s ore, quite 70% of copper, nickel, silver, lead, zinc, bauxite, and tin, and quite 90% of coal and molybdenum. The mining industry contributes approximately 25% to the entire Asia Pacific economies. The governments within the region are encouraging the adoption of favorable practices in mining to market sustainable growth.
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
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Service
FIG NO. 2. Market Attractiveness Analysis, By Region
FIG NO. 3. Global Mining Renewable Energy Systems Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 4. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 5. Market Revenue Share, By Service, 2020 & 2028
FIG NO. 6. Global Mining Renewable Energy Systems Market for Wind, Revenue (USD Million) 2016 – 2028
FIG NO. 7. Comparative Revenue Analysis of Mining Renewable Energy Systems Market for Wind, By Country, 2020 & 2028
FIG NO. 8. Global Mining Renewable Energy Systems Market for Biomass, Revenue (USD Million) 2016 – 2028
FIG NO. 9. Comparative Revenue Analysis of Mining Renewable Energy Systems Market for Biomass, By Country, 2020 & 2028
FIG NO. 10. Global Mining Renewable Energy Systems Market for Biofuel, Revenue (USD Million) 2016 – 2028
FIG NO. 11. Comparative Revenue Analysis of Mining Renewable Energy Systems Market for Biofuel, By Country, 2020 & 2028
FIG NO. 12. Global Mining Renewable Energy Systems Market for Others, Revenue (USD Million) 2016 – 2028
FIG NO. 13. Comparative Revenue Analysis of Mining Renewable Energy Systems Market for Others, By Country, 2020 & 2028
FIG NO. 14. Global Mining Renewable Energy Systems Market Revenue Share, By Region, 2020 & 2028
FIG NO. 15. North America Mining Renewable Energy Systems Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 16. Porter’s Five Forces Analysis for Global Mining Renewable Energy Systems Market
FIG NO. 17. PEST Analysis for Global Mining Renewable Energy Systems Market
FIG NO. 18. Pricing Analysis for Global Mining Renewable Energy Systems Market
FIG NO. 19. Value Chain Analysis for Global Mining Renewable Energy Systems Market
FIG NO. 20. Company Share Analysis, 2019
FIG NO. 21. Radar Determinant Chart, 2019
FIG NO. 22. Company Strategic Developments – Heat Map Analysis
FIG NO. 23. Business Segment Revenue Share, 2020 (%)
FIG NO. 24. Geographical Segment Revenue Share, 2020 (%)
FIG NO. 25. Market Channels
FIG NO. 26. Marketing Channel Development Trend
FIG NO. 27. Growth in World Gross Product, 2008-2018
FIG NO. 28. Research Methodology – Detailed View
FIG NO. 29. Research Methodology
List of Tables
TABLE NO. 1. Global Mining Renewable Energy Systems Market : Snapshot
TABLE NO. 2. Quarterly Mining Renewable Energy Systems Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Mining Renewable Energy Systems Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Mining Renewable Energy Systems Market for Mapping & surviving, by Region, 2016 – 2028 (USD Million)
TABLE NO. 7. Global Mining Renewable Energy Systems Market for Biomass, by Region, 2016 – 2028 (USD Million)
TABLE NO. 8. Global Mining Renewable Energy Systems Market for Biofuel, by Region, 2016 – 2028 (USD Million)
TABLE NO. 9. Global Mining Renewable Energy Systems Market for Others, by Region, 2016 – 2028 (USD Million)
TABLE NO. 10. Global Mining Renewable Energy Systems Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 11. North America Mining Renewable Energy Systems Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 12. North America Mining Renewable Energy Systems Market Revenue, By Service, 2016 – 2028 (USD Million)
TABLE NO. 13. U.S. Mining Renewable Energy Systems Market Revenue, By Service, 2016 – 2028 (USD Million)
TABLE NO. 14. Canada Mining Renewable Energy Systems Market Revenue, By Service, 2016 – 2028 (USD Million)
TABLE NO. 15. Mexico Mining Renewable Energy Systems Market Revenue, By Service, 2016 – 2028 (USD Million)
TABLE NO. 16. Drivers for the Mining Renewable Energy Systems Market : Impact Analysis
TABLE NO. 17. Restraints for the Mining Renewable Energy Systems Market : Impact Analysis
TABLE NO. 18. Major Buyers of Mining Renewable Energy Systems
TABLE NO. 19. Distributors/Traders List
TABLE NO. 20. Global Mining Renewable Energy Systems Market , Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 21. Global Mining Renewable Energy Systems Market , Company Y-o-Y Growth, 2017 – 2028 (USD Million)
This report is based on in-depth qualitative and quantitative analyses of the global Mining Renewable Energy Systems market. Zion Market Research has collected and analyzed key data belong to the global Mining Renewable Energy Systems market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Mining Renewable Energy Systems across the world has been calculated through primary and secondary research.
Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Market Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Mining Renewable Energy Systems industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Mining Renewable Energy Systems market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Request the coronavirus impact analysis across industries and markets
The global Mining Renewable Energy Systems Market was valued at USD 3366.7 Million in 2020.
The global Mining Renewable Energy Systems Market is expected to reach USD 5100 Million by 2028, growing at a CAGR of 5.2% between 2021 to 2028.
Some of the key factors driving the global Mining Renewable Energy Systems Market growth are rapid urbanization, increasing electricity cost, and government subsidies.
APAC region held a substantial share of the Mining Renewable Energy Systems Market in 2020.
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.
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