Report Brief
- The report covers forecast and analysis for the mining renewable energy systems market on a global and regional level
- The report includes the positive and the negative factors that are affecting the mining renewable energy systems market
- Complete information about the market opportunities are discussed
- The key target audience for the market has been determined in the report
- The revenue generated by the prominent industry players has been analyzed in the report
- The market numbers have been calculated using top-down and the bottom-up approaches
- The mining renewable energy systems market has been analyzed using the Porter’s Five Forces Analysis
- The market is segmented on the basis of source type which in turn is bifurcated on regional level as well
- All the segments have been evaluated based on the present and the future trends
- The report deals with the in-depth quantitative and qualitative analyses of the mining renewable energy systems market
- The report includes the detailed company profiles of the prominent market players
Market Summary
Overview
Mining renewable energy systems are clean sources of power generation used in mining sites, especially for off-grid locations. These sources include solar, wind, biomass and geothermal among others. The amount of energy per unit is increasing, and so are electricity and diesel prices, whereas the prices for renewable energy, wind and solar, have been falling considerably during the last few years. Hence, mining companies have been taking interest in renewable energy systems in order to integrate it into their mining activities.
Value
The global mining renewable energy systems market was valued at around USD 2,500 million in the year 2016 and it is expected to reach approximately USD 3,800 million by 2022. The global mining renewable energy systems market is expected to exhibit a CAGR of more than 7% between 2017 and 2022.
Drivers and Restraints
In mining, solar or wind systems are combined with or integrated into existing diesel power plants. Wind and solar energy are approximately 70% less expensive than electricity from diesel, especially in remote areas where transport makes up a large share of the total diesel cost. Solar and wind energy prices have reduced considerably in recent years. Solar module process has fallen by almost 30% in the recent past and wind turbine towers have become taller, which allows for an efficient power generation in many locations where the wind is not strong enough at lower altitudes. Hence, renewable energy systems in mining are considered a reliable option and have been attracting many institutional investors such as pension funds, that value secure investments and accept comparatively low returns.
Many companies do not 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 require very low investment costs and offers high operating costs thus limiting the growth of the market.
Segmentation
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 950 million in 2016. 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.
The Asia Pacific is expected to be the most attractive region for mining renewable energy systems market. The Asia Pacific is a crucial supplier of mined products. The region collectively produces over half of the world’s iron ore, more than 70% of copper, nickel, silver, lead, zinc, bauxite and tin, and more than 90% of coal and molybdenum. Mining industry contributes approximately 24% to the total Asia Pacific economies. The governments in the region have been encouraging the adoption of favorable practices in mining in order to promote sustainable growth.
Industry Players
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 prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In March 2017, Newmont Mining Corporation launched a Lifecycle of a Mine, an interactive micro site that features the activities and processes that make up each stage of the life of a modern-day gold mine.
