Mining Renewable Energy Systems Market Trend, Share, Growth, Size, Analysis and Forecast 2032

Mining Renewable Energy Systems Market Insights

According to a report from Zion Market Research, the global Mining Renewable Energy Systems Market was valued at USD 6.77 Billion in 2023 and is projected to hit USD 15.31 Billion by 2032, with a compound annual growth rate (CAGR) of 9.48% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Mining Renewable Energy Systems Market industry over the next decade.

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Mining Renewable Energy Systems Market Overview    

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.

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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.

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.

Mining Renewable Energy Systems Market: Report Scope

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.

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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.

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The global Mining Renewable Energy Systems Market is segmented as follows:

By Source Type

• Wind
• Biomass
• Biofuel
• Solar
• Geothermal

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa