Pune, India -- (SBWIRE) -- 05/29/2018 -- Mining renewable energy systems are clean sources of power generation that are used for mining at locations, situated in off-grid areas. These sources include wind, biomass, biofuel, solar, and geothermal among others. The amount of energy per unit, as well as power and diesel costs are increasing. Whereas the costs for sustainable power sources, such as wind and solar, have witnessed a notable drop in recent years. As a result of this, mining organizations have been adopting renewable energy systems and integrating it into their mining activities.
The cost of power generation through conventional sources, such as diesel gensets, is usually high, which increases the operational cost of mining. Renewable energy is a favorable add-on to diesel gensets, which tackles this problem and reduces the operational costs. Thus, the adoption of mining renewable energy systems is fueled by expensive conventional sources of energy.

In mining, solar or wind systems are combined with or integrated into existing diesel control plants. Wind and solar energy are approximately 70% more affordable than electricity generated from diesel. Solar and wind energy prices have reduced considerably in recent times. Solar module processes have decreased around 30% in the recent past. The wind turbine towers have turned out to be taller, resulting in an effective power generation in numerous areas where the wind isn't sufficient enough at lower altitudes. Thus, renewable energy systems in mining are emerging as a dependable alternative and have been drawing in many institutional investors.

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Company Profiled: Some of the primary participants are Downer Group, Enel Green Power, General Electric, Hanwha Group, Juwi AG, Newmont Mining Corporation, Nuance Energy Group, Inc., Pöyry PLC, Siemens AG, Bluhm Burton Engineering Pty Ltd (BBE), Barrick Gold Corporation, Black & Veatch Holding Company, Cambridge Energy Partners, Conergy, CRONIMET Mining Power Solutions GmbH, ViZn Energy, Vergnet, and SolarReserve, LLC amongst others.

A number of organizations do not have the assets and funding to finance new sustainable power source projects. Solar and wind projects require high capital speculation, whereas electricity generation with diesel motors require low investment costs and offers high working costs. This is creating obstacles in the development of the market.

Mining Renewable Energy Systems Market, By Source Type

On the basis of the source type, the solar segment is expected to be the most attractive segment of the global mining renewable energy systems market. Solar is a source of decentralized energy, which makes it reasonable for mining applications. It produces clean energy by reducing the gas emissions, which harms the ozone. As most of the key players are aware of its advantages, the demand is expected to increase in the coming years. Furthermore, the presence of a significant number of mines in the tropical regions is another factor driving the demand for solar energy in mining activities.

Mining Renewable Energy Systems Market, By Region

Asia Pacific region is expected to grow at the fastest rate in the global market. The countries in this region produce a lot of minerals such as iron, copper, nickel, silver, lead, and so on. Additionally, the increasing awareness with regards to the application and advantages of sustainable power source systems in power generation, has triggered the development of the market in this region. The mining renewable energy systems market in the Asia Pacific is anticipated to witness huge profits over the forecast period. Mining industry contributes roughly 24% to the total Asia Pacific economies. The governments in the region are encouraging the adoption of favorable practices in mining in order to achieve sustainable growth.

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The report provides both, subjective and quantitative research of the market, as well as integrates worthy insights into the rational scenario and favored development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players. The key business strategies such as M&A, affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin.

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