Global mining renewable energy systems market expected to reach USD 3,800 million by 2022 and is exhibit a CAGR of more than 7% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 07/11/2018 -- 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.
The price of electricity generation through conventional sources such as diesel gensets is normally high which subsequently increases the operational cost of mining. However, renewable energy is a favorable add-on to diesel gensets which comparatively reduces the operational cost of the mining process. Thus, the adoption of mining renewable energy systems is fuelled by the high electricity costs of conventional sources of energy.
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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 suitable for mining applications. It provides clean energy by reducing the greenhouse gas emissions. As the majority of the key players are aware of its benefits, the demand is expected to increase in the coming years.
The Asia Pacific dominated the mining renewable energy systems market in 2016. The countries in this region produce a lot of minerals such as iron, copper, nickel, silver, lead, etc. Moreover, the increasing awareness regarding the application and benefits of renewable energy systems in the power generation has triggered the growth of the market in this region. The mining renewable energy systems market in the Asia Pacific is expected to witness significant gains over the forecast period.
The major market players in the mining renewable energy systems 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 among others.
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The global mining renewable energy systems market is segmented on the basis of the type and the geographical regions.
Global Mining Renewable Energy Systems Market: Source Type Analysis
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Global Mining Renewable Energy Systems Market: Regional Analysis
Rest of North America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
Rest of Africa
Rest of Latin America
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