23 July New York -- The new report by Zion Market Research on the “Mining Renewable Energy Systems Market by Source Type (Wind, Biomass, Biofuel, Solar, and Geothermal): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022' has vast information about the market and its potential.
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 research analysts in their primary research observed that combining two different systems may pose some engineering challenges, but the solutions that integrate wind and solar has been proven successful in many of the cases.
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 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.
Browse the full 'Mining Renewable Energy Systems Market by Source Type (Wind, Biomass, Biofuel, Solar, and Geothermal): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022' report at https://www.zionmarketresearch.com/report/mining-renewable-energy-systems-market