Pune, Maharashtra -- (SBWIRE) -- 05/10/2018 -- 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.

Mining renewable energy market 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

The governments have now started encouraging the use of renewable sources with a view to achieving sustainable growth. They are granting subsidies in this sector which is acting as a catalyst in the adoption of renewable energy systems for mining. However, investment required for the installation of these renewable systems are high compared to low investments in electricity generation through diesel. Along with high initial investment, the availability of skilled technicians for maintaining these systems are limited. This can pose challenges in the adoption of renewable energy systems in the mining industry. The peak operating times for wind and solar systems occur at different times during the day and year. Hybrid systems are able to produce power irrespective of this limitation and hence can provide substantial growth opportunities to global mining renewable energy systems.

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Solar Anticipated to be the Dominant Segment During the Forecast Period, 2018-2026
Among the source types, solar is a dominant segment holding the largest market share. It is also anticipated to be the fastest growing market during the forecast period. Large-scale mining activities in the tropical countries are one of the key drivers of the solar segment of mining renewable energy systems market.

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Government Intervention in Achieving Sustainability Through Encouraging Usage of Renewable Sources to drive the Market in Asia Pacific
Asia Pacific is estimated to be the fastest growing region in mining renewable energy systems market. Asia Pacific being a major 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. The governments in the region have been encouraging the adoption of favorable practices in mining in order to promote sustainable growth. Solar energy source type dominated the market in Asia Pacific in 2017 and is projected to be the most attractive segment.

Mining Renewable Energy Systems Market is Fragmented with the Presence of Global and Regional Players
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 among others

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Mining Renewable Energy Systems Market – By Source Type
Wind
Biomass
Biofuels
Solar
Geothermal

Mining Renewable Energy Systems Market – By Region
North America
Europe
Asia Pacific
Middle East and Africa
Latin America