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Mining Renewable Energy Systems Market Size | 2031
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Mining Renewable Energy Systems Market Size | 2031

Segments - Mining Renewable Energy Systems Market by Type (Biomass, Solar, Biofuel, Geothermal, Wind, and Others), Application (On-grid, Off-grid, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-6199 | 4.8 Rating | 58 Reviews | 196 Pages | Format : PDF Excel PPT

Report Description


Mining Renewable Energy Systems Market Outlook 2031

The global mining renewable energy systems market size was USD 5.6 Billion in 2022 and is likely to reach USD 12.85 Billion by 2031, expanding at a CAGR of 9.67% during 2023–2031. The market growth is attributed to the increasing mining activities across the globe.

Increasing carbon footprint due to global mining operations is anticipated to boost the mining renewable energy market during the forecast period. Mining operations require consistent and reliable power backup to maintain a smooth workflow. This directly impacts the market, as renewable energy is a reliable source of electricity for intensive mining operations that cut power costs and minimize the carbon footprint. Moreover, a rapid surge in the demand for energy transition metals, such as cobalt, nickel, and lithium, is anticipated to boost the market during the forecast period. For instance,

Mining operations, such as drilling & excavation, and ore extraction, consume a large amount of electricity. This consequently creates a huge carbon footprint. According to the International Energy Agency (IEA), the mining industry contributes to 80% of global carbon emissions, due to their dependency on power for everyday operations. Thus, governing bodies are focusing on mining businesses to ensure compliance with stringent regulations on greenhouse emissions.

The COVID-19 pandemic hindered the market.The migration of workers due to preventive measures imposed by the government, such as social distancing, forced the mining industry to cease operation. Various industries had temporarily shut down their operations to prevent the spread of the virus. This consequently reduced the demand for minerals and ores across several end-use industries, which restrained the market. However, the market gradually resumed its operations, as the vaccination began in the latter phase of the pandemic, which helped the key players to recover from losses.

Mining Renewable Energy Systems Market Dynamics

Major Drivers

Increasing environmental concerns due to mining activitiesis driving the market. Mining activities around the world consume large amount of energy. According to the data by the World Counts, the mining industry consume around 10% of global energy and is among the major sources of CO2 emissions. Thus,the increasing awareness regarding environmental hazards caused by the mining industry is projected to boost the market during the assessment period.

Existing Restraints

Inconsistent supply of power generated from non-conventional sources of energy hinders the market. The non-conventional sources of energy, such as solar, wind, and sea tides, are majorly dependent upon the seasonal availability of these resources, causing power shortages during adverse weather conditions, such as in winter and monsoons. Furthermore, insufficient energy conversion in the evening and night leads to power outages, thereby hampering the market during the forecast period.

Emerging Opportunities

Technological advancements in harnessing energy are anticipated to provide substantial opportunities inthe market. Solar PV systems and windmills are widely adopted green energy sources across the globe.However, the system lags to generatea sufficient amount of power during adverse weather conditions, such as monsoon. Thus, increasing the energy-harnessing capabilities of clean energy sources is essential to boost efficiency. 

Scope of the Mining Renewable Energy Systems Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Mining Renewable Energy Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Type (Biomass, Solar, Biofuel, Geothermal, Wind, and Others) and Application (On-grid, Off-grid, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, MarketTrends, and Revenue Forecast

Key Players Covered in the Report

Black & Veatch Holding Company; Blueleaf Energy; Cambridge Energy Ltd.; CRONIMET Holding GmbH; Downer Group; Enel Spa; General Electric; Hanwha Group; JUWI; Nuance Energy Group, Inc.; Siemens; and SR ENERGY

Mining Renewable Energy Systems Market Segment Insights

Type Segment Analysis

Based on type, the mining renewable energy systems market is divided into biomass, solar, biofuel, geothermal, wind, and others. The solar energy segment is anticipated to dominate the market during the forecast period due to the efficient power generation capabilities of solar photovoltaic (PV) systems. Solar energy is available in abundance everywhere. The system is cost-effective to install for industrial settings, compared to the other green sources.

Mining Renewable Energy Systems Market Type

It is a sustainable source of electricity and its setup is consumer-centric, as it reduces the chances of shock hazards. A majority of mining sites are located at the plateau areas.This enables uninterrupted access to sunlight. The reliable electricity backup and uninterrupted power supply ensure smooth workflow ofthe mining industries, which is anticipated to drive the segment during the forecast period.

Application Segment Analysis

Based on application, the global market is segregated into on-grid, off-grid, and others. The off-grid segment is projected to register a high CAGR during the forecast period owing to the consistent power supply provided by the system. The mining industry uses a huge amount of electricity to run everyday operations, and, therefore requires an uninterrupted power supply. The grid is installed virtually,thereby making the user independent of interruptions such as power outages. The off-grid system is a cost-effective power solution for both residential as well as industrial users.

Mining Renewable Energy Systems Market Application

Regional Outlook

In terms of region, the global mining renewable energy systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to hold a major share of the market during the forecast period owing to the increasing mining activities in the region. Countries such as China, India, the Philippines, and Australia are the leading countries in mining. The increasing initiatives taken by the regional governments to limit the emission of CO2 in the environment are anticipated to drive the market in the region.For instance,

  • According to the data published on October 30, 2023, China is the major exporter of rare earths. China exported about USD 653.4 million worth of rare earths in 2021.

North America is expected to dominate the market during the projection period due to the growing demand for metals, such as iron, copper, coal, gold, and silver. For instance,

  • According to the report published on October 30, 2023, the US exported copper worth USD 3 billion in 2022 and ranked as the world’s 7th largest copper ore exporter.

Countries such as the US, Canada, and Mexico have advanced industrial infrastructure and supply chain & distribution networks. Moreover, the presence of renowned key players in the region is anticipated to drive the market during the forecast period.

Mining Renewable Energy Systems Market Region

Segments

The mining renewable energy systems market has been segmented based on

Type

  • Biomass
  • Solar
  • Biofuel
  • Geothermal
  • Wind
  • Others

Application

  • On-grid
  • Off-grid
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Black & Veatch Holding Company
  • Blueleaf Energy
  • Cambridge Energy Ltd.
  • CRONIMET Holding GmbH
  • Downer Group
  • Enel Spa
  • General Electric
  • Hanwha Group
  • JUWI
  • Nuance Energy Group, Inc
  • Siemens
  • SR ENERGY

Competitive Landscape

Key players competing in the global mining renewable energy systems market are Black & Veatch Holding Company; Blueleaf Energy; Cambridge Energy Ltd.; CRONIMET Holding GmbH; Downer Group; Enel Spa; General Electric; Hanwha Group; JUWI; Nuance Energy Group, Inc.; Siemens; and SR ENERGY.

These companies adopted development strategies, including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion, to cater to customers worldwide. For instance,

On December 1, 2023, Cambridge Energy Ltd., a global manufacturer of renewable solar energy solutions, announced the deployment of NOMAD by Cross Boundary Energy to simplify the deployment of solar solutions for mining and resources operations in Australia.

Mining Renewable Energy Systems Market Keyplayers

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Mining Renewable Energy Systems Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Mining Renewable Energy Systems Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Mining Renewable Energy Systems Market - Supply Chain
  4.5. Global Mining Renewable Energy Systems Market Forecast
     4.5.1. Mining Renewable Energy Systems Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Mining Renewable Energy Systems Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Mining Renewable Energy Systems Market Absolute $ Opportunity
5. Global Mining Renewable Energy Systems Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Mining Renewable Energy Systems Market Size and Volume Forecast by Types
     5.3.1. Biomass
     5.3.2. Solar
     5.3.3. Biofuel
     5.3.4. Geothermal
     5.3.5. Wind
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Mining Renewable Energy Systems Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Mining Renewable Energy Systems Market Size and Volume Forecast by Applications
     6.3.1. On-grid
     6.3.2. Off-grid
     6.3.3. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Mining Renewable Energy Systems Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Mining Renewable Energy Systems Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Mining Renewable Energy Systems Demand Share Forecast, 2019-2026
8. North America Mining Renewable Energy Systems Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Mining Renewable Energy Systems Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Mining Renewable Energy Systems Market Size and Volume Forecast by Types
     8.4.1. Biomass
     8.4.2. Solar
     8.4.3. Biofuel
     8.4.4. Geothermal
     8.4.5. Wind
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Mining Renewable Energy Systems Market Size and Volume Forecast by Applications
     8.7.1. On-grid
     8.7.2. Off-grid
     8.7.3. Others
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Mining Renewable Energy Systems Demand Share Forecast, 2019-2026
9. Latin America Mining Renewable Energy Systems Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Mining Renewable Energy Systems Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Mining Renewable Energy Systems Market Size and Volume Forecast by Types
     9.4.1. Biomass
     9.4.2. Solar
     9.4.3. Biofuel
     9.4.4. Geothermal
     9.4.5. Wind
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Mining Renewable Energy Systems Market Size and Volume Forecast by Applications
     9.7.1. On-grid
     9.7.2. Off-grid
     9.7.3. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Mining Renewable Energy Systems Demand Share Forecast, 2019-2026
10. Europe Mining Renewable Energy Systems Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Mining Renewable Energy Systems Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Mining Renewable Energy Systems Market Size and Volume Forecast by Types
     10.4.1. Biomass
     10.4.2. Solar
     10.4.3. Biofuel
     10.4.4. Geothermal
     10.4.5. Wind
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Mining Renewable Energy Systems Market Size and Volume Forecast by Applications
     10.7.1. On-grid
     10.7.2. Off-grid
     10.7.3. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Mining Renewable Energy Systems Demand Share Forecast, 2019-2026
11. Asia Pacific Mining Renewable Energy Systems Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Mining Renewable Energy Systems Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Mining Renewable Energy Systems Market Size and Volume Forecast by Types
     11.4.1. Biomass
     11.4.2. Solar
     11.4.3. Biofuel
     11.4.4. Geothermal
     11.4.5. Wind
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Mining Renewable Energy Systems Market Size and Volume Forecast by Applications
     11.7.1. On-grid
     11.7.2. Off-grid
     11.7.3. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Mining Renewable Energy Systems Demand Share Forecast, 2019-2026
12. Middle East & Africa Mining Renewable Energy Systems Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Mining Renewable Energy Systems Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Mining Renewable Energy Systems Market Size and Volume Forecast by Types
     12.4.1. Biomass
     12.4.2. Solar
     12.4.3. Biofuel
     12.4.4. Geothermal
     12.4.5. Wind
     12.4.6. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Mining Renewable Energy Systems Market Size and Volume Forecast by Applications
     12.7.1. On-grid
     12.7.2. Off-grid
     12.7.3. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Mining Renewable Energy Systems Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Mining Renewable Energy Systems Market: Market Share Analysis
  13.2. Mining Renewable Energy Systems Distributors and Customers
  13.3. Mining Renewable Energy Systems Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Black & Veatch Holding Company
     13.4.2. Blueleaf Energy
     13.4.3. Cambridge Energy Ltd.
     13.4.4. CRONIMET Holding GmbH
     13.4.5. Downer Group
     13.4.6. Enel Spa
     13.4.7. General Electric
     13.4.8. Hanwha Group
     13.4.9. JUWI
     13.4.10. Nuance Energy Group, Inc
     13.4.11. Siemens
     13.4.12. SR ENERGY

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