As the mining industry ventures deeper into far flung areas to extract valuable resources, ensuring basic necessities such as grid connectivity becomes a challenge. This makes renewable energy an attractive option for the mining industry, a factor that will make the renewable energy in the mining industry market a dynamic space in the coming years, says Transparency Market Research (TMR) in a new report. The report is titled, “Renewable Energy In Mining Industry Market - Global Industry Analysis, Size, Share, Growth, Trends & Forecasts 2016 – 2024.”
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Mining companies seeking out ways to cut their dependence on diesel-powered engines on mining sites will also indirectly act as a driver for the global renewable energy in mining industry. The use of solar, wind, or tidal energy (where feasible) brings with it the promise of uninterrupted power supply on a mining site. However, the comparatively low capacity utilization of renewable energy could scuttle market growth.
The report segments the global renewable energy in mining industry basis technology into solar and wind. The use solar photovoltaic panels to generate energy is widely seen across the world, lending this segment a bigger role in the development of the market in terms of revenue generation. The fact that photovoltaic is also commercially viable now with prices having reached a rational point will also aid the growth of the global renewable energy in mining industry. The report further segments the photovoltaic technology segment into crystalline silicone, concentrator technologies, and thin film.
Basis geography, the renewable energy in mining industry market is segmented into North America (key markets being U.S. and Canada), Asia Pacific (key markets being India and China), the Middle East and Africa (the key markets being UAE, Bahrain, and Qatar), Europe (the key markets being the U.K., France, and Germany), and Latin America (the important markets being Brazil, Mexico, and Argentina). While the growth prospects of the renewable energy in mining market are stronger in developed countries where green energy norms are more clearly defined, growth could falter in emerging countries but will pick up in the long term.
The report also conducts a careful competitive analysis of the market, shedding light on the trends that are making their presence felt. To this end, companies that are profiled in the report include: Gamesha, Vestas, E.ON, Iberdrola Renewables, Siemens, NextEra, General Electric, First Solar, Suntech Power Holdings Co., Ltd., and Hanwha SolarOne. TMR analysts report on the financial standing of key markets players, their strategies for the future, innovative projects, and threats to growth.
