Renewable Energy in Mining Industry - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Energy and Power | Delivery Format: PDF | Status: Forthcoming | Report ID: ARC326

Energy is the major component in mining industry. The energy expenses account for over 20% to 40% of mine’s operational process. Also, the security, reliability, and energy costs are the major indicators for a mining company. Renewable energy can economically help in achieving the mining power needs by reducing the consumption of fossil fuels. Some of the benefits of application of renewable energy in mining industry include reduction in electricity and fuel costs, including transportation costs, increased economic competitiveness for this market, and inhibition of carbon emissions. Also, there is reduced risk of power loss owing to the supply disruptions.

The sector of renewable energy includes energy sources that restores faster as compared to fossil fuels such as coal and petroleum. The sources of renewable energy include hydro, sun, geothermal, wind, and biofuel. However, the research is targeted towards the segments that are being globally used and are available commercially. In the current economic scenario, the renewable energy market is ranked as the most dynamic industries. The global renewable energy sector is estimated to rise at a moderate CAGR in the next few years. Factors promoting the growth of this market include rising investments in this market by venture capitalists, governments, and corporate firms. In 2009 alone, this sector has been estimated to obtain investments worth $150 billion. The rising awareness about renewable energy as a clean source and reduction of fossil fuels are the factors boosting the growth of renewable energy sector.

Technologically, the solar and wind hybrid system can be implemented in the mining industry. For instance, the truck conveyors can function with the usage of solar or wind energy. The major barriers for the development of renewable energy power include the enormous capital costs involved with their construction. Also, the economics of renewable energy is mostly constrained by geographic factors such as wind conditions.

The renewable energy is categorized into five segments; namely biofuels, solar PV, hydro, wind, and geothermal. Hydropower was estimated to have maximum market share; followed by wind and biofuels. The biofuels market comprises two major fuels; namely biodiesel and bioethanol. Amongst these, bioethanol commands the largest share. The leading producers of bioethanol are the United States and Brazil. However, in case of production of biodiesel, the European nations dominated the market. Both, France and Germany, were ranked as the largest global biodiesel producers. The largest source of renewable energy across the globe includes hydro power. It commands over 20% of global demand for electricity based on capacity factors. Over 55 countries utilize hydro power as their major source for electricity generation among which China is leading the race followed by Canada, Brazil, and the U.S.

Owing to the rapidly transforming energy industry, a large number of hindrances came across the market. There is a growing trend towards growth in renewable energy, but the major energy companies are involved in evaluating the most effective strategies to stride well in the transforming landscape. The major players included in renewable energy in mining industry include E.ON SE, Gamesha Siemens, Vestas, General Electric, Iberdrola Renewables, First Solar, Suntech Power Holdings Co., Ltd., NextEra Energy Inc., and Hanwha SolarOne GmbH among others.

Market Segmentation

Market by Type

·         Biofuels

o   Biodiesel

o   Bioethanol

·         Solar PV

·         Hydro

·         Wind

·         Geothermal

Market by Geography

·         North America

o   US

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Philippines

o   Rest of Asia-Pacific

·         Latin America

o    Brazil

o   Chile

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA

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