Marine Mining Market Growth Estimated at a CAGR of 34.43% in 2022
The expansion of manufacturing and service industries in emerging economies is fueling demand; the rapid growth of the shipbuilding and construction industries in Asia-Pacific opens up vast sources of revenue
Wilmington, Delaware, U.S., Nov. 03, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The need to supplement the depletion of terrestrial resources of metals and minerals, for commercial and industrial applications, has led to the surface of marine mining. Commercial-scale marine mining is gaining momentum due to the depletion of terrestrial reserves of metals such as copper, nickel, aluminum and manganese for applications in smartphones, wind turbines, panels solar panels and electric storage batteries. The marine mining market size is estimated to reach US$31.5 billion by 2031.
The expansion of marine mining operations is attracting technology companies to enter the fray. Big data analytics has become the “buzzword” in the marine mining industry. Recent developments in the marine mining market include the innovation of a big data analysis tool by IBM that helps track equipment wear and tear. The key benefit of preventing disruptions in mining equipment is driving major players in the marine mining market to embrace next-generation technology.
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The rapid growth of the construction and shipbuilding industries in Asia-Pacific is giving rise to a massive demand for minerals and metals. Rising disposable income and increasing demand for automobiles and household equipment, which require high metal and mineral content, are expected to shape the future market demand for marine mining in the region. Furthermore, the increasing entry of global players through FDI incentive programs is boosting industrialization, thereby fueling the growth of the marine mining market in the region.
Marine mining market – Main conclusions of the report
The remotely operated vehicle technology segment held the leading share of 54.54% of the marine mining market in 2021. The pivotal role of remotely operated vehicles (ROVs) in mapping the seabed, in which they are designed and developed for easy and cost-effective underwater viewing, is driving demand. ROVs are equipped with at least a fixed camera, a video camera and a light, and thus undertake the exploration of the ocean from the surface. ROVs capture images and videos and transmit them back to the ship. The scope of ROVs to attach additional equipment, such as water samplers and a cutter arm to measure various parameters, underlies massive revenue potential in the marine mining market.
The automotive application segment held the leading share of 35.25% of the marine mining market in 2021. The automotive sector exhibits high volume demand for minerals such as iron, magnetite, and hematite. Metals are mainly used for electrical and electronic products in the automotive sector. Electric vehicles require two to three times the amount of copper required in traditional vehicles.
Asia-Pacific was the fastest growing market for marine mining, holding a share of 98.92% in 2021. Rapid industrialization and urbanization in emerging economies in the region, driving a high demand for metals and minerals volumes, drive growth in the marine mining market in the region.
Europe is a key region in the marine mining market. The abundance of deep-sea mineral resources helps meet the growing demand for metals and minerals for economic prosperity. The demand for aggregates and industrial minerals and metals has increased with continued industrialization, and thus fueling the growth of the marine mining market in the region.
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Marine Mining Market – Growth Drivers
The need for new sources of metals and minerals for depleting terrestrial reserves, to meet the growing demand for electronic components is fueling the growth of the marine mining market
The availability of several metal and mineral resources for deep sea mining, which is regulated by the International Seabed Authority, is catalyzing the growth
Marine Mining Market – Key Players
Some of the major players operating in the marine mining market are;
Nautilus Minerals Inc.
Seabed resources in the UK
Soil Machine Dynamics Ltd.
Ocean Minerals LLC
Deep Green Metals Inc.
Keppel Corporation Limited
Diamond Fields Resources Inc.
China Minmetals Corporation
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