Global Marine Mining Market: Global Size, Trends, Competitive, And Historical& Forecast Analysis, 2022-2029: Rapid industrialization in developing economies, increasing demand for minerals and metals, and rise in deep sea exploration activities, are some of the major factors driving the growth of the global marine mining market.
Global Marine Mining Market is valued at USD 2.27 Billion in 2022 and expected to reach USD 17.82 Billion by 2029 with a CAGR of 34.2% over the forecast period.
Marine mining is the extraction of mineral reserves from the sea and the region of the ocean below 200 metres. Silver, gold, copper, manganese, cobalt, and zinc are among the metals and minerals that may be extracted from deep water. The International Seabed Authority (ISA), which governs operations in areas outside national authority, has awarded 29 contracts for deep-sea mineral exploration. More than 1.5 million square kilometres of international seabed in the Pacific and Indian Oceans, as well as the Mid-Atlantic Ridge, have been set aside for mineral exploitation. Owing to the depletion of terrestrial supplies of metals such as copper, nickel, aluminium, manganese, zinc, lithium, and cobalt, the demand for new metal sources is increasing. Marine mining locations are often located around significant regions of polymetallic nodules and at depths of 1400- 3700 metres below the ocean's surface. Massive sulphide deposits are formed by the vent, which include rich metals like as gold, silver, cobalt, manganese, and zinc. The minerals are extracted using either a bucket system or a hydraulic pump method. To carry out this activity, mining equipment like as crawlers, riser systems, and others are required.
The COVID-19 epidemic has had a beneficial influence on the worldwide Marine Mining market's growth. The epidemic exacerbated the limitations of the land mining sector, leading to an expansion in sea mining. Users' usage of personal devices and automated connections has boosted mining operations as the mining sector implements remote techniques. As a result, the need for marine mining is growing exponentially .
The global marine mining market is segmented based on the element and technology. Based on the element, marine mining is segmented into polymetallic nodules, polymetallic sulphides, cobalt-rich ferromanganese crusts, and others. Based on the technology, continuous line bucket system and hydraulic suction systems
The regions covered in the global Marine Mining market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Marine Miningis sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global marine mining market are -
Manufacturing and service sectors have been rising in emerging nations such as India, China, Japan, Vietnam, Indonesia, and Brazil in recent years. Due to the sheer number of projects planned to begin, the construction and shipbuilding sectors in Asia Pacific are expanding at a rapid rate. This is predicted to enhance metal and mineral demand. Increased disposable income and increased demand for durable items with high mineral or metal content, such as autos and home equipment, are also projected to propel the industry. Several worldwide developers are concentrating their efforts on establishing firms in emerging markets through FDI incentive packages. This is expected to indirectly enhance these nations' economies and stimulate industrialization. The rise in industrialization is expected to push the marine mining industry, owing to increased demand for metal goods. Furthermore, remotely controlled vehicles play a significant role in seabed mapping. These are underwater robots that have been particularly created and developed to make underwater observation simple and affordable. ROVs, or remotely controlled vehicles, allow for ocean research without actually being in the water. Most ROVs include a still camera, a video camera, and lighting. As a result, they may send photos and video back to the spacecraft on the surface. Additional equipment, like as a manipulator or cutting arm, water samplers, and devices that detect factors like water clarity and temperature, may be added to vehicles to facilitate sample collection, which boosts the worldwide mining business.
In the automobile sector, minerals such as iron, copper, magnetite, and hematite are employed. The vast majority of these metals are employed in electrical and electronic devices, building materials, and conventional transportation equipment. Electric automobiles require two to three times as much copper as regular vehicles. Copper is used in automobile batteries, permanent magnets for motors and wiring, inverters, and other electrical distribution systems. The increased demand for raw resources has resulted in increased land exploration efforts, which have begun to reduce land areas. As a result, the government and enterprises have begun deep sea exploration efforts in order to meet the increased demand for metals from various users.
Furthermore, as polymetallic sulphides, manganese nodules, and cobalt-rich ferromanganese crusts are discovered, the deep sea is becoming an important location for metal prospecting. Rare earth elements (REEs) in deep-sea muds can become important over time, and there has long been interest in the exploitation of gas hydrates as a source of hydrocarbons. The International Seabed Authority (ISA), which oversees activity in the seabed outside national jurisdiction (the Area), granted 31 contracts in May 2022 to explore for deep-sea mineral resources. More than 1.5 million km2 of international seabed has been set aside for mineral exploitation, nearly the size of Mongolia. Deep sea exploration is expected to increase owing to dwindling terrestrial reserves of metals such as copper, nickel, aluminium, manganese, zinc, lithium, and cobalt. Demand for these metals is also rising for the production of technology like as smartphones, wind turbines, solar panels, and batteries, fuelling the global expansion of the marine mining industry.
However, the exploitation of aquatic life and environmental rules limiting exploratory operations linked with marine mining may stifle market expansion. Despite this, rising metal consumption and technological innovation may open up new chances for industry expansion.
Although different governments in the APAC area work together to support balanced and effective marine mining practices, which are especially important at this stage of industry growth, Asia Pacific accounted for increased marine mining. The region's demand for metals and minerals is likely to be driven by increased industrialization and fast urbanization in developing nations such as China and India. This is expected to increase the Asia Pacific marine mining industry.
Europe is similarly strengthening its focus on deep sea exploration efforts. Deep sea mining is gaining popularity in the region due to depleting terrestrial reserves and growing metal demand. Mineral resources abound in the deep sea. Europe's mining industry is critical to the continent's economic well-being. Consumption of aggregates, industrial minerals, and metals in Europe has been rapidly expanding in recent years. In terms of the production of various industrial minerals and aggregates, Europe is self-sufficient. It is, nonetheless, a net importer of most metals and metal ores.
On June 16th 2021, the Indian government authorised the long-delayed Deep Ocean Mission, which entails creating a submersible vehicle that would allow a crew to dive 6,000 metres below the ocean to prospect for valuable metals on the seafloor. An Integrated Mining System will be designed for mining polymetallic nodules at these depths in the central Indian Ocean.
On July 13th 2022, The CSIRO, Australia's national research agency, agreed to collaborate with a contentious deep-sea mining project in the Pacific, assisting the Metals Company (TMC) in developing an environmental management plan for its project, which is supported by the Nauru government. The projects are seeking for polymetallic nodules on the seafloor between four and six kilometres deep in the Clarion Clipperton Zone of the Pacific (CCZ).
On August 12th 2021, Loke and TechnipFMC announced their collaboration to jointly work on the development of an autonomous subsea production system with low environmental impact. The system is aimed for prospective offshore licencing on the Norwegian Continental Shelf (NCS) and beyond.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2022:||USD 2.27 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2029:||USD 17.82 Billion|
|Tables, Charts & Figures:||175|
|Companies||De Beers Group, Tonga Offshore Mining Limited, China Minmetals Corporation, Seabed Minerals Authority, UK Seabed Resources Ltd, Ocean Mineral Singapore Pte Ltd., Global Sea Mineral Resources NV, Marawa Research and Exploration Ltd., Nauru Ocean Resources Inc., and others|
|Segments Covered||By Element, By Technology|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|