- Rising demand for deep-ocean mineral deposits for meeting needs of metals in automotive industry presents massive avenues for firms in marine mining market; massive consumption of iron, magnetite, hematite, and copper underpins vast avenue
- Enormous demand for industrial chemicals in Asia Pacific spurring investments in marine mining; companies utilizing remotely operated vehicles (ROVs) for seafloor mapping
WILMINGTON, Del., Aug. 1, 2022 /PRNewswire/ — A scrutiny of marine mining market trends underscores the growing investment of mining companies for retrieving deep-sea ore deposits, notably for extracting base and precious metals. An in-depth marine mining market demand analysis reiterates surge in interest in deep sea mineral deposits for catering to burgeoning demand for industrial chemicals particularly for the manufacture of wind turbines, automobile, and smartphones. The size of the marine mining market is forecast to reach US$ 31.5 Bn by 2031.
Mining of gold, copper, silver, manganese, zinc, and cobalt generate enormous interest, and pivots expansion of streams of revenue of marine mining market. The study observes that recent marine mining market trends indicate that various stakeholders in the mining sector are increasingly leaning on adopting sustainable business models for stable revenue streams. Of note, they are geared toward leveraging advanced seafloor mapping technologies in offshore mining projects, expanding the growth opportunities in marine mining market.
The emphasis on environmentally responsible decision-making will shape the value chain of players in the marine mining market. Another key and equally significant value proposition for miners is ascertaining performance of the mining equipment. Of note, the use of big data analytics tools for meeting the purpose is a case in point.
Key Findings of Marine Mining Market Study
- Depleting Reserves of Metals Presents Lucrative Avenues: Depleting reserves of metals and minerals in the backdrop of burgeoning demand for these in industrialized nations is invigorating investments in exploration contracts for deep-sea resources, thus creating spurt of opportunities in the marine mining market. The opportunities are vast in the U.S., Germany, China, India, and the U.K. Deep-sea ore deposits are expected to meet overwhelming demand for minerals and metals utilized especially in wind turbines, solar panels, and batteries for electric vehicles. Of note, the rise in demand for consumer products has also catalyzed the market prospects. Currently, mining in the shallow seabed has generated massive lucrative avenues in marine mining market.
- Massive Demand for Metals and Minerals in Automotive Industry to Steer Revenue Growth: Colossal demand for metals and minerals for the automotive industry has spurred exploration contracts for deep-sea resources. The segment held a market share of 35.25% in 2021. A bulk of the demand in the marine mining market segment comes from transportation equipment and automotive electronics. Strides in the electric vehicle manufacturing are incentivising spending on deep-sea mining technologies.
- Increased Miners Spending on Remotely Operated Vehicle (ROVs) Technology: Robotics presents a vast customer proposition for making marine mining cost-efficient and sustainable. Remotely operated vehicles (ROVs) of note are being put to widespread use in seafloor mapping. The segment held a leading share of 54.53% in 2021. In the near future, cutting-edge imaging technologies and sensors in ROVs will expand frontiers in exploration of ocean depths.
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Marine Mining Market: Key Drivers
- The drive for the marine mining market has largely stemmed from continuing depletion of terrestrial deposits for commercially useful metals such as nickel, copper, aluminium, zinc, lithium, cobalt, and manganese.
- Rapid pace of urbanization has spurred the demand for metals and minerals for numerous high-technology applications. The introduction of new technologies for exploitation of deep-sea mineral resources will expand the avenue.
Marine Mining Market: Regional Growth Dynamics
- Asia Pacific held a whopping share of 98.92% of the global market in 2021. The revenue streams in the regional market are marked by remarkable demand for metals and minerals in the emerging economies, including in China and India.
- Europe is a lucrative market. The region has been witnessing spurt in opportunities on the back of the mining sector leaning on exploring industrial minerals and aggregates to meet the regional demands.
Marine Mining Market: Key Players
Some of the prominent companies in the market are China Minmetals Corporation, DeepGreen Metals Inc., Ocean Minerals, LLC, Royal IHC, Soil Machine Dynamics Ltd, Keppel Corporation Limited, UK Seabed Resources, Neptune Minerals, and Nautilus Minerals Inc.
Marine Mining Market Segmentation
- Remotely Operated Vehicles (ROVs)
- Marine Seismic Methods
- Precious Metals
- Regions Covered
- North America
- Asia Pacific
- Rest of World
- Rest of Europe
- Papua New Guinea
- Rest of Asia Pacific
- Saudi Arabia
- Rest of Countries
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