Marine Mining Market: Overview
The market size for Marine Mining was USD 1.4 billion in 2021, and it is projected to grow at a CAGR of 33.1 percent during the forecast period. The technique of extracting mineral reserves from the ocean floor below 200 meters is known as marine mining. Silver, gold, copper, manganese, cobalt, and zinc are just a few of the metals and minerals extracted from the deep water. 29 contracts for the exploration of deep-sea mineral reserves have been given by the International Seabed Authority (ISA), which oversees activities in areas outside of national jurisdiction. The Pacific and Indian Oceans and the Mid-Atlantic Ridge have more than 1.5 million square kilometers of the global seabed for mineral exploration. Due to the depletion of terrestrial stocks of metals like copper, nickel, aluminum, manganese, zinc, lithium, and others, the demand for electronic components is growing, increasing the need for new metals. Rising public knowledge of the benefits and drawbacks of marine phosphate, sand, and underwater mining is opening up lucrative business prospects. Interest in marine mining has increased due to the rise in demand for minerals and metals and the depletion of land-based resources. Globally, commercial-scale sea mining is becoming more popular. On the shallow bottom, a variety of mining operations are taking place.
One of the main factors influencing the market for marine mining machinery and technologies is the discovery of metal and mineral reserves beneath the seabed. High-tech offshore mining projects are predicted to have a lot of prospects due to the increase in deep-sea exploration activities and the emergence of R&D initiatives to create sustainable mining models. Even the construction industry contributes to the growth of the marine mining market. According to recent Dodge Construction estimates, the United States will see a 3% increase in building starts. The extraction machinery can affect marine life because of its noise, vibration, and other drilling activities. The loss of marine life could result from this, constraining the deep-sea mining market. On the other hand, introducing the Internet of Underwater Things (IoT) would improve data collecting and control over the equipment and may present a potential opportunity for the market for deep sea mining equipment & technologies over the projection period.
Marine Mining Market: COVID-19 Impact
The COVID-19 epidemic has significantly impacted various global industries, notably the marine mining sector. The epidemic has had an impact on the construction industry globally. The pandemic's disruption of global supply chains and the resulting shortages of employees, contractors, subcontractors, and other inputs have greatly impacted construction activity. Some building material supplier chains have stopped manufacturing and distributing their products. There have been delays and rising costs for imported raw materials, according to builders worldwide. The maritime mining market has also suffered as a result of this slowdown. Government-imposed travel restrictions have forced mining activities' temporary or even permanent closure in some situations.
Marine Mining Market: Drivers
Growing Use in Construction Industry to Drive Market Growth
As a result of the increase in numerous projects around the world, as well as rising population and industrialization, the shipbuilding and construction sectors are rapidly developing. The world's population is now increasing at a pace of about 1.05 percent, and Worldometer data indicates that this growth rate will continue in the twenty-first century. It is predicted that the population will reach about 10 billion by 2026. Globally, this is a significant demand for metals and minerals. For instance, a deep-sea metal called zinc prevents rust when building different types of buildings, bridges, and automobiles. Additionally, the expansion of service sectors like insurance, ITC, and BFSC has increased the demand for commercial space, leading to an increase in building, which is anticipated to benefit the marine mining market. The most significant industrial usage of manganese, a metal mined offshore, is steel manufacture, which accounts for more than 85% of all mined manganese.
Increasing Interest in Mineral Deposits in Deep Sea is Driving Market Growth
The depleting terrestrial reserves of metals like copper, nickel, aluminum, manganese, zinc, lithium, and cobalt; and the rising demand for these metals to produce smartphones and green technologies like wind turbines, solar panels, and electric storage batteries are the main reasons for the consistent growth in interest in deep-sea mineral deposits. In the US, Germany, and Japan, increased vehicle production and the growth of the aftermarket sector are expected to drive up demand for industrial metals like platinum, copper, and nickel. The term "big data analytics" has taken off in the mining sector. IBM recently unveiled a big data analytics platform that allows mining businesses to monitor equipment wear and tear. This guarantees that the mining machinery will operate without interruption. Therefore, it is anticipated that the search for rich oceanographic mineral reserves will be fueled by population growth and the depletion of terrestrial resources.
Marine Mining Market: Restraints
Harm to Marine Life to Hamper Market Growth
The extraction equipment can destroy marine life with its noise, vibration, and other drilling processes. Animals may become stressed out by noise, which can also raise mortality risk by tipping the scales in favor of predation and disrupting sound-based communication and direction, particularly in reproduction circumstances. Concern over the effects of anthropogenic noise on marine species is spreading across the globe. Numerous studies have demonstrated that depending on the variations in the strength and frequency of the noise as well as the distance from the noise source, the effects of anthropogenic sound on marine creatures can range from having no effect to immediate death. This could result in the extinction of marine life, which would constrain the market for deep-sea mining.
Marine Mining Market: Segment Overview
Remotely Operated Vehicles (ROVs) Dominate Market due to Their Technological Advancement
The mapping of the seafloor makes extensive use of remotely controlled vehicles. These underwater robots have been developed expressly to make underwater observation simple and efficient. Ocean exploration is possible without being in the water, thanks to remotely operated vehicles or ROVs. Most ROVs have at least a still camera, a video camera, and lights. They can send pictures and videos back to the surface-based ship as a result. To gather samples, additional equipment, such as a manipulator or cutting arm, water samplers, and devices that detect parameters, including water clarity and temperature, may also be added to vehicles.
With Increased Demand for Precious Metal Like Gold, Precious Metal Category Dominate Market
The precious metals segment is anticipated to expand during the projection period at a rapid CAGR. A few examples of precious metals are gold, silver, cobalt, and rhodium. Gold has traditionally been one of the world's most expensive and sought-after metals. Its rarity is what gives it most of its worth. Data show that 3,200 metric tons of gold were produced globally in 2020, and 3760 metric tons were predicted to be needed to meet that demand. Data indicates that the price of gold was approximately $1,400 per ounce in 2019, rising to approximately $1,769.64 per ounce in 2020. The price is anticipated to increase during the forecast period due to the depletion of gold reserves. White silver is a beautiful, malleable metal. According to statistics, there were around 500,000 metric tonnes of silver deposits worldwide in 2020. Because it is a precious metal, silver is commonly employed in commerce for coins, decorations, jewelry, and silverware. It is also the most thermally and electrically conductive metal, making it perfect for electrical connections and conductors. During the anticipated period, it is anticipated that the marine mining market will expand due to the rising demand for precious metals on a global basis.
Marine Mining Market: Regional Landscape
Asia Pacific to Dominate market due to Growing Demand from End User
It is anticipated that the Asia Pacific market will account for the largest revenue share. With the increased demand from end users and numerous industries, the economies of the Asia Pacific region are turning to marine mining. In this region, the infrastructure and electronics industries are growing quickly, and this trend is anticipated to last during the projected period. The demand for metals and minerals is subsequently rising quickly. Companies in this area are working together on maritime mining initiatives. For instance, the International Seabed Authority and Japan Oil, Gas, and Metals National Corporation (JOGMEC) has a contract to look for cobalt-rich ferromanganese crusts. The agreement states that JOGMEC will have the sole right to investigate cobalt-rich ferromanganese crusts on about 3,000 square kilometers of the Western Pacific Ocean's seabed. The ASCOTM Series 256/356 has a smaller overall size, up to a 40% reduction in power consumption and a 30% increase in pressure ratings. Asia Pacific economies are increasing their spending in the building sector as a result of growing populations. With a combined population of around 4.7 billion people, the Asia-Pacific area made up more than 60% of the world's population in 2020, and it is predicted that the region's building output will total about 4.7 trillion US dollars by 2021. To construct machinery, automobiles, structures, and other items, all these businesses require metals like zinc, manganese, copper, and cobalt. As a result, we anticipate that these industries' expansion will coincide with the Marine Mining market in the APAC region.
Global Marine Mining Market: Competitive Landscape
Royal IHC increased its mining operations in January 2020 by gaining several crucial agreements. IHC Robbins, a fully owned subsidiary of Royal IHC, disclosed in July 2019 that it had signed a Heads of Agreement with the Australian business Dome Gold Mines. On the other side, The Papua New Guinean government gave Nautilus Minerals Inc. a two-year exploration license, the business said in February 2019. According to the license, the corporation will likely be able to begin exploration operations in the southeast Bismarck Sea. The 2,558 km2 of the Exploration License EL2537 contains the same potential geology as Nautilus' Solwara 1 deposit.
Few of the Marine Mining Market players include Nautilus Minerals Inc, UK Seabed Resources, Keppel Corporation Limited, Soil Machine Dynamics Ltd, Royal IHC, Neptune Minerals, Ocean Minerals, LLC, Diamond Fields Resources Inc, DeepGreen Metals Inc, and China Minmetals Corporation.
Global Marine Mining Market is Segmented as Below:
Key Elements Included In The Study: Global Marine Mining Market
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