Industry Background:
The increasing demand for metals for many applications and rapidly escalating transportation infrastructure expenditure will help to push the global marine mining market over the foreseeable future. Marine mining is also known as deep sea mining is referred to as mineral retrieval process that takes place on the marine floor. Increasing employment of precious metals as well as metal nanoparticles mainly of platinum, gold, and nickel in numerous industrial segments including catalysts. These act as the key driver of global marine mining market all over the world. Furthermore, the revived significance of phosphorous based artificial fertilizers is definitely influencing the phosphorus nodule mining, which in turn has direct implications on the marine mining market globally.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Nautilus Minerals Inc. (Canada), Neptune Minerals (United States), UK Seabed Resources (United Kingdom), Keppel Corporation Limited (Singapore), Soil Machine Dynamics Ltd (United Kingdom), Royal IHC (Netherlands), Ocean Minerals, LLC (United States), Diamond Fields Resources Inc. (Canada), DeepGreen Metals Inc. (Canada) and China Minmetals Corporation (China) |
According to AMA, the market for Marine Mining is expected to register a CAGR of 33.46% during the forecast period to 2030. This growth is primarily driven by Emerging Automobile Manufacturing As Well As Aftermarket Industry and Rising Commercial Interest in the Marine Mining.
Globally, a noticeable market trend is evident Increasing Adoption Due To Underground and Hydraulic Mining Technology
The Diversified Metals & Mining sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Nautilus Minerals Inc. (Canada), Neptune Minerals (United States), UK Seabed Resources (United Kingdom), Keppel Corporation Limited (Singapore), Soil Machine Dynamics Ltd (United Kingdom), Royal IHC (Netherlands), Ocean Minerals, LLC (United States), Diamond Fields Resources Inc. (Canada), DeepGreen Metals Inc. (Canada) and China Minmetals Corporation (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global marine mining market is highly competitive due to the presence of some market players and straight government regulation. The demand for metals is on the rise due to rapid urbanizations and various applications, and hence most of the leading players are improving the number of their workforce in order to meet the expected demand from the global market.
Key Developments in the Market:
In March 2023, Norway's Loke Marine Minerals has acquired deep-sea mining firm UK Seabed Resources (UKSR) from U.S. weapons manufacturer Lockheed Martin (LMT.N), the companies said on Thursday as international rules governing seabed mining are hammered out.
In April 2021, Cdr. Gopakumar K. and his colleagues from the National Institute of Ocean Technology (NIOT) reached the central Indian Ocean with Varaha-1, a deep-sea mining machine. The 9.5-tonne machine was carefully lowered into the ocean waters using a high strength umbilical cable. It weighs 3.5 tonnes in the water due to the buoyancy. The test spot has a depth of about 5,200-5,300 metres. The sea conditions were calm. At sea however, the conditions can change with little notice, making this attempt challenging.
Regulatory Insights:
The ISA is operating with the dual mandate of promoting the development of deep-sea minerals whilst ensuring that this development is not harmful to the environment. This challenging and conflicting mandate will require improved oversight by the international community – including government representatives and the general public – to ensure that marine life is adequately protected.
Influencing Trend:
Increasing Adoption Due To Underground and Hydraulic Mining Technology, Surging Metal Demand in Emerging Countries and High Demand for Under Water Drones
Market Growth Drivers:
Emerging Automobile Manufacturing As Well As Aftermarket Industry and Rising Commercial Interest in the Marine Mining
Challenges:
Stringent Government Regulations Regarding Seabed Exploration
Restraints:
Rising Environmental Concerns
Opportunities:
Huge Demand Due To Advanced Technologies Including Remotely Operated Unmanned Vehicles, Seabed Vacuums, and SONAR and R&D Initiatives to Simulate and Develop Sustainable Mining Models
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Marine Mining Market
- Analysis about New Entrants in Marine Mining Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Marine Mining Study Sheds Light on
The Marine Mining Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Marine Mining industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Marine Mining industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.