Marine Mining Market

The report "Marine Mining Market By Technology (Remotely Operated Vehicles (ROVs), Sonar, Marine Seismic Methods), By Element (Polymetallic Nodules, Polymetallic Sulphides, Cobalt-rich ferromanganese crusts, and Others), Application, and Region - Global Forecast to 2029", The market for marine mining market is projected to reach USD 15.9 billion by 2029 from USD 3.7 billion in 2024, at a CAGR of 33.7% during the forecast period. Growth in the marine mining market is induced by the exhaustion of terrestrial mineral resources, increasing demand for essential minerals used in electronics, electric vehicles, and renewable energy technologies, among other innovations in exploration technologies such as remotely operated vehicles and autonomous underwater vehicles. Furthermore, growth is driven by the rising demand for critical minerals, such as lithium, nickel, and cobalt, used in clean energy technologies. When land-based mining is no longer sustainable, seabed mining provides the chance to secure cobalt, nickel, and copper, among others, from the vast untapped resource on the ocean floor, which also offers immense potential opportunities for sustainable and economically viable extraction. Other reasons include geopolitics risks concerning the supply chain, environmental aspects, and the setup of regulatory frameworks such as the ISA.

Browse 335 market data Tables and 54 Figures spread through 274 Pages and in-depth TOC on "Marine Mining Market By Technology (Remotely Operated Vehicles (ROVs), Sonar, Marine Seismic Methods), By Element (Polymetallic Nodules, Polymetallic Sulphides, Cobalt-rich ferromanganese crusts, and Others), Application, and Region - Global Forecast to 2029"
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“Remotely Operated Vehicles is the largest segment by technology segment in the marine mining market”

Remotely operated vehicles have a wide lead over other technologies in the technology segment of the marine mining market, mainly because of the effective exploration and extraction of resources from the ocean floor. These advanced, unmanned machines are designed to operate in extreme underwater conditions, making them essential for deep-sea mining activities. ROVs are equipped with high-resolution cameras, sensors, and robotic arms, allowing operators to remotely inspect and manipulate the seabed to locate and retrieve valuable minerals, such as polymetallic nodules, sulfides, and cobalt-rich crusts. The fact that they can operate in deep, inaccessible locations dramatically reduces the amount of human presence required for dangerous and costly underwater environments. Their ability to operate in deep-sea environments, including the Clarion-Clipperton Zone and mid-ocean ridges, makes them indispensable for targeting high-value resources. Thus, incorporation into marine mining strategies would not only enhance the extraction process but also meet regulatory needs to preserve marine environments and reinforce its worth within the industry's future.

“Cobalt-rich ferromanganese crusts is the third-largest segment by element in the marine mining market”

Rich cobalt ferromanganese crusts are the third largest component in marine mining due to their concentrated, rich content with cobalt, which now accounts for critical material needed for modern technologies, most especially in the manufacture of rechargeable batteries for electric vehicles and storage systems for renewable energy. These are crusts found on seamounts and other submerged geological features, and they are rich in cobalt and several other elements like nickel, manganese, and rare earth metals. With the global demand for cobalt projected to increase significantly because of the ongoing upsurge in electric vehicle usage, energy storage systems, and the entire green energy transition, they present a significant target for marine mining operations.

“Asia Pacific is the fastest growing region in the marine mining market”

Asia-Pacific region is emerging as the fastest growing region in marine mining markets, combining all factors, such as a growing economy, increased demand for key minerals, and significant investments in technologies for deep-sea exploration. All these factors contributed to strengthening the industrial base in the region with their fast advancement in technologies; examples include countries such as China, Japan, Australia, and India, thus developing more robustness in demand for critical minerals, that is, nickel, cobalt, copper, and rare earth elements, which are the fundamental components of electric vehicles (EV) batteries, renewable energy technology, as well as electronics.

Precious Metals is the fastest-growing application segment in the marine mining market.

Precious metals are quickly becoming one of the major segments in the emerging marine mining market as their demand increases continuously in many application areas of high-tech and industrial sectors. Among these metals are gold, silver, and platinum group metals (PGMs), which are increasingly sought after for applications in electronics, renewable energy technologies, and the automotive industry. Such increased demand is because they respond to the increasing demand for precious metals in the energy transition.

Key players

The marine mining market report comprises key manufacturers such as Nautilus Minerals Inc. (Canada), Loke Marine Minerals (Norway), Keppel Ltd. (Singapore), Soil Machine Dynamics Ltd. (UK), Royal IHC (Netherlands), Ocean Minerals LLC (US), China Minmetals Corporation (China), The Metals Company. (Canada), De Beers Group  (UK) and Deep Ocean Engineering (US).

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