Global Marine Mining Market ...

About Marine Mining

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.

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. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Marine Mining market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.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) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are De Beers (United Kingdom), Korea Institute of Ocean Science and Technology (South Korea) and Johnson Electric (Hong Kong).

Segmentation Overview

AMA Research has segmented the market of Global Marine Mining market by Type (polymetallic nodule mining,, polymetallic sulfide mining, and cobalt-rich ferromanganese crusts.), Application (Automotive, Precious Metals, Construction and Electronics) and Region.On the basis of geography, the market of Marine Mining has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Remotely Operated Vehicles (ROVs) will boost the Marine Mining market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Depth, the sub-segment i.e. Average Depth: 800 – 2,400 m will boost the Marine Mining market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.

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

Market Leaders and their expansionary development strategies

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.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.

Key Target Audience

Government and Private Research Institutes, Government Regulatory Bodies and Others

About Approach

To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.

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