Marine Mining Market 2031 |Key Players - Nautilus Minerals Inc., Neptune Minerals

Marine Mining Market Outlook 2031

The global marine mining market was valued at US$ 1.6 Bn in 2021

It is estimated to advance at a CAGR of 34.43% from 2022 to 2031

The global marine mining market is expected to reach US$ 31.5 Bn by the end of 2031

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Analysts' Viewpoint on Marine Mining Market Scenario

Rise in demand for minerals and metals along with the depletion of land-based resources has led to a surge in interest in marine mining. Commercial-scale marine mining is gaining traction across the globe. A wide range of mining operations is being carried out in the shallow seabed. The finding of metal and mineral deposits beneath the seabed is a key factor driving the market for marine mining equipment and technology. Rise in deep sea exploration activities and emerging R&D initiatives to develop sustainable mining models are projected to offer significant opportunities for high-tech offshore mining projects.

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Global Marine Mining Market Introduction

Marine mining is the process of retrieving mineral deposits from the sea and the area of the ocean below 200 m. Several metals and minerals are available for extraction in the deep sea including silver, gold, copper, manganese, cobalt, and zinc. The International Seabed Authority (ISA), which regulates activities in areas beyond national jurisdiction, has issued 29 contracts for the exploration of deep-sea mineral deposits. More than 1.5 million square kilometers of the international seabed has been set aside for mineral exploration in the Pacific and Indian Oceans and the Mid-Atlantic Ridge. Increase in demand for electronic components is boosting the need for new sources of metals due to the depletion of terrestrial reserves of metals such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt. Rise in awareness about advantages and disadvantages of underwater mining, marine phosphate mining, and marine sand mining is creating lucrative opportunities for market players.

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Growth in Interest in Deep Sea Mineral Deposits to Drive Global Marine Mining Market

Interest in deep sea mineral deposits is growing consistently primarily due to the depleting terrestrial deposits of metals such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt; and rising demand for these metals to produce smartphones and green technologies such as wind turbines, solar panels, and electric storage batteries. Increase in automobile manufacturing and expansion of the aftermarket industry in the U.S., Germany, and Japan are anticipated to propel the demand for industrial metals such as platinum, copper, and nickel.

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Big data analytics has become the buzzword in the mining industry. Recently, IBM unveiled a big data analytics tool, which helps mining companies easily track wear and tear in equipment. This ensures uninterrupted performance of the mining equipment. Thus, increase in population and depleting terrestrial deposits are expected to drive the exploration of rich oceanographic mineral reserves.

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