Marine Mining Market will Likely Rise to US$ 7.0 Bn By 2026Posted by pranav suryawanshi on September 24th, 2019 The global marine mining market was valued at around US$ 500 Mn in 2017 and is anticipated to expand at a CAGR of more than 34% from 2018 to 2026, according to a new research report titled ‘Marine Mining Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) . Marine mining is the process of retrieving mineral deposits from the sea and the area of the ocean below 200 meters. 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. Interest in the deep sea mineral deposits has been rising constantly due to the depleting terrestrial deposits for metals (such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt) and increase in demand for these metals in the production of smartphones and green technologies (such as wind turbines, solar panels, and electric storage batteries). Additionally, growth in automobile manufacturing and the aftermarket industry in the U.S., Germany, and Japan is anticipated to boost the demand for industrial metals such as platinum, copper, and nickel. Thus, rise in population and depletion of terrestrial deposits are expected to drive the exploitation of rich oceanographic mineral reserves. In terms of technology, the remotely operated vehicles (ROVs) segment dominated the global marine mining market in 2017. ROVs are unoccupied, highly maneuverable underwater robots operated by someone at the surface of the water. They are also known as underwater drones, specifically designed and developed to make underwater observation easy and affordable. ROVs are used in various applications. Most of these are used for scientific purposes. They have proven to be extremely valuable in ocean exploration. Therefore, this segment is anticipated to expand at faster pace than any other segment during the forecast period.
Currently, under the United Nations Convention on the Law of the Sea (UNCLOS), any country or deep sea mining company that wishes to exploit the seabed needs an exploration contract from the International Seabed Authority (ISA) The Offshore Minerals Act 1994 establishes a regulatory regime for the exploration and production of minerals in Commonwealth waters that adheres to the principals of the 1979 Offshore Constitutional Settlement. Under the Act, exploration and recovery of resources found within the coastal waters of a state are administered by the state. Responsibility for minerals operations in Australia’s offshore areas beyond three nautical miles from the coastal baseline rests with the Australian Federal Government and is governed by the Commonwealth. The information Presented in this Review is Based on Press-Release by TMR In India, under the Mines and Minerals (Development and Regulation) Act of 1957, foreign direct investment (FDI) up to 100% under the automatic route is allowed for mining and exploration of metal and non-metal ores, including diamond, gold, silver, and precious ores, while FDI up to 100% under the government route is allowed for mining and mineral separation of titanium bearing minerals and their ores . Based on application, the automotive segment dominated the global marine mining market in 2017. In terms of value, the segment accounted for more than 30% share of the market in 2017. Various types of minerals such as iron, copper, magnetite, and hematite are used in the automotive industry. Leverage our Business Intelligence solution for neck-to-neck competition in the Industry, Visit Eminent Advisors Like it? Share it! More by this author |