Wilmington, Delaware, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Need to complement depleting land-based metals and minerals resources, for commercial and industrial applications has led to the surface of marine mining. Commercial-scale marine mining is gaining traction due to the depleting terrestrial reserves of metals such as copper, nickel, aluminum, and manganese for applications in smartphones, wind turbines, solar panels, and electric storage batteries. The marine mining market size is estimated at US$ 31.5 Bn by 2031.
Expanding marine mining operations is attracting technology companies to enter the fray. Big data analytics has become the ‘buzzword’ in the marine mining industry. Recent developments in the marine mining market include, innovation of a big data analytical tool by IBM which helps to track wear and tear of equipment. Key benefit to prevent disruption in mining equipment attracts leading players in the marine mining market to adopt next-gen technology.
Request Sample Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2410
Rapid growth of the construction and shipbuilding industries in Asia Pacific exhibits massive demand for mineral and metals. Rise in disposable income and increase in demand for automobiles and household equipment, which requires high metal and mineral content, is expected to shape the future market demand for marine mining in the region. Furthermore, increasing entry of global players through FDI incentive schemes is boosting industrialization, thereby fueling the growth of marine mining market in the region.
Marine Mining Market – Key findings of the Report
- Remotely operated vehicles technology segment held the leading 54.54% share of marine mining market in 2021. Critical role of remotely operated vehicles (ROVs) in seafloor mapping, wherein they are designed and developed for easy and cost-effective underwater observation spurs demand. ROVs are equipped with at least a still camera, video camera, and light, and thus undertake exploration of the ocean from the surface. ROVs capture images and videos and transmit them back to the ship. Scope of ROVs to attach additional equipment, such as water samplers and cutting arm to measure various parameters, underpins massive revenue potential in the marine mining market.
- Automotive application segment held the leading 35.25% share of marine mining market in 2021. Automotive sector displays large volume demand for minerals such as iron, magnetite, and hematite. Metals are mainly used for electrical and electronic products in the automotive sector. Electric vehicles require two to three times the amount of copper required in traditional vehicles.
- Asia Pacific stood as the fastest growing market for marine mining, holding 98.92% share in 2021. Rapid industrialization and urbanization in emerging economies of the region, leading to high volume demand for metals and minerals spells growth in marine mining market in the region.
- Europe is a key region in the marine mining market. Abundance of mineral resources in the deep sea helps to serve the growing demand for metals and minerals for economic prosperity. Demand for aggregates and industrial minerals and metals has been increasing with continued industrialization, and thus fuels growth of marine mining market in the region.
Make an Enquiry Before Buying - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=2410
Marine Mining Market – Growth Drivers
- Need for new sources of metals and minerals for the depleting terrestrial reserves, to serve the increasing demand for electronic components fuels the growth of marine mining market
- Availability of several metal and mineral resources for extraction in the deep sea, which is governed by The International Seabed Authority catalyzes growth
Marine Mining Market – Key Players
Some of the key players operating in the marine mining market are;
- Nautilus Minerals Inc.
- UK Seabed Resources
- Soil Machine Dynamics Ltd.
- Ocean Minerals LLC
- Deep Green Metals Inc.
- Neptune Minerals
- Keppel Corporation Limited
- Royal IHC
- Diamond Fields Resources Inc.
- China Minmetals Corporation
Ask for References – https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=2410
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Contact Us
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
