Newark, June 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the green mining market will grow from USD 11.12 Billion in 2022 to USD 27.10 Billion by 2032. The green mining market is expanding due to the increasing investment in renewable energy development. The increasing initiatives by regional governments will soon augment the demand for green mining.
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Key Insight of the Green Mining Market
The European region will account for the largest market size during the forecast period.
Europe region will hold a significant market share due to the rising number of manufacturers involved in developing equipment used for green mining. One of the main factors propelling the regional green mining market is the expansion of the natural energy sector due to rising urbanization and the expansion of the industrial economy. The growth of the green mining market is expected to be bolstered by adopting sustainable practices in regional countries.
The underground segment is expected to augment the market during the forecast period.
The type segment is divided into underground and surface. The underground segment is expected to augment the market during the forecast period. The technique of obtaining minerals, rocks, and other industrial resources from the earth by drilling shafts and openings from the surface to the deposits or seams is known as underground mining. It is employed when corporations cannot readily access mineral resources, often known as ore bodies, from the ground due to their deep crustal location.
The water reduction segment is expected to augment the market during the forecast period.
The technology segment is divided into emission reduction, power reduction, water reduction, fuel and maintenance reduction and others. The water reduction segment is expected to augment the market during the forecast period. Reducing water usage is necessary to lessen the environmental impact that mining causes. Green mining is a significant solution developed to address real-time water usage computations.
The industrial metals segment is expected to augment the market during the forecast period.
The minerals extracted segment is divided into precious metals, mineral fuels, industrial metals, ferro alloys and non-ferrous metals. The industrial metals segment is expected to augment the market during the forecast period. The extraction and processing of metals for financial gain is known as industrial metal mining. Among the significant industrial metals are copper, lead, zinc, steel, and aluminium.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast CAGR | 9.32% |
| 2032 Value Projection | USD 27.10 Billion |
| Market Size in 2022 | USD 11.12 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Type, Technology, Minerals Extracted |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Green Mining Market Growth Drivers | Rising adoption of green mining |
Market Dynamics
Driver: Increasing preference towards eco-friendly mining practice
Mining corporations are developing innovative strategies to support sustainability as the world's population grows. Using alternative low-impact mining practices can decrease pollution and the use of natural resources. Utilizing environmentally friendly equipment and practising sustainable mining are further ways mining businesses can improve the living circumstances of their workforce. These lower-impact mining methods have the advantage of lessening soil erosion and surface disturbance at mining sites. Another environmental benefit is that lower-impact mining methods can move less material that would need to be backfilled. Mining businesses can use more environmentally friendly equipment if they want to lessen their influence on the environment. An increasing number of mining manufacturers are currently offering eco-friendly substitutes.
Restraint: High cost of equipment
The limitation of green mining practices is that the electrical equipment is costly and thus is not used by many end-users. The price of green mining equipment can vary depending on the equipment type and mining method. For instance, mining equipment that runs on batteries can be pricey compared to the ones running on diesel.
Opportunity: Growing demand for natural energy resources
Based on regional opportunities and regulations, much of the world is still moving towards lower-emission energy production options, with wind, natural gas, solar, and nuclear leading the way. Through 2050, there will be an increase in the world's energy demand and carbon emissions related to energy. In the next 30 years, population and economic growth—particularly in developing Asian nations—are expected to propel a 47% increase in worldwide energy demand, according to the EIA. Nuclear and renewable energy are expanding rapidly, accounting for around 70% of the additional energy supply needed to keep up with demand. Over time, natural gas grows and accounts for over 30% of all demand. Global electricity demand is predicted to rise, with the main sources of supply anticipated to be more nuclear, wind, solar, and natural gas-fired capacity.
Challenges: Low awareness
The underdeveloped and developing regions need more awareness about the benefits of green mining. Most industries would prefer something other than investing in green mining technology. Also, these regions do not provide favourable policies for setting up green mining practices. Thus, the market needs to be able to reach these regions.
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Some of the major players operating in the Green Mining Market are:
• BHP Billiton
• Anglo American
• TATA Steel
• Jiangxi Copper Corporation Limited
• Liebherr
• Dundee Precious Metals
• Saudi Arabian Mining Corporation
• Doosan Infracore
• Sany
• Shandong Gold Mining Co. Ltd
• Wirtgen Group
• Freeport-McMoRan
• Glencore
• Vale S.A.
• Rio Tinto
Key Segments Cover in the Market:
By Type:
• Underground
• Surface
By Technology:
• Emission Reduction
• Power Reduction
• Water Reduction
• Fuel and Maintenance Reduction
• Others
By Minerals Extracted:
• Precious Metals
• Mineral Fuels
• Industrial Metals
• Ferro Alloys
• Non-Ferrous Metals
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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