Market Research Report
Global Marine Mining Market - 2019-2026
|Published by||DataM Intelligence||Product code||910425|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Marine Mining Market - 2019-2026|
|Published: September 1, 2019||Content info: 130-180 Pages||
The process of recovering mineral wealth from sea water and from deposits on and under the sea floor. While mineral resources to the value of trillions of dollars do exist in and under the oceans, their exploitation is not simple. The deep-sea contains many different resources available for extraction, including silver, gold, copper, manganese, cobalt, and zinc. Many environmental problems must be overcome and many technical advances must be made before the majority of these deposits can be mined in competition with existing land resources.
The mineral resources of the marine environment are of different types: the dissolved minerals of the ocean waters; the unconsolidated mineral deposits of marine beaches, continental shelf, and deep-sea floor; and the consolidated deposits contained within the bedrock underlying the seas.
The global marine mining market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Increasing shipbuilding and construction industries is the major driver for market growth worldwide. Shipbuilding and construction industries are expanding rapidly because of high rise in the various projects worldwide. This is expected to boost the demand for metals and minerals. Manufacturing industries have been growing in emerging economies such as India, Japan, China, Indonesia, and Brazil since the last past decade. The demand for metal products is increasing worldwide due to rapid industrialization. The rise in demand for automobiles and household equipment with metal content and mineral and growth in disposable income are the major impacting factors for market growth.
Adding to this, through FDI incentive schemes, various international players are investing heavily in their businesses in developing countries and this is expected to boost industrialization globally. For instance, most of the Indian companies across industries have operations in China. Indian corporate investments in China range from around USD 70 million.
However, Environmental issues are the major restraint hampering the growth of the market globally.
By application, the marine mining market is segmented into SONAR, marine seismic methods and remotely operated vehicles (ROVs). The global marine mining market size by technology was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Remotely Operated Vehicles (ROVs) are expected to grow with a high CAGR rate in the forecast period. Remotely Operated Vehicles (ROVs) are tethered underwater vehicles equipped with video cameras, sonars, pipe-trackers and navigation, positioning sensors and integrated job specific tooling.
ROVs inspect subsea system pipelines and other subsea equipment in water depths where divers cannot operate, whilst manipulators and intervention tools enable them to carry out task-specific project requirements at depths as great as 4000 meters. Companies are providing drilling and installation support for marine mining. For instance, Forgo provides a versatile range of ROVs and tooling to support exploration and production drilling programs.
By end user, the marine mining market is classified into construction, precious metal, electronics and construction.
Asia Pacific market is expected to grow with a high CAGR rate in the forecast period. Economies in Asia Pacific are moving to marine mining to meet the rising demand from end-users and various industries. Electronic sectors and infrastructure industries are growing at a high speed in this region and expected to continue to the same in the forecast period. Therefore, demand for metals and minerals is growing at a rapid pace. Companies are having some collaborations for marine mining in this region. For instance, Japan Oil, Gas, and Metals National Corporation (JOGMEC) and International seabed authority have signed a contract for exploration for cobalt-rich ferromanganese crusts. According to the contract, JOGMEC will be having special rights for exploration of cobalt-rich ferromanganese crusts for almost 3,000 square kilometers of the seabed in the Western Pacific.
The Marine Mining market is highly competitive with existing players in the market.
Some of the major players include Keppel Corporation LimitedChina Minmetals Corporation, Diamond Fields Resources Inc, Ocean Minerals, LLC, Royal IHC, Nautilus Minerals Inc., Soil Machine Dynamics Ltd, DeepGreen Metals Inc., Neptune Minerals and UK Seabed Resources.
The key players are adopting various key strategies like collaborations, mergers & acquisitions which are contributing to the growth of the Marine Mining Market.
In July 2019, Odyssey Marine Exploration, Inc., an innovator in the field of deep-ocean exploration, has successfully achieved an equity interest of 79.9% in Bismarck Mining Corporation (PNG) LTD (Bismarck) in exchange for Odyssey's common stock totaling 249,584 shares.
Japan Oil, Gas, and Metals National Corporation (JOGMEC) and International seabed authority have signed a contract for exploration for cobalt-rich ferromanganese crusts.
In March 2018, Nautilus Minerals Inc. has announced that they launched its production support vessel at the Mawei shipyard in China.
The Marine Mining report would provide an access to an approx, 53 data tables, 43 figures and 195 pages.
"List not exhaustive"