Marine Mining Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, Norway, France - Size and Forecast 2024-2028

Marine Mining Market Forecast 2024-2028 :

The marine mining market size is projected to increase by USD 8.25 billion at a CAGR of 33.98% between 2023 and 2028. The market's growth hinges on multiple factors, notably the intensifying emphasis on energy transition and renewable technologies, escalating demand for critical minerals, and the burgeoning utilization of AI in marine mining. These trends underscore a broader shift towards sustainable practices and technological innovation in the sector. With a growing global awareness of environmental concerns and the need for resource diversification, industries are increasingly turning towards advanced solutions and methodologies to meet evolving demands and challenges.

The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including AP Moller Maersk AS, China Minmetals Corp., Collier Consulting Inc., De Beers Corp., Deep Ocean Engineering Inc., DEME NV, DFR Gold Inc., Groupe Gorge, Loke Marine Minerals AS, Ocean Minerals LLC, RJE International Inc., Royal IHC, SAMS Enterprise Ltd, Specialist Machine Developments Ltd., and TMC The Metal Co. Inc. Additionally, AP Moller Maersk AS, through its subsidiary Maersk Supply Services, provides marine mining solutions specializing in deep-sea mineral exploration, including the harvesting of small metallic rocks and polymetallic nodules.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics

The market is primarily driven by the growing demand for metals and minerals, such as silver, gold, copper, and cobalt, essential for various industries including electronics, renewable energy, and automotive manufacturing. Key trends include the exploration and extraction of deep-sea mineral deposits using advanced technologies like deep-sea remotely operated vehicles (ROVs) and autonomous vehicles. However, challenges such as environmental concerns, regulatory complexities, and the high cost of underwater mining operations pose significant hurdles to market growth. Despite these challenges, the depletion of terrestrial deposits and the increasing need for rare earth elements and metals are expected to drive continued interest and investment in marine mining endeavors.

Market Growth Analysis Driver

Growing focus on energy transition and renewable technologies is notably driving market growth. Renewable energy technologies, such as wind turbines, solar panels, and electric vehicles, rely heavily on critical minerals such as cobalt, lithium, nickel, and REEs. These minerals are essential for manufacturing batteries, magnets, and other components of renewable energy systems. As the demand for renewable energy continues to grow, so does the demand for these critical minerals, driving interest in marine mining as a potential source. Deep-sea environments are known to host rich deposits of critical minerals, including polymetallic nodules, seafloor massive sulfides (SMS), and cobalt-rich ferromanganese crusts. It provides access to these strategic resources, which are crucial for advancing the energy transition and achieving sustainability goals. 

Further, the EU research has highlighted significant knowledge gaps and the need for long-term studies to understand the full range and impacts on biodiversity. The EU objectives for deep-sea research include enhancing cross-sector dialogue and providing a platform for future partnerships between the scientific, industry, and socio-economic communities. Thus, the growing focus on energy transition and renewable technologies creates opportunities for such sectors to contribute to the sustainable supply of critical minerals needed for building a low-carbon economy, which will propel the market during the forecast period.

Market Growth and Trends

Advancements in marine mining technologies are an emerging trend shaping market growth. Advancements in ROV technology have improved their maneuverability, endurance, and capabilities, enabling precise exploration, mapping, and extraction of mineral deposits in deep-sea environments and have enhanced the efficiency and safety of marine mining operations. Autonomous underwater vehicles (AUVs) are self-propelled, untethered vehicles that can operate autonomously without human intervention. These vehicles are equipped with sensors and navigation systems that enable them to collect data, conduct surveys, and map the seabed with high accuracy. 

Moreover, specialized dredging and mining equipment, including suction dredges, hydraulic excavators, and robotic mining machines, are used for collecting and processing mineral-rich sediments from the seabed. Advances in seafloor mining equipment have increased their efficiency, productivity, and reliability, making such operations more economical and scalable. Thus, the advancements in technologies will enhance the market during the forecast period.

Market Restrain

The environmental impact of marine mining operations is a significant challenge hindering market growth. Marine mining operations can cause habitat destruction and alteration of seafloor ecosystems. Activities such as seabed dredging, sediment removal, and disturbance of benthic habitats can disrupt habitats, including coral reefs, sponge beds, and deep-sea vent ecosystems. Seabed mining activities can generate sediment plumes, which can smother benthic organisms, alter sediment composition, and reduce water clarity. Sediment plumes can also affect water quality, turbidity levels, and sedimentation rates, adversely impacting marine ecosystems and species that rely on clear water conditions.

Furthermore, marine mining operations can introduce chemical pollutants into the marine environment through the release of sediment, dredging effluents, and discharge of mining waste. Chemical pollutants, including heavy metals, hydrocarbons, and toxic substances, can accumulate in marine organisms, leading to bioaccumulation and biomagnification in the food chain. Thus, these factors are expected to hinder the development of the market during the forecast period.

Market Segmentation By Application, Technology and Geography

The market is a dynamic sector focused on extracting valuable minerals and metals from the sea floor. It involves operations in various bodies of water, including oceans and seas, targeting mineral deposits such as silver, gold, copper, manganese, cobalt, and zinc. Key players in this market include exploration companies, mining contractors, and governmental bodies like the International Seabed Authority (ISA). Techniques like underwater mining and deep-sea diamond mining utilize advanced equipment such as deep-sea remotely operated vehicles (ROVs) and autonomous vehicles to access mineral-rich regions. Challenges include environmental concerns, regulatory complexities, and the high cost of exploration and extraction.

Application Analysis 

The market share growth by the precious metals segment will be significant during the forecast period. Economic expansion typically leads to an increased demand for precious metals, which are used in various industries, such as jewelry, electronics, automotive, and aerospace. As economies grow, so does the demand for commodities such as gold, silver, and platinum, driving interest in marine mining as a potential source of these metals. 

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The precious metals were the largest segment and were valued at USD 277.40 million in 2018. Furthermore, favorable government policies, such as tax incentives, subsidies, and regulatory frameworks that support responsible marine mining practices, stimulate the demand for marine mining for precious metals while ensuring environmental protection and sustainability. For instance, India's Deep Ocean Mission (DOM) is an ambitious program that aims to develop technologies to harness living and non-living resources from the deep oceans. The program was initiated in 2021 by the Minister of Earth Sciences (MoES) of India through Samudrayaan, India's flagship DOM. The goals of the Samudrayaan mission include developing an integrated mining system, exploring and identifying potential sites of multi-metal hydrothermal sulfide mineralization along the Indian Ocean mid-oceanic ridges, and technological innovations for exploration and conservation of deep-sea biodiversity. Thus, these factors will boost the growth of the precious metals segment during the forecast period.

Technology Analysis 

Remotely operated vehicles (ROVs) play a crucial role in marine mining operations by facilitating exploration, surveying, and extraction activities in deep-sea environments. ROVs are used for seabed mapping, geological surveys, and exploration of potential mining sites. High-definition cameras and sensors mounted on ROVs provide valuable data for identifying mineral deposits, assessing resource potential, and planning extraction operations, driving the demand for ROVs. Furthermore, ROVs play a critical role in ensuring the safety of personnel and equipment in hazardous marine environments. By remotely operating equipment and performing tasks instead of human divers, ROVs reduce the risk of accidents, injuries, and operational downtime, making them indispensable for marine mining operations. Thus, these factors will boost the segment during the forecast period.

Regional Overview

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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional market trends and drivers influencing the market's trajectory throughout the forecast period. Increasing global demand for rare earth metals, minerals, and other resources is driving exploration and extraction activities in deep-sea environments where marine mining operations are focused. As terrestrial sources of critical minerals like cobalt, lithium, and nickel are getting depleted, the demand for deep-sea alternatives rises in North America. These minerals are essential for various applications, including electric vehicle batteries, renewable energy technologies, and electronics. Discoveries of significant mineral deposits and resources in marine environments, such as polymetallic nodules, cobalt-rich ferromanganese crusts, and hydrothermal vents, can spur investment and interest in marine mining activities. 

Additionally, in February 2023, the Canadian government announced USD 46.5 million in funding for deep sea research. The funding will be provided over five years to Ocean Networks Canada, a University of Victoria initiative. The funding will be used to improve the ocean monitoring system and gather data about ocean changes and climate impacts. The funding will also support oceanographic radar and ocean buoy monitoring efforts. These efforts provide real-time information about waves and surface currents, which can help monitor ocean conditions and prepare for extreme events, which will boost the growth of the regional market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Market Companies 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

China Minmetals Corp - The company offers marine mining solutions for extracting minerals such as polymetallic nodules, cobalt-rich ferromanganese crusts, and seabed massive sulfides from the ocean floor through remotely operated vehicles and autonomous underwater vehicles.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

•  Application Outlook
  • Precious metals
  • Automotive
  • Oil and gas
  • Electronics
  • Construction

• Technology Outlook
  • Remotely operated vehicles (ROVs)
  • Sonar
  • Marine seismic methods

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview 

The global marine mining market is at the forefront of technological development, driven by the continuous pursuit of new frontiers and future demand for rare elements. Deep-sea mining explores terrestrial mines' limitations, tapping into marine crust reserves for materials like rare earth elements (REEs) and rare metals, including yttrium. Concerns about environmental issues and costs surround this emerging industry, emphasizing the need for suitable sites and responsible practices. Deep-sea remotely operated vehicles (ROVs), autonomous vehicles, drills, and cutting tools are pivotal in exploring locations, including magma-rich areas, chimneys, and polymetallic sulfides. Further, innovations like the Continuous Line Bucket System (CLB) and hydraulic suction systems act as market drivers, catering to the growing market, especially in the context of miniaturization for electronic devices.

However, challenges like infrastructure setup and operating costs serve as market restraints, prompting the industry to strike a balance between technological advancements and sustainable practices. The market is propelled by new technologies that revolutionize resource extraction, enhancing comfort and elevating the standard of living for humans and mankind alike. With the capacity to tap into vast underwater resources in seawater and cold water, this industry caters to a large number of industries. Extracting valuable solids from the depths presents immense opportunities yet requires careful stewardship to safeguard marine ecosystems. As the sector advances, sustainable practices must be prioritized to ensure the preservation of our oceans' health and vitality, akin to nurturing grass roots for a thriving ecosystem.

Marine Mining Market Scope
Report Coverage	Details
Page number	156
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 33.98%
Market Growth 2024-2028	USD 8.25 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	33.73
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 33%
Key countries	US, China, Germany, Norway, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	AP Moller Maersk AS, China Minmetals Corp., Collier Consulting Inc., De Beers Corp., Deep Ocean Engineering Inc., DEME NV, DFR Gold Inc., Groupe Gorge, Loke Marine Minerals AS, Ocean Minerals LLC, RJE International Inc., Royal IHC, SAMS Enterprise Ltd, Specialist Machine Developments Ltd., and TMC The Metal Co. Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the size and contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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