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Global Green Mining Market Size was valued at USD 10.7 Billion in 2022. The Green Mining market industry is projected to grow from USD 11.9 Billion in 2023 to USD 26.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.10% during the forecast period (2023 - 2032). There is a growing emphasis on eco-friendly and sustainable practices in the mining industry as environmental concerns and the necessity for eco-friendly mining practices increase, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In an effort to enhance the economic and environmental performance of the mining industry, modern green mining technologies are being developed. Ores are extracted using a variety of techniques, gravely harming the environment. The repercussions of mining operations are still not fully under control, and they are not sustainable. Green mining technology is used to address problems in an efficient manner and achieve sustainable development. The mining industry is attempting to solve the worrying issue of dependable supply in light of the huge increase in the cost of energy, particularly electricity. The factors that will continue to make the industry's expansion challenging as the associated environmental costs rise include declining ore grades, resource intensity, and the amount of waste created per unit of resource, to name just a few. In an effort to promote environmental preservation and monitor safety concerns, mining companies are gradually integrating cutting-edge and environmentally friendly technologies. Examples include power reduction and the use of renewable energy sources (solar/wind). The development of green mining technology is being influenced by a variety of reasons, including increasing commodity costs, declining productivity, shifting legislation, and social justice.
New regulations on greenhouse gas emissions, a carbon price, and investor perspectives on ESG are incentivizing mining companies to adopt low-carbon routes and advance the green energy transition.
Due to the increased need for surface mining techniques, the market for green mining is growing. For a variety of reasons, mining companies generally prefer surface mining to underground mining. Surface mining is a more cost-effective and secure type of mining. The five kinds of surface mining are mountaintop removal, dredging, high-wall mining, open-pit mining, and strip mining. For instance, Intech Open predicts that because to its higher productivity, lower production costs, and safer and hygienic environment, open pit mining will be preferred to underground mining in 2022. Due to the increased need for surface mining techniques, the market for green mining is expanding significantly.
Technological advancement is an important trend that is gaining popularity in the green mining market. The cornerstones of future development are new product brands that are not just eco-friendly but also eco-effective. It will establish an eco-friendly, productive, and healthy ecosystem of stakeholders that produces eco-friendly products to meet consumer demand. For instance, GalvaRoS-GP was a brand-new product introduced by Tata Steel in 2020. Regular Spangle Product was developed to meet the expectations of customers for galvanized steel sheets and coils that are safer for the environment, have increased corrosion resistance, are easily accessible in bespoke sizes, and provide a higher return on investment. GalvaRoS provides product authenticity and is fully compliant with RoHS. This custom solution, which perfectly conforms with BIS standards, provides consumers with a better offer and ROI. Thus, driving the Green Mining market revenue.
The global Green Mining market segmentation, based on Technology, includes power reduction, fuel and maintenance reduction, emission reduction, water reduction, and others. The power reduction segment accounted for largest market share in 2022. One of these energy-intensive processes is comminution, which is the term used to describe the process of reducing solid materials from their average particle size to smaller particle sizes through crushing, grinding, cutting, vibrating, or other similar ways. This high-energy process involves both crushing and grinding. Because mines rarely have control over energy costs, it is imperative that the comminution process meet the criteria while consuming as little energy as possible.
The global Green Mining market segmentation, based on Type, includes surface and underground. The surface segment accounted for the largest market share in 2022. Surface mining is more productive than underground mining. As a result, this type of mining has lower production costs. Equipment for underground mining is more expensive than equipment for surface mining since it must maintain productivity. A large production scale is additionally feasible with an open pit. The predominance of open-pit mines has allowed for the mass production of open-pit equipment.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Europe Green Mining market dominated the global market in 2022 (45.80%). The region has emerged as the largest consumer and advocate of green mining practices as a result of strict governmental regulations and rising public awareness of environmental issues. The expansion of sustainable practices in countries like Germany, Russia, Poland, and Turkey to protect the environment through the use of advanced technology is projected to be the primary factor driving the region's green mining market. Further, In the European region, the German Green Mining market had the biggest market share, and the U.K. Green Mining market had the quickest rate of growth.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North America Green Mining Market is expected to register fastest growth from 2023 to 2032. The expansion of the regional market may be attributed to ongoing improvements in digital mining technology, rising investment, and increased government assistance through a range of capacities and development initiatives. The incorporation of AI into mining equipment, which enhanced worker efficacy and production while assuring their safety, is another factor driving the market's rise. Further, In the North American area, the U.S. Green Mining market had the biggest market share, while the Canada Green Mining market had the quickest rate of expansion.
The Asia Pacific Green Mining market accounts for the significant market share. The Asia Pacific region of the global green mining market is quite profitable. China, Australia, and India are the three most significant mining countries in the Asia Pacific region due to their quick industrial development and the high demand for industrial minerals globally. Due to growing environmental concerns and rising mineral demand, Asia Pacific is expected to experience an increase in the need for green mining over the next years. Moreover, In the Asia-Pacific region, the Indian Green Mining market had the quickest rate of growth while China's Green Mining market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Green Mining market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Green Mining sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Green Mining sector. Major players in the Green Mining market, including Glencore, Rio Tinto, Vale S.A., BHP Billiton, Tata Steel, Anglo American, Jiangxi Copper Corporation Limited, Dundee Precious Metals, Liebherr, Saudi Arabian Mining Corporation, Sany, Doosan Infracore, and Shandong Gold Mining Co. Ltd, are attempting to increase market demand by investing in research and development operations.
BHP, a company that deals with natural resources, performs all of the exploration, development, production, and processing of mineral resources. It finds, buys, and sells a wide range of other commodities in addition to iron ore, coal, nickel, copper, lead, silver, potash, molybdenum, uranium, zinc, and gold. The firm is working on projects that involve iron ore mines in Brazil and Australia as well as copper mines in Chile, Peru, and Australia. It also includes coal mines in Colombia, the US, Australia, and Canada, as well as a potash development project. The US, UK, Algeria, Trinidad & Tobago, and the Gulf of Mexico are further locations where BHP engages in oil and gas exploration, development, production, and marketing activities. Australia's Melbourne, Victoria, acts as BHP's headquarters of operations. In May 2021, BHP launched the "Charge on Innovation Challenge," an initiative for electrifying mining trucks, in association with Rio Tinto and Vale. The effort aims to build advanced charging infrastructures in addition to battery-powered electric trucks.
Rio Tinto, a metals and mining company, is in charge of prospecting, mining, and processing a variety of mineral resources. It offers a range of metals and minerals, including as uranium, diamonds, uranium ore, and aluminum. Rio Tinto also offers salt, titanium dioxide, borax, and other industrial minerals. Smelters, refineries, processing facilities, shipping, commercial, and research facilities, as well as port and rail infrastructure, are all managed by the company. It also manages its exploration, technology, and innovation operations through research centers. In addition to the Americas, Europe, the Middle East, and Africa, the company also operates there. The Rio Tinto corporate headquarters are located in Greater London, United Kingdom. In October 2022, Rio Tinto and Scania partnered to begin construction of an R&D complex for autonomous technology, including electric vehicles.
· Glencore
· Rio Tinto
· Vale S.A.
· BHP Billiton
· Tata Steel
· Anglo American
· Jiangxi Copper Corporation Limited
· Dundee Precious Metals
· Liebherr
· Saudi Arabian Mining Corporation
· Sany
· Doosan Infracore
· Shandong Gold Mining Co. Ltd
February 2023: Global miner Rio Tinto and Japanese trader and business behemoth Marubeni Corporation have agreed to a maiden sale under a new strategic Collaboration Agreement in order to guarantee a sustainable and regular supply of Rio Tinto's Responsible Aluminium products to Japanese downstream producers.
· Surface
· Underground
· Power Reduction
· Fuel and Maintenance Reduction
· Emission Reduction
· Water Reduction
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 10.7 Billion |
|
Market Size 2023 |
USD 11.9 Billion |
|
Market Size 2032 |
USD 26.1 Billion |
|
Compound Annual Growth Rate (CAGR) |
11.10% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Technology, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Glencore, Rio Tinto, Vale S.A., BHP Billiton, Tata Steel, Anglo American, Jiangxi Copper Corporation Limited, Dundee Precious Metals, Liebherr, Saudi Arabian Mining Corporation, Sany, Doosan Infracore, and Shandong Gold Mining Co. Ltd |
|
Key Market Opportunities |
Use of solar energy to lower environmental risks |
|
Key Market Dynamics |
Growing focus on eco-friendly and sustainable practices in mining industry to curb environmental concerns and the demand for eco-friendly mining practices |
The global Green Mining Market was valued at USD 10.7 billion in 2022, and it is estimated to reach USD 26.1 billion by 2032.
The global market is projected to grow at a CAGR of 11.10% during the forecast period, 2023-2032.
Europe had the largest share in the global market
The key players in the market are Glencore, Rio Tinto, Vale S.A., BHP Billiton, Tata Steel, Anglo American, Jiangxi Copper Corporation Limited, Dundee Precious Metals, Liebherr, Saudi Arabian Mining Corporation, Sany, Doosan Infracore, and Shandong Gold Mining Co. Ltd
The Surface Type dominated the market in 2022.
The Power Reduction Technology had the largest share in the global market.
Report Code :
RL6583
Published on :
Aug 2023
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