Marine Mining Market - Overview
Resources such as fish and oil have been taken from the sea since many decades. Of late, the marine environment has been targeted as a source of renewable energy. The realization that metalliferous deposits on the seafloor could prove to be a valuable source of scare metals has become increasingly widespread in the last few years. Over the past decade, the demand for precious metals for advancing technologies has surged, making deep sea deposits increasingly attractive to commercial operators. The most likely targets for deep-sea mining are polymetallic sulfides, manganese nodules, and cobalt-rich ferromanganese crusts.
Papua New Guinea, Japan, and China are major countries for marine mining activities. In 2014, the International Seabed Authority and Japan Oil, Gas And Metals National Corporation (JOGMEC) signed a 15-year contract for the exploration of cobalt-rich ferromanganese crusts. Under the contract, JOGMEC is likely to have exclusive rights for exploration of cobalt-rich ferromanganese crusts over 3,000 square kilometers of the seabed in the Western Pacific. In 2017, Japan successfully tapped into a deposit of mineral resources from a deep water seabed off the coast of Okinawa. On the other hand, the marine mining market in China is anticipated to expand at a significant pace during the forecast period.
This report analyzes and forecasts the marine mining market at the global and regional levels. The market has been forecast based on value (US$ Mn) for the period from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global marine mining market. It also covers the expected impact of these drivers and restraints on the marine mining market during the forecast period. The report also highlights opportunities for the marine mining market at the global and regional levels.
The report includes detailed value chain analysis, which provides a comprehensive view of the global marine mining market. Porter’s Five Forces model has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein technology and application segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global marine mining market by segmenting it in terms of technology, application, and region. In terms of technology, the market has been classified into remotely operated vehicles (ROVs), SONAR, and marine seismic methods. Based on application, the marine mining market has been divided into automotive, precious metals, construction, electronics, and others (including industrial machinery and consumer goods). These segments have been analyzed based on the present and future trends. Regional segmentation covers the current and forecast demand for marine mining in North America, Europe, Asia Pacific, and Rest of World.
The report provides size (in terms of value) of the marine mining market for the base year 2017 and the forecast between 2018 and 2026. Market numbers have been estimated based on technology, and application segments of the global marine mining market. Market value have been provided for the global, regional, and country-level markets.
The report comprises profiles of major companies operating in the global marine mining market. Key players operating in the global market are Nautilus Minerals Inc., Neptune Minerals, UK Seabed Resources, Keppel Corporation Limited, Soil Machine Dynamics Ltd, Royal IHC, Ocean Minerals, LLC, Diamond Fields Resources Inc., DeepGreen Metals Inc., and China Minmetals Corporation. Market players have been profiled in terms of attributes such as company overview, financial overview, and recent developments.
Key Takeaways
- Asia Pacific is a leading region of the global marine mining market. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period.
- In 2015, the International Seabed Authority (ISA) issued seven new licenses to explore for the riches that lie on the floors of the Pacific, Indian, and Atlantic oceans
- Papua New Guinea is the major country for marine mining activities across the globe
- More than one million electric cars were sold across the globe in 2017 and China accounted for more than half of the global sales
- In 2017, the total number of electric cars on the road surpassed three million across the world
