Green Mining Global Market Report 2024

The green mining market size has grown strongly in recent years. It will grow from $9.82 billion in 2023 to $10.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The increase during the historical period can be credited to the demand for sustainable resources, cost savings through efficiency, community and stakeholder expectations, and efforts focused on water and energy efficiency, as well as rehabilitation and restoration initiatives.

The green mining market size is expected to see strong growth in the next few years. It will grow to $14.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be ascribed to the adoption of a circular economy in mining, innovations in mining equipment, the processing of eco-friendly materials, initiatives focused on biodiversity conservation, and responsible mineral sourcing. Key trends expected in the forecast period encompass the use of zero-emission vehicles and technologies, the application of blockchain for transparency and traceability, the implementation of carbon capture and storage (CCS), collaboration for sustainable mining practices, and advancements in sensor technologies.

The green mining market is witnessing growth due to the increasing demand for surface mining techniques. Surface mining is preferred by mining companies for its cost-effectiveness and safety. The technique includes sub-types such as strip mining, open-pit mining, dredging, high-wall mining, and mountaintop removal. According to Intech Open, open-pit mining is favored for its higher productivity, lower production costs, and safer environment compared to underground mining. Therefore, the rising demand for surface mining techniques is a key driver of the green mining market.

The green mining market is expected to grow due to the rising energy consumption. Green mining promotes the use of renewable energy sources to reduce greenhouse gases and incorporates waste heat recovery systems. According to the U.S. Energy Information Administration, primary energy consumption in the United States reached 100.4 quadrillion British thermal units in 2022, reflecting a 3% growth compared to the previous year. This increasing energy consumption contributes to the rapid growth of the green mining market.

Major players are dedicated to developing innovative solutions, including green energy accelerator platforms. A green energy accelerator platform is a specialized initiative or digital platform designed to accelerate the development, adoption, and scaling of green or renewable energy solutions. In November 2023, Fortescue Metals, an Australia-based green energy company, launched 'Fortescue Capital,' a green energy investment accelerator platform. This platform, developed as a fiduciary for third-party capital, offers a flexible funding approach with models customized for each project, contingent upon formal approval from the Fortescue board.

Major companies are forming partnerships to develop new products and strengthen their market positions. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. For instance, in October 2023, UpLink, a Switzerland-based digital platform, partnered with Prospect Innovation, a Singapore-based metals and mining industry company, to explore sustainable mining solutions. This partnership aims to accelerate the green transition in the mining and metal sectors that are challenging to decarbonize, identifying and supporting early-stage green mining startups globally to create an innovation ecosystem fostering their growth and success.

In November 2021, Evolution Mining, an Australian gold mining company, acquired Ernest Henry Mining from Glencore for A$1 billion, comprising A$800 million on the closing of the transaction and a further A$200 million payable 12 months after the transaction closes. With this acquisition, Evolution assumes full ownership and operational control of the copper-gold mine and enters into a copper concentrate offtake agreement and a separate ore tolling agreement with Glencore. Glencore PLC is an Anglo-Swiss multinational commodity trading and mining company.

Major companies operating in the green mining market report are Glencore PLC, Jiangxi Copper Corporation, BHP Group Limited, Caterpillar Inc., Rio Tinto Group, Vale S.A., Anglo American PLC, Tata Steel Ltd., Komatsu Ltd., Freeport-McMoRan Inc., Valeo SA, Atlas Copco, Teck Resources Limited, Doosan Corporation, Sany Heavy Industry Co. Ltd., Newmont Corporation, Sandvik AB, MA'ADEN, Hitachi Construction Machinery Co. Ltd., First Quantum Minerals Ltd., Shandong Gold Mining Co. Ltd., Albemarle Corporation, Eramet SA, Saudi Arabian Mining Corporation, Lundin Mining Corporation, Liebherr Group, Dundee Precious Metals Inc., Battery Mineral Resources, Joy Global Inc., Century Lithium, Metso Corporation, Outotec Oyj, FLSmidth & Co. A/S, Arena Minerals Inc.

Asia-Pacific was the largest region in the green mining market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the green mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the green mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of green mining are surface and underground. Surface green mining involves a method of extracting minerals near the surface of the Earth, encompassing strip mining and open-pit mining as the two principal types of surface mining. These green mining services incorporate various technology types, such as power reduction, emission reduction, water reduction, and others. Different applications, including mining and exploration geology, utilize green mining practices.

The green mining research report is one of a series of new reports that provides green mining statistics, including global market size, regional shares, competitors with green mining shares, detailed green mining segments, market trends and opportunities, and any further data you may need to thrive in the green mining industry. This green mining research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.B57.

The green mining market consist of sales of solar panels, wind power and others that utilizes minerals and metals which helps a transition to low-carbon technologies. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.