The global marine mining market is experiencing rapid growth, with its value expected to increase from US$ 3.9 billion in 2024 to US$ 25.8 billion by 2032. This expansion, at a remarkable CAGR of 31%, is fueled by rising demand for critical minerals essential for clean energy technologies and electric vehicles (EVs). As traditional terrestrial resources become increasingly limited, deep-sea mining is emerging as a promising solution for mineral extraction.
ROVs have become integral due to their ability to execute underwater tasks with high accuracy, making them ideal for the extraction of polymetallic nodules and sulphides. AUVs, on the other hand, offer cost-effective, tether-free operation, ideal for large-scale surveying of mineral-rich zones.
For instance, lithium demand is expected to jump from 500 kilotonnes in 2021 to 3,200 kilotonnes by 2030. Nickel faces a projected 10% supply gap by the end of the decade, while cobalt, mostly sourced from the Democratic Republic of Congo, raises ethical and geopolitical concerns. Even manganese is at risk, with key supply sources concentrated in countries like South Africa and Gabon.
The decline of land-based ore grades further intensifies the urgency to explore alternative sources like the ocean floor, which holds immense reserves of these valuable elements.
Regions like the Clarion-Clipperton Zone have become hotspots for mineral exploration. International permits are being actively pursued, and pilot projects are already underway, providing a roadmap for larger-scale operations in the near future.
The evolving regulatory Analysis also presents a business opportunity. As the ISA works toward a comprehensive framework for marine mining, early movers who comply with forthcoming guidelines can gain a strategic edge.
Europe is fostering marine mining growth through industry-academia collaborations. Norway, for example, has approved seabed exploration on its continental shelf. Institutions like the Norwegian University of Science and Technology (NTNU) are leading efforts in developing autonomous technologies, such as AUVs, to facilitate efficient and sustainable seabed mining.
Asia Pacific is emerging as a major player in marine mining. Japan's JOGMEC is leading multinational efforts in regions like the Okinawa Trough. The Cook Islands have partnered with China for five-year seabed exploration agreements, while Papua New Guinea’s Solwara 1 project represents successful collaboration between local governments and international firms to extract valuable minerals such as copper, gold, and zinc.
Ocean Infinity, a UK-based marine robotics firm, is collaborating with industry leaders to develop monitoring technologies that align with sustainability goals. Meanwhile, Loke Marine Minerals, a Norwegian firm, acquired UK Seabed Resources in 2023, securing significant mineral licenses in the CCZ with plans to begin extraction by 2030.
India is also joining the race by seeking exploration licenses in the CCZ to secure raw materials critical for energy transition technologies. However, experts suggest the country may require several years to fully develop its deep-sea mining capabilities.
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Market Insights
Over the last few years, marine mining has transitioned from research and development to operational testing. Between 2019 and 2024, more than 22 exploration licenses were issued by the International Seabed Authority (ISA), especially in the Clarion-Clipperton Zone (CCZ). This shift was enabled by advancements in technology, such as Remotely Operated Vehicles (ROVs) and Autonomous Underwater Vehicles (AUVs), which allow exploration at extreme depths with increased precision.ROVs have become integral due to their ability to execute underwater tasks with high accuracy, making them ideal for the extraction of polymetallic nodules and sulphides. AUVs, on the other hand, offer cost-effective, tether-free operation, ideal for large-scale surveying of mineral-rich zones.
Key Market Drivers
One of the primary drivers of the marine mining market is the growing need for critical minerals. The International Energy Agency (IEA) projects that demand for these materials, especially lithium, nickel, cobalt, and manganese, will rise significantly by 2040. These minerals are vital for manufacturing batteries, wind turbines, and solar panels.For instance, lithium demand is expected to jump from 500 kilotonnes in 2021 to 3,200 kilotonnes by 2030. Nickel faces a projected 10% supply gap by the end of the decade, while cobalt, mostly sourced from the Democratic Republic of Congo, raises ethical and geopolitical concerns. Even manganese is at risk, with key supply sources concentrated in countries like South Africa and Gabon.
The decline of land-based ore grades further intensifies the urgency to explore alternative sources like the ocean floor, which holds immense reserves of these valuable elements.
Business Opportunity
Deep-sea mining presents a vast and relatively untapped opportunity. The seabed is rich in resources such as cobalt, nickel, lithium, and copper - all essential for the growing demand from electric vehicles and renewable energy technologies. With rising global interest in sustainability, accessing these underwater reserves can help countries diversify their supply chains and reduce dependence on imports.Regions like the Clarion-Clipperton Zone have become hotspots for mineral exploration. International permits are being actively pursued, and pilot projects are already underway, providing a roadmap for larger-scale operations in the near future.
The evolving regulatory Analysis also presents a business opportunity. As the ISA works toward a comprehensive framework for marine mining, early movers who comply with forthcoming guidelines can gain a strategic edge.
Region Analysis
In North America, policy shifts are signaling openness toward marine mining. In 2025, the U.S. administration considered an executive order to permit stockpiling of critical minerals from the Pacific Ocean floor. This move aims to secure essential materials for technologies like EVs and clean energy while reducing reliance on foreign sources. Companies such as The Metals Company are at the forefront of this initiative, although environmental concerns remain significant.Europe is fostering marine mining growth through industry-academia collaborations. Norway, for example, has approved seabed exploration on its continental shelf. Institutions like the Norwegian University of Science and Technology (NTNU) are leading efforts in developing autonomous technologies, such as AUVs, to facilitate efficient and sustainable seabed mining.
Asia Pacific is emerging as a major player in marine mining. Japan's JOGMEC is leading multinational efforts in regions like the Okinawa Trough. The Cook Islands have partnered with China for five-year seabed exploration agreements, while Papua New Guinea’s Solwara 1 project represents successful collaboration between local governments and international firms to extract valuable minerals such as copper, gold, and zinc.
Competitive Analysis
The marine mining industry is increasingly competitive as global firms race to secure access to seabed resources. Companies like DeepGreen Metals, rebranded as The Metals Company, are expanding operations in the Pacific Ocean, focusing on environmentally responsible extraction.Ocean Infinity, a UK-based marine robotics firm, is collaborating with industry leaders to develop monitoring technologies that align with sustainability goals. Meanwhile, Loke Marine Minerals, a Norwegian firm, acquired UK Seabed Resources in 2023, securing significant mineral licenses in the CCZ with plans to begin extraction by 2030.
India is also joining the race by seeking exploration licenses in the CCZ to secure raw materials critical for energy transition technologies. However, experts suggest the country may require several years to fully develop its deep-sea mining capabilities.
Recent developments include:
- February 2022: Ocean Infinity announced the expansion of its robotic vessel fleet and acquired Geowynd to strengthen its offshore geotechnical capabilities.
- March 2023: Loke Marine Minerals acquired UK Seabed Resources and a stake in Ocean Mineral Singapore, positioning itself as a major license holder in the CCZ.
Key Players
- Nautilus Minerals Inc.
- Loke Marine Minerals
- Keppel Ltd.
- Soil Machine Dynamics Ltd.
- Royal IHC
- Ocean Minerals LLC
- China Minmetals Corporation
- The Metals Company
- De Beers Group
- Deep Ocean Engineering
- DEME Group
- RJE International Inc.
- Odyssey Marine Exploration
- Acteon Group
- Debmarine Namibia
- Teledyne Marine Technologies Incorporated
Market Segmentation
By Technology
- Remotely Operated Vehicles (ROVs)
- Autonomous Underwater Vehicles (AUVs)
- Subsea Mining Vehicles (SMVs)
By Extraction Method
- Mechanical Collection
- Hydraulic Systems
By Element
- Polymetallic Nodules
- Polymetallic Sulphides
- Cobalt-rich Ferromanganese Crusts
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Marine Mining Market Outlook, 2019-2032
4. North America Marine Mining Market Outlook, 2019-2032
5. Europe Marine Mining Market Outlook, 2019-2032
6. Asia Pacific Marine Mining Market Outlook, 2019-2032
7. Latin America Marine Mining Market Outlook, 2019-2032
8. Middle East & Africa Marine Mining Market Outlook, 2019-2032
9. Competitive Landscape
10. Appendix
Companies Mentioned
- Nautilus Minerals Inc.
- Loke Marine Minerals
- Keppel Ltd.
- Soil Machine Dynamics Ltd.
- Royal IHC
- Ocean Minerals LLC
- China Minmetals Corporation
- The Metals Company
- De Beers Group
- Deep Ocean Engineering
- DEME Group
- RJE International Inc.
- Odyssey Marine Exploration
- Acteon Group
- Debmarine Namibia
- Teledyne Marine Technologies Incorporated
- Impossible Metals Inc.
- Scandinavian Ocean Minerals
- Japan Organization for Metals and Energy Security
- Deep Ocean Resources Development Co., Ltd.
- Allseas
- KONGSBERG
- Bosch Rexroth Corporation
Methodology
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