(EnergyIndustry.Net, March 30, 2020 ) Market Overview Global Marine Mining Market is expected to grow at a CAGR of 34.5% during the forecasting period (2019-2026). The process of recovering mineral wealth from seawater and form deposits on and under the seafloor. While mineral resources to the value of trillions of dollars do exist in and under the oceans, their exploitation is not simple. The deep-sea contains many different resources available for extraction, including silver, gold, copper, manganese, cobalt, and zinc. Many environmental problems must be overcome and many technical advances must be made before the majority of these deposits can be mined in competition with existing land resources. The mineral resources of the marine environment are of different types: the dissolved minerals of the ocean waters; the unconsolidated mineral deposits of marine beaches, continental shelf, and deep-sea floor; and the consolidated deposits contained within the bedrock underlying the seas. Market Dynamics Increasing shipbuilding and construction industries is the major driver for market growth worldwide. Shipbuilding and construction industries are expanding rapidly because of the high rise in the various projects worldwide. This is expected to boost the demand for metals and minerals. Manufacturing industries have been growing in emerging economies such as India, Japan, China, Indonesia, and Brazil since the last past decade. The demand for metal products is increasing worldwide due to rapid industrialization. The rise in demand for automobiles and household equipment with metal content and mineral and growth in disposable income are the major impacting factors for market growth. Adding to this, through FDI incentive schemes, various international players are investing heavily in their businesses in developing countries and this is expected to boost industrialization globally. For instance, most of the Indian companies across industries have operations in China. Indian corporate investments in China range from around USD 70 million. However, Environmental issues are the major restraint hampering the growth of the market globally. Segment Analysis By application, the marine mining market is segmented into SONAR, marine seismic methods and remotely operated vehicles (ROVs). The global marine mining market size by technology was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Remotely Operated Vehicles (ROVs) are expected to grow with a high CAGR rate in the forecast period. Remotely Operated Vehicles (ROVs) are tethered underwater vehicles equipped with video cameras, sonars, pipe-trackers and navigation, positioning sensors and integrated job specific tooling. ROVs inspect subsea system pipelines and other subsea equipment in water depths where divers cannot operate, whilst manipulators and intervention tools enable them to carry out task-specific project requirements at depths as great as 4000 meters. Companies are providing drilling and installation support for marine mining. For instance, Forgo provides a versatile range of ROVs and tooling to support exploration and production drilling programs. By the end-user, the marine mining market is classified into construction, precious metal, electronics, and construction.
Geographical Analysis Asia Pacific market is expected to grow with a high CAGR rate in the forecast period. Economies in the Asia Pacific are moving to marine mining to meet the rising demand from end-users and various industries. Electronic sectors and infrastructure industries are growing at a high speed in this region and expected to continue to the same in the forecast period. Therefore, the demand for metals and minerals is growing at a rapid pace. Companies are having some collaborations for marine mining in this region. For instance, Japan Oil, Gas, and Metals National Corporation (JOGMEC) and International seabed authority have signed a contract for exploration for cobalt-rich ferromanganese crusts. According to the contract, JOGMEC will be having special rights for the exploration of cobalt-rich ferromanganese crusts for almost 3,000 square kilometers of the seabed in the Western Pacific. Competitive Landscape The Marine Mining market is highly competitive with existing players in the market. Some of the major players include Keppel Corporation LimitedChina Minmetals Corporation, Diamond Fields Resources Inc, Ocean Minerals, LLC, Royal IHC, Nautilus Minerals Inc., Soil Machine Dynamics Ltd, DeepGreen Metals Inc., Neptune Minerals and UK Seabed Resources. The key players are adopting various key strategies like collaborations, mergers & acquisitions which are contributing to the growth of the Marine Mining Market. In July 2019, Odyssey Marine Exploration, Inc., an innovator in the field of deep-ocean exploration, has successfully achieved an equity interest of 79.9% in Bismarck Mining Corporation (PNG) LTD (Bismarck) in exchange for Odysseys common stock totaling 249,584 shares. Japan Oil, Gas, and Metals National Corporation (JOGMEC) and International seabed authority have signed a contract for exploration for cobalt-rich ferromanganese crusts. In March 2018, Nautilus Minerals Inc. has announced that it launched its production support vessel at the Mawei shipyard in China. Download Free Sample: https://www.datamintelligence.com/download-sample/marine-mining-market Why Purchase the Report? Visualize the composition of marine mining in terms of various types of technologies and their technologies highlighting the key commercial assets and players. Identify commercial opportunities in the marine mining market by analyzing trends and co-development deals. Excel data sheet with thousands of data points of marine mining market-level 4/5 segmentation. A PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. Product mapping in excel for the key product of all major market players The Marine Mining report would provide access to an approx, 53 data tables, 43 figures, and 195 pages. Target Audience Service Providers/ Buyers Industry Investors/Investment Bankers Education & Research Institutes Research Professionals Emerging Companies Manufacturers
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