Green Mining Market to Outstrip USD 27.71 billion by 2031 – Astute Analytica
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Green mining uses less-polluting mining techniques and technological advancements to reduce its negative environmental effects. The main goal of green mining is to reduce the environmental impact that comes from mining activities' acid-related harm to the ecosystem.
Market Dynamics
The market's growth is primarily driven by rising environmental awareness, adverse consequences of the mining sector, and increased government involvement in pollution control initiatives, all of which support the expansion of the green mining business.
At every stage of the mining life cycle on a worldwide scale, governments and miners are actively implementing cutting-edge technologies to encourage ethical mining practices and reduce mining waste. For instance, the Biden Administration announced an Inflation Reduction Act in September 2022, which will significantly benefit the mining business in the area. The United States set aside USD 369 billion in climate and energy measures in this Act to shift the American economy towards renewable and sustainable energy sources. The investment is intended to cut the nation's greenhouse gas emissions by 40% below 2005 levels by 2030.
As these are environmentally friendly energy forms production and are more readily available at a low price than other energy forms, increasing the use of renewable energy in the process of green mining, including solar, wind, hydropower, hydrogen, fuel energy, and geothermal, to mine, minerals, and crush is anticipated to boost the market's growth over the forecast period.
This has led to a rise in the demand for green mining techniques as various environmental protection groups impose ecological evaluation protocols pertinent to the safe development and restoration of mines. The industry is projected to rise because of the fast-expanding use of battery-powered electric cars, which are mostly used in developed economies and require increasing metal mining for the production of batteries. The demand for and prevalence of efficient mining operations are changing quickly as all major automakers start producing electric vehicles to keep up with the growing demand for them.
Over the projected period, market expansion could be hampered by the rising number of illegal mining operations worldwide. Illegal mining actions have been related to a number of environmental problems, including deforestation, water pollution, poor soil fertility, and limited access to land for efficient agriculture. The effects of unauthorized mining severely harm the land and other resources.
Insights of COVID-19
Due to tight lockdown measures imposed on numerous businesses by respective governments in various nations as a result of the COVID-19 pandemic, the green mining market saw a downturn in 2020 as a result of a fall in demand from various industries, including the mining industry.
Due to limited operations in several countries and ongoing lockdowns of various sizes, COVID-19 has had an impact on the sales of machinery and equipment in 2020 Q1 and is expected to have an impact by mid-2021.
Segmentation Summary
In terms of Type Segment
The surface mining segment is likely to notice a rise in growth rate from 2021 to 2027 due to its diverse benefits, including low production expense, higher productiveness, affordable equipment compared to underground mining equipment, and improved safety.
On the other side, in 2020, the underground mining segment dominated the global green mining industry mainly due to the rising R&D activities for the advancement of machines that are highly resistant to temperature changes and humidity fluctuations.
On the basis of Method Segment
The power reduction segment will record maximum revenue in the coming years. Factors that are likely to drive demand and expansion of the segment market include the rising prevalence of operations connected to decreasing solid materials from the average particle size to the smaller particle size by vibrating, cutting, and crushing, which involve both crushing and grinding.
On the other hand, the emission reduction technology segment will have a lucrative growth rate over the analysis years. The demand for and adoption of novel emission reduction technologies is likely to grow rapidly due to the increasing demand for greenhouse gas emission reduction across the globe, increased advancements and innovations in technology by research institutes, and the enforcement of regulations and restrictions by many nations.
Geographical Insights
Europe is likely to witness a significant growth rate from 2021 to 2027. The positive consumption and promotion of sustainable practices, particularly in a few of the important nations like Poland, Turkey, Russia, and Germany, is credited with the region's dominance. The use of artificial intelligence in mining equipment, which has enhanced worker productivity and efficiency while assuring their safety is also contributing to the market's expansion.
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Notable Competitors
Some of the leading competitors in the global green mining market are:
Vale S.A
Anglo American
Tata Steel
BHP Billiton
Shandong Gold Mining Co. Limited
Dundee Precious Metals
Saudi Arabian Mining Corporation
Doosan Infracore
Sany Heavy Industry Co., Limited
Freeport-McMoRan
Rio Tinto
Glencore
Liebherr
Jiangxi Copper Corporation
Other Prominent Players
Segmentation Outline
The global green mining market segmentation focuses on Type, Methods, Technology, and Region.
On the basis of Type
Surface Mining
Underground Mining
On the basis of Methods
Emission Reduction
o Carbon Sequestration
o Dust Management
o Interior Bioleaching
Fuel and Maintenance Reduction
o Equipment Route Optimization
o Fuel Additives
o Natural Gas Conversion
o Training Simulators
Power Reduction
o Comminution Efficiency
o Hydrometallurgical Processes
Water Reduction
o AMD Remediation
o Desalination
o Wastewater Processing
o Tailings Remediation
Others
o Bioremediation
o Interior Bioleaching
On the basis of Technology
Carbon capture and storage (CCS)
Dust suppression technique (DST)
Liquid membrane emulsion technology (LMET)
Based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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