Green Mining Market by Mining Type (Surface and Underground), Technology (Power Reduction, Fuel and Maintenance Reduction, Toxicity Reduction, Emission Reduction, and Water Reduction), and Region (NA, SA, EU, APAC, MEA) - Global Forecast to 2024
“The increasing use of sustainable mining technologies by the mining companies to drive the market.”
The green mining market size is estimated at USD 9.0 billion in 2019 and is projected to reach USD 12.9 billion by 2024, at a CAGR of 7.5%. The green mining market is driven by mining companies these days, which are working on several sustainable practices that are an essential part of their process and probably a core of its license to operate. Several mining companies have realized that the only way to be economically feasible is to be-be socially responsible by operating in accordance with environmental norms.
“The surface mining type segment is projected to register a higher CAGR during the forecast period.”
Surface mining has higher productivity, which lowers the costs, in case of underground mining, the equipment for maintaining productivity is more expensive as compared to the open pit equipment. Moreover, open pit provides a large production scale, and the share of open pit mines have also offered the opportunity for manufacturing open pit equipment in a large number that further decreases the production costs.
“Power reduction in the technology segment to hold the largest share during the forecast period.”
Power reduction in the mining industry is the difference between the current energy consumption and the best practice energy consumption that corresponds to energy saving opportunities from the investments made in these technologies. According to the Coalition for Energy Efficient Comminution, the process approximately uses about 3% of the total global electricity production and about 50% of the complete mine’s energy and about 10% of the total production costs. Mines rarely have any control over the cost incurred in energy, so it is necessary for the comminution process to meet the requirements while reducing the amount of energy as much as possible.
“Europe is estimated to be fastest-growing green mining market during the forecast period.”
Europe is estimated to be the fastest growing green mining during the forecast period due to the rise in environmental protection awareness in the world. Russia is projected to be the fastest growing market of green mining in Europe, followed by Germany, Poland, and then Turkey. North America is the second fastest growing green mining market. Increasing government regulations is expected to provide growth opportunity in this region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and information gathered through secondary research.
The breakup of primary interviews is given below:
By Company Type - Tier 1 – 36%, Tier 2 – 36%, and Tier 3 – 27%
By Designation - C level – 27%, Director Level – 45%, and Others – 27%
By Region - APAC– 55%, Europe – 9%, North America – 18%, South America – 7%, Middle East & Africa– 9%,
The leading players in the green mining market are Glencore (Switzerland), Rio Tinto (UK), BHP Billiton (Australia), Vale (Brazil), Tata Steel (India), Anglo American (UK), Jiangxi copper corporation (China), Dundee precious (Canada), and Freeport-McMoRan (US).
This research report categorizes the green mining market based on mining type, technology, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market. A detailed analysis of the key industry players has been done to provide insights into business overviews and recent developments associated with the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the green mining market comprehensively and provides the closest approximations of market sizes for the overall market and sub-segments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes developments such as new product development.
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