Growth of Marine Mining Market Estimated at CAGR of 34.43%

2022-11-23 20:39:07 By : Ms. Louise Xie

November 03, 2022 10:30 ET | Source: Transparency Market Research Transparency Market Research

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Growth of Marine Mining Market Estimated at CAGR of 34.43%

Wilmington, Delaware, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Need to complement depleting land-based metals and minerals resources, for commercial and industrial applications has led to the surface of marine mining. Commercial-scale marine mining is gaining traction due to the depleting terrestrial reserves of metals such as copper, nickel, aluminum, and manganese for applications in smartphones, wind turbines, solar panels, and electric storage batteries. The marine mining market size is estimated at US$ 31.5 Bn by 2031.

Expanding marine mining operations is attracting technology companies to enter the fray. Big data analytics has become the ‘buzzword’ in the marine mining industry. Recent developments in the marine mining market include, innovation of a big data analytical tool by IBM which helps to track wear and tear of equipment. Key benefit to prevent disruption in mining equipment attracts leading players in the marine mining market to adopt next-gen technology.

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Rapid growth of the construction and shipbuilding industries in Asia Pacific exhibits massive demand for mineral and metals. Rise in disposable income and increase in demand for automobiles and household equipment, which requires high metal and mineral content, is expected to shape the future market demand for marine mining in the region. Furthermore, increasing entry of global players through FDI incentive schemes is boosting industrialization, thereby fueling the growth of marine mining market in the region.

Marine Mining Market – Key findings of the Report

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Marine Mining Market – Growth Drivers

Marine Mining Market – Key Players

Some of the key players operating in the marine mining market are;

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Growth of Marine Mining Market Estimated at CAGR of 34.43%

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