Global Marine Mining Market
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Global Marine Mining Market was valued US$ XX Mn in 2018 and is expected to reach US$ XXMn by 2026, at a CAGR of XX % during a forecast period.
Global marine mining market has witnessed various improvements in deep sea mineral exploration projects and is anticipated to observe rise in demand because of depleting onshore energy resources. Growing population coupled with depleting terrestrial deposits is anticipated to drive exploitation of rich oceanographic mineral reserves. Now such extractions find application in several industries including construction, automobile and electronics. Rising disposable income coupled with increasing durable goods demand such as automobiles and household equipment’s with high mineral or metal content is estimated to positively affect the market growth. Nevertheless, the environmental uncertainties associated with seabed exploration are compelling governments worldwide to form strict regulations. These regulations are hampering the growth of the market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
According to technology, the remotely operated vehicles (ROVs) segment dominated the global marine mining market in 2017. ROVs are unoccupied, highly navigable underwater robots operated by someone at the surface of the water. They are also known as underwater drones, specifically designed and developed to make underwater observation easy and affordable. They have verified to be extremely valuable in ocean exploration. So, this segment is expected to swell at faster pace than any other segment during the forecast period.
Geographically, Asia Pacific will develop as a lucrative market for marine mining during the forecast period. The robust infrastructural development in the region is creating a growing demand for metals, which in turn is augmenting the growth of the region. The rapidly increasing transportation infrastructure is also boosting the adoption of marine mining in this region. The growth of the North America and Europe regions can be attributed to the rising advancements in mining technologies and the presence a large number of key players.
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Last Update : 08 July 2020
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