Covid-19 Impacts: Marine Mining Market worth US$ 7.0 Billion by 2026
The global marine mining market is expected to witness robust growth, thanks to rising demand for copper, which currently stands at near 24 million metric tons. The rising demand for minerals and increased technological advancement making seabed mining operations more effective will likely help the market achieve robust growth in the near future. It is estimated that more than 1.5 million square kilometres of the international seabed will likely undergo exploration in the near future, thanks to rising exploration activity.
Rising demand for copper, due to growth of the electronics industry will drive robust growth for the global marine mining market. The rising demand for consumer electronics like cell phones, which use metals like zinc and manganese, and rare earth materials like cobalt, will promise lucrative opportunities in the near future. Moreover, the limited exploration opportunities on land will likely divert substantial capital investments towards marine mining in the near future.
Among regions, the Asia Pacific region is expected to witness robust exploration activity in the near future. The region is witnessing major demand for electronics, and shipping activities between countries like Korea, Japan, contribute towards the largest trade of metals, and minerals. The growing demand for zinc, lithium, cobalt, and manganese in the region, and increased interest in the region will drive more opportunities for growth in the global marine mining market in the near future.
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Automobile Manufacturing to Boost Marine Mining Market
The rise in interest in next-gen vehicles like electric cars, and automated cars will open new opportunities for players in the global marine mining market. In countries like Germany, the US, and Japan, the demand for industrial metal like platinum, nickel, and copper remains extremely high, thanks to rising production for automobiles. Moreover, depletion of terrestrial deposits, and rise in population is expected to drive more investments towards seabed exploration. The established framework for exploring seabed mining operations, and growing activity towards exploring the deep-end of the ocean will create more opportunities in the near future.
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Advanced Monitoring and Surveillance Solution Promise to Open New Opportunities
Advanced IoT monitoring solutions are expected to open new opportunities in the market as 24/7 surveillance, data management technique open up new avenues for growth. The growing reliance on data analytics for maintaining and repairing mining equipment also promises substantial cost-savings, and additional safety. The technological advancements also make it easier to engage in underwater exploration activity with unmanned vehicles with improving flight durations. The increasing efficiency and reliability of these machines will create new opportunities for growth for the global marine mining market. The advanced analytic solutions and introduction of Internet of Things or IoT promises new opportunities for growth in the global marine mining market.
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