The global green mining market size is expected to reach USD 27.76 billion by 2032, according to a new study by Polaris Market Research. The report “Green Mining Market Share, Size, Trends, Industry Analysis Report, By Type (Surface Mining and Underground Mining); By Technology; By Region; Segment Forecast, 2023 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing focus of key market players and governments on eco-friendly and sustainable practices in the mining industry to curb a variety of environmental concerns and enhancements in the performance of mining equipment are major factors expected to boost the growth of the global market over the course of the anticipated period.
Implementation of advanced green mining technology helps to achieve sustainable development and control problems. Companies are looking for the latest and greener technologies like power reduction which is positively impacting the market growth.
For instance, in November 2022, Epiroc introduced its new Smart and Green series highlighting zero-emission and automation, which is the next step in promoting newly developed technology with several initiatives and partnerships. The company has launched this with an aim to produce the world’s greenest machines with smart functionality that comes with improved productivity, safety, and machine availability.
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In recent years, the demand and penetration for green energy have gained high traction across the globe, as it relies heavily on raw materials including lithium and cobalt, which are highly sourced from mining activities rather than the energy sourced from the burning of fossil fuels, which fueled the growth and likely to impact the demand positively in the coming years. In addition, growing practices and measures of water and energy consumption, minimizing land disturbances, and waste production, and helping mining processes become more environmentally sustainable.
The growing need for adoption and integration of carbon-reducing technologies with automation and digital systems and increased focus on electrifying the entire mining ecosystem through innovative business models and collaborations to achieve climate-change targets, enhancing green mining technology all around the world.
Green Mining Market Report Highlights
- Surface mining segment is expected to grow fastest at a CAGR during the anticipated period due to its wide range of beneficial features such as lower production cost, cheaper equipment, and improved safety of miners
- Power reduction segment is estimated to hold a significant revenue share throughout the projected period, which is accelerated by growing penetration and the emergence of processes associated with the reduction of solid materials
- Asia Pacific region is likely to register significant growth during the anticipated period owing to a high consumer base and expansion of various sustainable practices along with the rising innovations in mining technologies in countries like India and China
- The global key market players include Tata Steel Limited, Saudi Arabian Mining Corporation, Vale S.A., Jiangxi Copper Corporation, and Dundee Precious Metals
Polaris Market Research has segmented the green mining market report based on type, technology, and region:
Green Mining, Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Surface Mining
- Underground Mining
Green Mining, Technology Outlook (Revenue – USD Billion, 2019 – 2032)
- Power Reduction
- Fuel and Maintenance Reduction
- Emission Reduction
- Water Reduction
Green Mining, Regional Outlook (Revenue – USD Billion, 2019 – 2032)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa