Green Mining Market: Overview
- Green mining is defined as technologies, best practices, and mine processes that are implemented as means to reduce the environmental impact associated with the extraction and processing of metals and minerals
- The mining industry is one of the major consumers of energy that requires high energy input for daily processes. The mining industry is expected to expand in the near future. This leads to greater risk of high energy consumption.
- The mining industry is striving to decrease energy consumption by employing efficient energy utilization plans. Green mining can significantly reduce the amount of electricity used by a mining company.
Key Drivers and Restraints of Green Mining market
- The mining industry is not solely dependent on electricity and energy to carry out its tasks. It also needs ample supply of water. The mining industry accounts for almost 20% of the world’s water supply – almost every stage of the mining process requires large volume of water.
- Introduction of stringent regulations on wastage of water in various countries such as the U.S. and China has led to an urgency to cut back on current water usage to reduce the environmental footprint that mining creates. Adoption of green mining techniques helps reduce water wastage.
- Green mining is capital intensive. This is anticipated to hamper the green mining market.
Global Green Mining Market: Segmentation
- The global green mining market can be segmented based on mining type and technology
- In terms of mining type, the global green mining market can be divided into surface and underground. The surface segment is expected to expand at a higher CAGR during the forecast period owing to higher productivity and lowers costs vis-à-vis underground mining.
- In terms of technology, the green mining market can be divided into power reduction, fuel & maintenance reduction, toxicity reduction, emission reduction, and water reduction. The power reduction segment is estimated to hold major share of the global green mining market in the near future.
Global Green Mining Market: Regional Segmentation
- In terms of region, the global green mining market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is one of the key regions of the global green mining market. The region had one of the highest mining exploration budgets in 2020. Mineral exploration is booming in North America, particularly in Canada.
- Asia Pacific is a highly lucrative region of the global green mining market. China, Australia, and India are key countries of the mining industry in Asia Pacific, owing to rapid industrial growth and high demand for industrial minerals around the world. Increase in demand for minerals and rise in environmental concerns are likely to boost the demand for green mining in Asia Pacific in the next few years.
- Europe is estimated to dominate the global green mining market during the forecast period. The region has emerged as the largest consumer and promoter of green mining practices, owing to strict government regulations and rising awareness among the people regarding environmental concerns. Growth of sustainable practices in countries such as Germany, Russia, Poland, and Turkey to protect the environment by using better technology is expected to drive the green mining market in the region.
- The green mining market in the Middle East & Africa is projected to expand at a rapid pace during the next few years, owing to ongoing mineral beneficiation drive in various countries in the region
COVID-19 Impact on Global Green Mining Market
- The COVID-19 pandemic has adversely affected the global green mining market. Mining activities across the globe have come to a temporary halt due to the lockdowns. However, rise in global demand for metals after the lockdowns is likely to lead to a quick recovery of the green mining market in the near future.
Key Players in Market
The global green mining market has a highly competitive landscape. It is dominated by the presence of various prominent players across the globe. This poses a tough challenge or various new entrants who are willing to establish themselves in the market. In order to overcome the challenge, the new players are focusing on adopting strategies such as mergers, partnerships, and collaborations. On the other hand, the established players are focusing on launching innovative products in the market in order to maintain their dominance.
Prominent players operating in the green mining market include:
- Rio Tinto
- BHP Billiton
- Vale S.A
- Tata Steel
- Anglo American
- Jiangxi copper corporation
- Dundee precious
- Saudi Arabian Mining Corporation
- Doosan Infracore
- Shandong Gold Mining Co. Ltd
Global Green Mining Market: Research Scope
Global Green Mining Market, by Mining Type
Global Green Mining Market, by Technology
- Power Reduction
- Fuel & Maintenance Reduction
- Toxicity Reduction
- Emission Reduction
- Water Reduction
Global Green Mining Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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