Global Marine Mining Vehicle Market - Introduction

  • The Earth’s sea bed is a prominent uncharted region that offers significant potential for mining operations. High underwater pressure and depth of seas previously made it impossible to cover larger areas for mining underwater in seas. Advancements in automotive autonomous vehicles, i.e. driverless vehicles, have enabled the exploration of the seas for potential mining areas without endangering lives.
  • The bottom of the ocean is expected to be the future provider of precious metals and other resources. Marine mining is overseen by International Seabed authorities, and the profits are allocated to the country which owns the mining zone. These factors point toward a lucrative market for marine mining vehicles.

Key Drivers of Global Marine Mining Vehicle Market

  • Rise in need for metals and minerals is attributed to expansion of various industries such as construction, automotive, electronics and telecommunication, transport and shipping. Moreover, manufacturing and production have expanded in developing and developed countries such as the U.S., Germany, Japan, China, India, and Malaysia. These factors put a strain on existing mining industries and resources. For instance, the World Steel Association has forecasted that the global demand for steel would rise to 1737 Mt by the end of 2019, which is likely to be 1.3% higher than that in 2018. Furthermore, demand is projected to continue to rise in the near future. This prompts the need to search new mining sites for steel and other materials, underwater, in deep seas. This, in turn, is estimated to fuel the demand for marine vehicles that enable exploration of the seabed and consequently, drive the market.
  • Demand for luxury consumer goods, automobiles, electronic gadgets, and smartphones has increased owing to increased disposable income attributed to economic development across the globe. This rise in demand directly propels the demand for metals and minerals used in production. Additionally, developing nations, such as Malaysia, China, and India, attract FDIs and domestic players for investment in technology and economic development. These factors mentioned above fuel the marine mining vehicle market.

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

Possibility of electronic equipment failure hampers market

  • Autonomous marine vehicles and other marine vehicles used for mining are equipped with numerous electronic devices and equipment. These devices are battery operated and may malfunction in case of battery failure, which may lead to failure of vehicle during exploration or underwater mining operations. This factor restrains the marine mining vehicle market.

Environmental uncertainties

  • Environmental uncertainties such as terrains, temperature, and underwater pressure, have led to a majority of the sea bed remaining unexplored, which in turn is prompting governments and regulatory authorities worldwide to enact stringent regulations.
  • These regulations are likely to hamper the market.

Marine mining vehicle market in Asia Pacific to expand significantly

  • Significantly high population in Asia Pacific drives the requirement for accommodation and transportation, which propels construction and automotive industries in the region. Moreover, demand for consumer goods, electronic gadgets, life utility tools is increasing in the region.
  • Countries in the region are exploring oceans for possible sources in order to cater to the rising demand for metals and minerals. Various countries in the region are approaching the International Seabed Authority to obtain exclusive rights for seabed exploration and mining. For instance, The International Seabed Authority has entered into 15-year contract with 29 contractors worldwide for exploration of polymetallic nodules, polymetallic sulphides, and cobalt-rich ferromanganese crusts in the deep seabed. These factors mentioned above are projected to drive the marine mining vehicles market in Asia Pacific in the near future.

Looking for Regional Analysis or Competitive Landscape in Automotive Marine Market, ask for a customized report

Key players operating in global marine mining vehicle market:

The global marine mining vehicle market is highly concentrated with top manufacturers. A few of the key players operating in the global marine mining vehicle market are:

  • LLC
  • Ocean Minerals
  • Nautilus Minerals
  • DeepGreen Metals Inc.
  • Royal IHC
  • Soil Machine Dynamics Ltd
  • Nautilus Minerals Inc.
  • China Minmetals Corporation
  • Keppel Corporation Limited
  • Neptune Minerals
  • UK Seabed Resources
  • Diamond Fields Resources Inc.

Global Marine Mining Vehicle Market: Research Scope

Global Marine Mining Vehicle Market, by Vehicle Type

  • Autonomous
  • Conventional

Global Marine Mining Vehicle Market, by End-use industry

  • Automotive
  • Precious metals
  • Electronics
  • Construction
  • Consumer goods

Global Marine Mining Vehicle Market, by Technology

  • SONAR
  • Marine Seismic Methods
  • Remotely Operated Vehicles

Global Marine Mining Vehicle Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Marine Mining Vehicle Market

Pre Book