The global green mining market size is expected to grow from USD 11.0 billion in 2022 to USD 17.6 billion by 2027 at a compound annual growth rate (CAGR) of 9.9% during the forecast period. Green mining is all about the technologies, best practices, and processes implemented by mining companies to make processes more energy-efficient and reduce the environmental impact associated with the extraction and processing of metals and minerals. Some key benefits of green mining include power reduction, fuel and maintenance reduction, emission reduction, water conservation, and mining closure.
The development of cutting-edge green mining technologies seeks to boost both the economic and environmental performance of the mining industry.The reliability and affordability of water resources and energy supply may be impacted by climate change.
For example, rising temperatures will make it more difficult for activities that depend on water in particular mine locations.This would make site rehabilitation challenging and put mining firms in direct conflict with the local communities for these water resources.
The mining industry will be more likely to be subject to energy and greenhouse gas emission laws due to its high energy consumption and global product trade.
By type, Surface mining anticipated in order to record high ranking CAGR of 11.1% during the forecast period 2022-2027
Surface mining is also known as "open-pit mining," which begins at the surface of the soil and keeps the area exposed to the air while extracting material.The excavation typically features stepped sides for the miners’ protection and a large ramp for equipment to travel, allowing the product to be transferred from the site quickly.
Surface mining is done by removing vegetation, dirt, and layers of bedrock and by removing the overburden, which is the rock or the waste material lying on the surface of the mine, to reach buried ore deposits.
There are generally two types of surface mining (in terms of the method of extraction), namely, mechanical and aqueous extraction.Surface mining has higher productivity than underground mining.
Thus it has a lower cost of production.The equipment used in underground mining for maintaining productivity is more expensive than the equipment used for surface mining.
Also, an open pit provides a large production scale. The large share of open-pit mines has provided the opportunity for manufacturing open-pit equipment in large quantities.
By Technology, Power Reduction technology segment to account for largest market share at a sound CAGR projection period in the Green mining market
Power-consuming processes, such as comminution, are used to reduce solid materials from average particle size to smaller particle size through crushing, grinding, cutting, vibrating, or other similar methods.It is an energy-intensive process that includes both crushing and grinding.
According to the Coalition for Energy Efficient Comminution, the process consumes about 3% of total global electricity production, 50% of total mine energy, and 10% of overall production costs. Mines rarely have control over the cost of energy, so it is critical for the comminution process to meet the requirements while using as little energy as possible.
Europe region is predicted as the largest-growing region in the green mining market
In terms of value, the market in Europe is estimated to grow at the highest CAGR of 11.5% between 2022 and 2027, to reach USD 6,387.1 million by 2027. In terms of value, the UK was the largest market for green mining in Europe in 2021. The market in the UK is estimated to grow at a CAGR of 15.0% between 2022 and 2027, in terms of value.
During the forecast period, Europe is expected to dominate the global green mining market. Because of the growth of sustainable practices in countries such as Germany, Russia, France, the U.k., and the rest of Europe, the region has emerged as the largest consumer and promoter of green mining practices. The desire to protect the environment through better technology is expected to drive the green mining market in this region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and information gathered through secondary research.
The break-up of primary interviews is given below:
• By Company type: Tier1:30% Tier2:50% Tier3:20%
• By Designation: Managers: 60% C-level executives: 20% Others: 20%
• By region: North America: 20% Europe: 40% APAC: 30% Middle East &Africa: 5% South America: 5%
Notes: Others include sales, marketing, and product managers.
Tier 1: >USD 1 Billion; Tier 2: USD 500 million–1 Billion; and Tier 3:
The companies profiled in this market research report include are BHP Billiton, Anglo American PLC, Rio Tinto Group, VALE S.A., Glencore PLC, Tata Steel Limited, Jiangxi Copper Corporation Limited, Dundee Precious Metals, Liebherr, among others.
This research report categorizes the Green mining market on the basis of type, technology, and region.The report includes detailed information regarding the major factors influencing the growth of the green mining market, such as drivers, restraints, challenges, and opportunities.
A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the Green mining market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and joint ventures.