The green mining market has shown promising growth, projected to rise from $9.82 billion in 2023 to $10.66 billion in 2024, reflecting a CAGR of 8.6%. This growth is driven by the demand for sustainable practices and efficiency in resource utilization. By 2028, the market is expected to reach $14.09 billion, growing at a CAGR of 7.2%. Factors contributing to this growth include the circular economy in mining and innovations in equipment. Key trends anticipated include zero-emission technologies, blockchain for transparency, and advanced sensor technologies.
Major Driver In The Green Mining Market
The green mining market is witnessing growth propelled by the increasing demand for surface mining techniques. Surface mining, favored by mining companies for its cost-effectiveness and safety, encompasses sub-types such as strip mining, open-pit mining, dredging, high-wall mining, and mountaintop removal. In 2022, open-pit mining, as noted by Intech Open, demonstrated higher productivity, lower production costs, and a safer and more hygienic environment compared to underground mining. This preference for surface mining techniques is a driving force behind the rapid growth of the green mining market in 2023, 2024, and 2028.
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Green Mining Market Competitive Landscape
Glencore plc, Jiangxi Copper Corporation, BHP Group Limited, Caterpillar Inc., Rio Tinto Group, Vale S.A., Anglo American plc, Tata Steel Ltd., Komatsu Ltd., Freeport-McMoRan Inc., Valeo SA, Atlas Copco, Teck Resources Limited, Doosan Corporation, Sany Heavy Industry Co. Ltd., Newmont Corporation, Sandvik AB, MA'ADEN, Hitachi Construction Machinery Co. Ltd., First Quantum Minerals Ltd., Shandong Gold Mining Co. Ltd., Albemarle Corporation, Eramet SA, Saudi Arabian Mining Corporation, Lundin Mining Corporation, Liebherr Group, Dundee Precious Metals Inc., Battery Mineral Resources, Joy Global Inc., Century Lithium, Metso Corporation, Outotec Oyj, FLSmidth & Co. A/S, Arena Minerals Inc.
Key Green Mining Market Trend
Major players in the green mining market are focusing on developing innovative solutions such as green energy accelerator platforms. These platforms are designed to speed up the development and adoption of renewable energy solutions. For instance, in November 2023, Fortescue Metals, an Australia-based green energy company, launched ‘Fortescue Capital,’ a green energy investment accelerator platform. It offers flexible funding models customized for each project, pending approval from the Fortescue board.
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Green Mining Market Segmentation
The green mining market covered in this report is segmented –
1) By Type: Surface, Underground
2) By Technology: Power Reduction, Emission Reduction, Water Reduction, Other Technologies
3) By Application: Mining, Exploration Geology
By Geography:The regions covered in the green mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the green mining market share in 2023.
The Green Mining Global Market Report 2024 furnishes information about the global green mining market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
