"BCC Research Study Projects 7.4% CAGR, with Market Growth
from $11.4 Billion in 2023 to
$16.9 Billion by 2029, Driven by
Increasing Demand for Sustainable Mining Practices"
BOSTON, Sept. 17, 2024 /PRNewswire/ -- According to
the latest BCC research study, the demand for Green Mining:
Global Market is expected to increase from $11.4 billion in 2023 to reach $16.9 billion by 2029, at a compound annual
growth rate (CAGR) of 7.4% from 2024 through 2029.
Green mining focuses on sustainable practices that minimize
environmental impact across various mining operations. This market
is segmented by mining type (surface and underground), technology
(such as power, fuel, maintenance, emission, and water reduction),
and region (North America,
Europe, Asia-Pacific, South
America, Middle East, and
Africa).
The study uses 2023 as the base year, with estimates and
forecasts from 2024 to 2029, expressed in millions of U.S. dollars.
It covers green mining technologies currently used in the industry,
excluding experimental ones still in the lab. The market size
reflects the revenue generated by mining companies adopting these
eco-friendly technologies.
Some Interesting Facts about Global Markets for Drug-Device
Combinations
- Transforming Former Mining Sites: Comprehensive mine
closure planning and concurrent rehabilitation can turn old mining
areas into valuable land resources. These can support ecosystems,
agriculture, recreation, and community development. Innovative
bioremediation techniques use microorganisms to clean up
contaminated sites, transforming polluted areas into green
spaces.
- Community Engagement: Green mining prioritizes working
with local communities, stakeholders, and regulators in
decision-making. This approach addresses social and ecological
concerns, leading to positive outcomes like improved
infrastructure, education, and healthcare in the region.
- Green Finance: Green finance plays a vital role by
providing the capital and incentives needed for miners to adopt
eco-friendly methods. Mining companies can issue green bonds to
fund projects with environmental benefits.
- AI and Digital Innovations: The mining industry uses
artificial intelligence to reduce costs, increase productivity, and
enhance safety by optimizing operations. Digital twins and custom
AI systems allow users to model and replicate the behavior of
entire mining complexes, making operations more efficient and
sustainable.
To discover more insights and information about Green Mining:
Global Market, click here for further exploration.
Factors contributing to this growth include:
- Growing Environmental Legislation and Regulatory
Pressures.: Stricter environmental laws are forcing industries,
including mining, to adopt more sustainable practices. Governments
and international bodies are setting higher standards to protect
the environment, pushing mining companies to reduce their impact,
use cleaner technologies, and manage resources responsibly. This
pressure to comply with new regulations is driving innovation in
greener practices within the mining industry.
- Rising Green Finance.: Rising green finance means more
funding and investment are directed toward environmentally friendly
projects. For the mining industry, this includes financial support
for adopting sustainable practices and technologies, often through
green bonds and incentives, helping to drive eco-friendly
innovations.
- Rapid Integration of Renewable Energy in Mining
Operations.: Mining companies are quickly adopting
renewable energy sources like solar and wind to power their
operations. This shift helps reduce their reliance on fossil fuels,
lowers carbon emissions, and promotes more sustainable and
cost-effective energy use in the industry.
- Growing Responsible Sourcing Requirements.: There
is increasing demand for mining companies to ensure their materials
are sourced responsibly. This means ensuring ethical practices,
minimizing environmental impact, and supporting social welfare
throughout the supply chain to meet higher standards set by
consumers and regulators.
Request a Sample Copy of the Green Mining:
Global Market
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2023
|
Forecast Period
considered
|
2024-2029
|
Base year market
size
|
$11.4
Billion
|
Market Size
Forecast
|
$16.9
Billion
|
Growth Rate
|
CAGR of 7.4% for the
forecast period of 2024-2029
|
Segment
Covered
|
Mining Type,
Technology
|
Regions
covered
|
North America, Europe,
Asia-Pacific, South America, Rest of the World
|
Countries
covered
|
U.S., Canada, Mexico,
Germany, Sweden, U.K., France, Russia, Japan, China, India,
Australia, Indonesia, Brazil, Chile, Argentina, Saudi Arabia, UAE,
South Africa, Rest of the Middle East & Africa
|
Key Market
Drivers
|
- Growing Environmental Legislation and
Regulatory Pressures
- Rising Green Finance
- Rapid Integration of Renewable Energy
in Mining Operations
- Growing Responsible Sourcing
Requirements
|
Market Segmentation
The Global Market for Green Mining: Global Market can be
categorized into various segments:
- Market Segments by Mining Type-
•
Underground Mining: This method involves digging tunnels or
shafts into the earth to reach buried mineral deposits. It is used
when the minerals are located deep below the
surface.
• Surface Mining: This method
involves removing soil and rock layers to access minerals near the
earth's surface. It's used when mineral deposits are close to the
surface and is more cost-effective and safer than underground
mining.
- Market Segments by Technology-
• Power
reduction
Comminution Efficiency: This refers to
improving the process of crushing and grinding ores to reduce the
energy needed. More efficient comminution means using less power to
achieve the same results, making mining operations more sustainable
and cost-effective.
Hydrometallurgical Processes: These processes involve using
water-based solutions to extract metals from ores, which can be
more energy-efficient compared to traditional methods like
smelting. This helps in reducing overall power consumption in
mining operations.
• Fuel and maintenance reduction
Route
Optimization: Improving the paths and schedules of mining
vehicles to minimize fuel use and reduce wear and tear.
Fuel Additives: Using substances added to fuel to improve
efficiency and reduce consumption and
emissions.
Natural Gas Conversion: Switching from
diesel or other fuels to natural gas, which is cleaner and often
more cost-effective.
Training Simulators: Using virtual training tools to help
operators run equipment more efficiently, leading to lower fuel use
and less maintenance.
• Emission reduction
To reduce emissions in mining,
companies use several key strategies.
Decarbonization focuses on cutting down carbon dioxide
emissions by switching to cleaner energy sources and improving
processes. Dust management involves controlling dust
produced during mining to minimize air pollution and protect
health, often through techniques like water spraying. Carbon
sequestration captures and stores carbon dioxide to
prevent it from contributing to climate change, using methods such
as injecting CO2 into underground formations or utilizing natural
absorption techniques.
• Water reduction
To reduce water, use in mining,
companies implement several strategies. AMD
remediation involves treating acid mine drainage to clean
polluted water and prevent environmental damage. Wastewater
processing treats used water from mining operations so
it can be safely reused or discharged. Tailings
remediation addresses waste materials left over from
mining, reducing their impact on water resources and the
environment. Desalination removes salt from seawater or
brackish water to make it suitable for use in mining processes,
helping to conserve fresh water.
• Other Technologies
Other technologies in mining
focus on managing environmental impacts. Mine
closure involves carefully shutting down mining operations
and rehabilitating the site to restore it for future use, such as
for wildlife or community development. Soil
remediation cleans up and restores contaminated soil from
mining activities, making it safe for plants and animals.
Bioremediation uses microorganisms to break down and
remove pollutants from the environment, helping to clean up
contaminated land and water around mining sites.
- Market Segments by Region-
The global mining market
is divided into several key regions: North America has advanced
technologies and strong regulations; Europe focuses on sustainable
practices; Asia-Pacific includes major mining
hubs with rapid growth; South
America is rich in resources but balancing economic
and environmental issues; and the Middle East and Africa are emerging markets investing
in resource development and sustainability.
This report on green mining: global market provides
comprehensive insights and analysis, addressing the following key
questions:
- What is the projected market size and growth rate of the
market?
The global market for green mining is projected to grow from
$11.4 billion in 2023 to $16.9 billion in 2029 at a compound annual growth
rate (CAGR) of 7.4% during the forecast period.
- What are the key factors driving the growth of the
market?
The key factors driving the growth of the green mining market
include:
• Growing environmental legislation and regulatory
pressures
• Rising green finance
• Rapid integration of renewable energy in mining
operations
• Growing responsible sourcing requirements
- What segments are covered in the market?
The global
market for green mining is segmented on the basis of mining type,
technology, and region. By mining type, it is segmented into
surface mining and underground mining. By technology, it is
segmented into, emission reduction power reduction, fuel and
maintenance reduction, water reduction, and other technologies.
Regional estimates and forecasts comprise North America, Europe, Asia-Pacific, South
America, Middle East and
Africa.
- By technology, which segment will dominate the market by the
end of 2029?
The power reduction segment will dominate by the end of 2029. The
mining industry can significantly reduce its energy consumption and
environmental impact by adopting energy-efficient equipment,
hydrometallurgical processes, renewable energy sources, comminution
efficiency, automation, and process optimization.
- Which region has the highest market share in the
market?
Europe holds the highest share of
the market. The region is at the forefront of green mining
initiatives, driven by increased public awareness, regulatory
frameworks, and the European Green Deal to support sustainable
practices. The EU's Circular Economy Action Plan strongly
emphasizes sustainable resource management, material recycling, and
reuse, demonstrating a solid commitment to environmental
stewardship.
Some of the Key Market Players Are:
- ANGLO AMERICAN
- BHP
- DUNDEE PRECIOUS METALS INC.
- FREEPORT-MCMORAN
- GLENCORE
- JIANGXI COPPER CORP.
- MA'ADEN
- NEWMONT CORP.
- RIO TINTO
- SUMITOMO METAL MINING CO. LTD.
- TATA STEEL LIMITED
- VALE S.A.
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