$17.6 Billion Green Mining (Surface, Underground) Markets - Global Forecast to 2027 - Russia to be Fastest Growing Market
Global Green Mining Market
Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Green Mining Market" report has been added to ResearchAndMarkets.com's offering.
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%
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.
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.
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Growing Concerns About Environment and Strict Environmental Laws for Mining to Drive Market
Surface Mining Segment to Register Higher CAGR During Forecast Period
Power Reduction Segment to be Fastest-Growing Technology Segment During Forecast Period
Surface Mining and UK Accounted for Largest Market Share in Europe in 2021
Russia to be Fastest-Growing Market for Green Mining During Forecast Period
Growing Focus on Eco-Friendly and Sustainable Practices in Mining Industry to Curb Environmental Concerns
Government Initiatives Focusing on Growth of Mining Industry and Creating Awareness of Sustainable Mining
High Initial Investments Creating Financial Hurdles for Adoption of New Green Mining Technologies
Digitalization in Metals and Mining Industries
Use of Solar Energy to Lower Environmental Risks
Greening Initiatives in Coal Sector
Introduction of Electric Vehicles
Decreasing Ore Grades in Global Metallic Mining
Illegal Mining and Its Environmental Implications
Acute Labor Shortages
Implementation of Carbon Capture Technology
Anglo American plc
Rio Tinto Group
Tata Steel Limited
Jiangxi Copper Corporation Limited
Dundee Precious Metals
Saudi Arabian Mining Company
Hyundai Doosan Infracore Co. Ltd.
Shandong Gold Mining Co. Ltd.
Coal India Limited
Zijin Mining Group Ltd.
Anglogold Ashanti Limited
Gold Fields Limited
Orano Mining Sa
Zimplats Holdings Limited (Zimplats)
African Rainbow Minerals
Impala Platinum Holdings Limited (Implats)
Kabanga Nickel Limited
Caledonia Mining Corporation plc
First Quantum Minerals
Norilsk Nickel (Nornickel)
Barrick Gold Corporation
Agnico Eagle Mines Limited
Fortescue Metals Group
Kghm Polska Miedz S.A.
Sumitomo Metal Mining Co. Ltd.
Newcrest Mining Limited
China Shenhua Energy Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/h7oqns
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