Dallas, Feb. 14, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global green mining market is expected to grow from USD 7.71 billion in 2020 to USD 16.00 billion by 2028, at a CAGR of 9.92% during the forecast period 2021-2028.
The mining industry is one of the vastest industry and requires a high amount of energy and chemicals input for the daily process of work. Thus, the mining industry is mainly focusing on implementing technologies to reduce the high usage of resources. Green mining technologies offers the superior performance in terms of greenhouse gas emission, effective usage of chemicals, and energy efficiency. It also helps to reduce the overall cost of operations and performance of mining by optimizing the use of resources. Thus, increasing research and development to develop green mining technologies, primarily driving the growth of the market.
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Green mining technologies, practices, and mining processes that are implemented to reduce the environment impact and resources which are associated with the mining procedure the mining industry. Government and mining companies are actively implanting the green mining technologies to reduce the wastage in the mining. Technologies such as Carbon Capture and Storage (CCS) helps to reduce the environmental problems related to the mining processes. In addition to this, the implementation of machineries and equipment that runs on clean fuel is also one of the aspects of green mining.
Global green mining market is witnessing a rapid growth owing to increasing demand for reduction of environmental impact of mining processes. In addition to this, many countries across the globe are shifting towards adopting a low carbon economy, further boosting the growth of green mining technologies. Furthermore, increasing usage of electric vehicles that runs on batteries in the mining industry, likely to drive the market growth over the forecast period. However, the rising number of illegal mining activities in the world may hamper the growth of the market over the forecast period. Moreover, high capital investment required for the implementation of new machineries and technologies, further hindering the green mining market growth.
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Some of the key players in the global green mining market are Glencore, Rio Tinto, BHP Billiton, Vale S.A, Tata Steel, Anglo American, Jiangxi copper corporation, Dundee precious, and Freeport-McMoRan among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global green mining industry.
• In April 2019, Rio Tinto announced that it has joined the World Bank initiative of green mining to help developing countries to extract lithium, cobalt and other minerals.
• In October 2019, BHP Billiton announced that it had signed the four contract of renewable energy to supply its Chilean copper operations beginning in 2021, cutting energy costs by 20%.
Surface mining segment dominated the global green mining market and held the market share of 65.26% in the year 2020
The type segment is divided into surface mining and underground mining. Surface mining segment dominated the global green mining market and held the market share of 65.26% in the year 2020. This is mainly due to high implementation of green mining technologies in the surface mining industry. In addition to this, the surface mining is low-cost operations and are under work by 24 hours on a daily basis. Thus, high adoption of green mining, driving the growth of surface mining segment in the market.
Power reductions segment is projected to grow at the highest CAGR of 10.1% over the forecast period
The technology segment classified into power reduction, water reduction, fuel & maintenance reduction, toxicity reduction, and emission reduction. Power reductions segment is projected to grow at the highest CAGR of 10.1% over the forecast period. The green mining technologies helps to reduce the power consumption in the mining processes. Thus, many companies are making high investment and adopting the green mining technologies to reduce the power usage. Many mining companies are adopting the renewable energy resources to minimize the power usage. Thus, higher adoption of green mining technologies to reduce the power usage in the mining industry.
Regional Segment Analysis of the Green Mining Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The Europe region dominated the global green mining market and held the largest market share and valued at USD 3.52 billion in the year 2020. Europe is the largest consumer of green mining in terms of adoption of technologies and new machinery. In addition to this, rising environmental concern due to the mining processing, many governments in the region have implemented the various policies, driving the growth of the market. In addition, this, the presence of many key companies across the region, further driving the growth of market. UK, France, and Germany are some of the prominent countries for the growth of green mining market in Europe. On the other hand, the Middle East and Africa is projected to grow at the healthy growth rate in the green mining market. The Middle East region is one of the largest regions in the mining industry in the world. Thus, with the increasing number of mining projects in the region with the boost of private investment, is likely to drive market growth, over the forecast period.
About the report:
The global green mining market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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