Report Shares Marine Mining Vehicle Forecast
A new report from Transparency Market Research examines Marine Mining Vehicle Industry Trends, Competitive Landscape and Forecast by 2027.
Global Marine Mining Vehicle Market – Introduction
- The Earth’s seabed is a prominent uncharted region that offers significant potential for mining operations. High underwater pressure and depth of seas previously made it impossible to cover larger areas for mining underwater in seas. Advancements in automotive autonomous vehicles, i.e. driverless vehicles, have enabled the exploration of the seas for potential mining areas without endangering lives.
- The bottom of the ocean is expected to be the future provider of precious metals and other resources. Marine mining is overseen by International Seabed authorities, and the profits are allocated to the country which owns the mining zone. These factors point toward a lucrative market for marine mining vehicles.
Key Drivers of Global Marine Mining Vehicle Market
- Rise in need for metals and minerals is attributed to expansion of various industries such as construction, automotive, electronics and telecommunication, transport and shipping. Moreover, manufacturing and production have expanded in developing and developed countries such as the U.S., Germany, Japan, China, India, and Malaysia. These factors put a strain on existing mining industries and resources. For instance, the World Steel Association has forecasted that the global demand for steel would rise to 1737 Mt by the end of 2019, which is likely to be 1.3% higher than that in 2018. Furthermore, demand is projected to continue to rise in the near future. This prompts the need to search new mining sites for steel and other materials, underwater, in deep seas. This, in turn, is estimated to fuel the demand for marine vehicles that enable exploration of the seabed and consequently, drive the market.
- Demand for luxury consumer goods, automobiles, electronic gadgets, and smartphones has increased owing to increased disposable income attributed to economic development across the globe. This rise in demand directly propels the demand for metals and minerals used in production. Additionally, developing nations, such as Malaysia, China, and India, attract FDIs and domestic players for investment in technology and economic development. These factors mentioned above fuel the marine mining vehicle market.
Possibility of electronic equipment failure hampers market
- Autonomous marine vehicles and other marine vehicles used for mining are equipped with numerous electronic devices and equipment. These devices are battery operated and may malfunction in case of battery failure, which may lead to failure of vehicle during exploration or underwater mining operations. This factor restrains the marine mining vehicle market.
- Environmental uncertainties such as terrains, temperature, and underwater pressure, have led to a majority of the seabed remaining unexplored, which in turn is prompting governments and regulatory authorities worldwide to enact stringent regulations.
- These regulations are likely to hamper the market.
Marine mining vehicle market in Asia Pacific to expand significantly
- Significantly high population in Asia Pacific drives the requirement for accommodation and transportation, which propels construction and automotive industries in the region. Moreover, demand for consumer goods, electronic gadgets, life utility tools is increasing in the region.
- Countries in the region are exploring oceans for possible sources in order to cater to the rising demand for metals and minerals. Various countries in the region are approaching the International Seabed Authority to obtain exclusive rights for seabed exploration and mining. For instance, The International Seabed Authority has entered into 15-year contract with 29 contractors worldwide for exploration of polymetallic nodules, polymetallic sulphides, and cobalt-rich ferromanganese crusts in the deep seabed. These factors mentioned above are projected to drive the marine mining vehicles market in Asia Pacific in the near future.
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