Deep Sea Mining Equipment & Technologies Market Expected to Reach $72.8 Billion by 2030
According to a recent report published by Allied Market Research, titled, “Deep Sea Mining Equipment & Technologies Market by Type, Service, and Equipment Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the deep-sea mining equipment & technologies market size was valued at $811.9 million in 2020, and is expected to reach $72,814.2 million by 2030, registering a CAGR of 61.4% from 2021 to 2030.
The deep-sea mining equipment & technologies industry consists of revenue generated by sales of equipment used for deep sea mining such as crawlers, riser systems and others. These equipment are used for mining metals such as copper, nickel, aluminum, manganese, zinc, lithium and cobalt from underwater seabed.
There is growing demand for metals such as copper, nickel and others that are used in manufacturing electronics and electric batteries. Owing to this, interest to mine these metals for underwater is rising, which in turn is driving the deep-sea mining equipment & technologies market growth. In addition, the ocean exploration activities for data and information collection to address the scientific research as well as manage any disasters need monitoring equipment, which is another factor driving the deep-sea mining equipment & technologies.
However, lack of advancement in the technology can harm the marine life and might lead to its depletion. Thus, harm caused to the environment is a restraint factor for the market. In addition, outbreak of COVID-19 has led to halt in mining and manufacturing activities across the globe. Halt in logistics services has led to halt in the mining industry, which, in turn, hinders the growth of the market. However, industries are gradually back on track and vaccine discovery has led to recovery of the deep-sea mining equipment & technologies market trends by mid-2021. On the contrary, advanced research and introduction of IoUT will help in effective data collection and operate the underwater equipment efficiently, which is a major opportunity for the growth of the deep-sea mining equipment & technologies market analysis.
The deep-sea mining equipment & technologies is segmented on the basis of type, service, equipment type and region. On the basis of type, the market is divided into polymetallic nodules, polymetallic sulphides and cobalt-rich crusts. Depending on service, it is classified into exploration and extraction. On the basis of equipment type, the market is divided into seabed mining crawler, riser system and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings of The Study
- By type, the polymetallic nodules segment was the highest revenue contributor in 2020.
- By service, the exploration segment generated the highest revenue in 2020.
- By equipment type, the seabed mining crawler segment generated the highest revenue in 2020.
- By region, the Asia-Pacific generated the highest revenue in 2020.
The major players profiled in the market include 2H Offshore (Acteon Group Ltd.), Bauer AG, Cellula Robotics Ltd., Deep Reach Technology, Inc., Kongsberg Maritime, Odyssey Marine Exploration, Inc., Robert Bosch GmbH, Saab Seaeye Ltd (Saab AB), SEAS Offshore Pty Ltd. and Soil Machine Dynamics Ltd. Major companies in the market have adopted strategies such as product launch, product development, collaboration and acquisition, to offer better products and services to customers in the market.