Owing to benefits such as safer working conditions, improved underground communication, automation, systematic transportation of metals & minerals, and emergency response measures, deep sea mining equipment and technologies are experiencing rapid adoption, thus fostering progress in global deep sea mining equipment & technologies market.
Covid-19 Impact & Market Status
The coronavirus pandemic changed the world dramatically including the global Deep Sea Mining Equipment & Technologies market. laboratory analysis, keeping the teams organized, process delay, limited metal demand due to halted industrial activities were some major challenge faced by the global Deep Sea Mining Equipment & Technologies market. However, market fortification strategies, and other measures taken by the globalized economy in response to this crisis could result in the rapid growth of global Deep Sea Mining Equipment & Technologies market.
The Deep Sea Mining Equipment & Technologies market is expected to grow at a CAGR of 34.43% to reach US$ 31.5 Bn in 2031.
.jpg "The Global Deep Sea Mining Equipment Technologies Market 2021-2031 (USD Billion)")
This report gives an overview of global Deep Sea Mining Equipment & Technologies market including the current state of development, investment opportunities, new trends driving market growth, market risks, market financials and other information about the global Deep Sea Mining Equipment & Technologies market important for market players to understand to benchmark against the rest of the market is given in the report.
Seafloor Massive Sulfides Mining is the Most Attractive Segment
The global Deep Sea Mining Equipment & Technologies market is classified into seafloor massive sulfides mining, ferromanganese crust mining, polymetallic nodule mining on the basis of mining type. Among these, the seafloor massive sulfides mining segment is expected to grow at a substantial percentile every year. The Polymetallic Sulfide minerals are rich in copper, gold, lead, silver and other metals. Thus a large part of this growth is expected to come from the rapidly increasing mining activities for seafloor sulfides , growing implying significant potential for growth in the global Deep Sea Mining Equipment & Technologies market.
Extraction Segment to Remain Atop
Global Deep Sea Mining Equipment & Technologies market is classified into exploration and extraction depending upon services. Among these, extraction segment is the largest segment in the global Deep Sea Mining Equipment & Technologies market as mining firms and respected countries are investing heavily in mining activities due to dearth of natural resources and increasing demand for deep sea minerals from various industries.
Autonomous Underwater Vehicles to Ensure Revenue Maximization
The global Deep Sea Mining Equipment & Technologies market is classified into thrusters, pick-up devises, seabed mining Crawler, autonomous underwater vehicles, others on the basis of Equipment Type. Among these, the autonomous underwater vehicles segment made a substantial contribution to the Gross Domestic Product (GDP) and Compound Annual Growth Rate (CAGR) of global Deep Sea Mining Equipment & Technologies market owing to key factors like increasing penetration of Internet of Things, machine learning, and other advanced technologies for safer mining activities, improved productivity, and reduced production costs.
Autonomous Underwater Vehicles to Ensure Revenue Maximization
The global Deep Sea Mining Equipment & Technologies market is classified into green technology, Internet of Things (IoT), machine learning, and other on the basis of Technology Type. Among these, the green technology segment accounted for largest market share and is poised for substantial market growth through the forecast span. The key factors increased environmental sustainability is attracting miners to adopt green technology.
North American Region to Render Ample Investment Avenues
North America in the global Deep Sea Mining Equipment & Technologies market has witnessed rapid growth in recent years, in line with increased mining activities in the US and Canada, rising demand for minerals and metals resulting from reduced resources available on land, growing demand for deep sea minerals for use in the technology, deep-sea exploration contracts awarded to the companies from countries like US, Canada, Mexico for different mineral resources is increasing the market share of North America in global Deep Sea Mining Equipment & Technologies market.
The need for making mining operations more productive, reduce costs, time, and efforts as well as process the mining operations sustainably has accentuated the reliance on equipment and technologies.
Rapid applications of deep sea mining equipment and technologies for extraction and mining are making operations more productive fostering remarkable progress in the global deep sea mining equipment & technologies market.
Advantages such as environment sustainability, improved waste management efforts, reduced employment gender gaps, and modern technologies and equipment ensuring a more sustainable mining sector encourage further adoption.
Rapid advances in technology and use of modernised equipment are changing the way deep sea mining works. The use of equipment like thrusters, pick-up devises, seabed mining Crawler, autonomous underwater vehicles and technology like machine learning, internet of things (IoT), green technology is improving working conditions, underground communication, transportation of metals & minerals safely to the surface.
Factors such as rising demand for minerals and metals, growing use of minerals in technology sector leading deep sea mineral extraction make deep sea mining equipment and technology a superlative option.
However, increased Temperature during mining, increase underwater ambient noise, serious and widespread negative impacts on biodiversity and geopolitical and conflicts with fishing industry and pharmaceutical firms are hampering the growth of global deep sea mining equipment & technologies market. Moreover, covid-19 led halted industrial activities severely impacted the global deep sea mining equipment & technologies market. Conversely, the rapid advances in technology innovation, including automation, digitization and electrification and adoption of green technology is helping miners mitigate the environmental impacts. Additionally, the ease in covid-19 restrictions leading to resurgence industrial and mining activities is anticipated to be growth opportunity to the global deep sea mining equipment & technologies market.
The major players in global deep sea mining equipment & technologies market are 2H Offshore, Soil Machine Dynamics, SEAS Offshore, Saab Seaeye, Robert Bosch, Odyssey Marine Exploration, Kongsberg Maritime, Deep Reach Technology, Cellula Robotics, and Bauer among others. These firms have been working on developing complex technologies and equipment for deep sea mining. This has helped in minimizing development costs and associated risks. The firms are focused on qualification of machinery for mining activities in deep sea waters. These renowned industry players in global deep sea mining equipment & technologies market are unravelling new product portfolios and technological advancements for market fortification amidst Covid-19 impact.
Latest Innovations in the Global Deep Sea Mining Equipment & Technologies Market: a Snapshot
- In November 2021, Adepth Minerals AS, the Norwegian deep sea mineral exploration company received NOK11.7 million grant from Innovation Norway for developing innovative FlexiCore technology. The FlexiCore technology will be deployed in 2022 for collecting deep sea mineral core samples. FlexiCore is believed to be most flexible and efficient than other coring solutions.
In November 2021, Allseas at an event in Netherlands announced that it is developing a deep-sea collection system in partnership with The Metals Company. The new technology will recover polymetallic nodules from the seabed, lift them to the surface and allow transportation of the minerals to shore.
Deep Sea Mining Equipment & Technologies Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | US$ 31.5 Bn |
| Growth Rate | CAGR of 34.43% during 2021-2031 |
| Segment Covered | Technology, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Nautilus Minerals Inc Neptune Minerals, UK Seabed Resources, Keppel Corporation Limited, Soil Machine Dynamics Ltd., Royal IHC, Ocean Minerals, LLC, Diamond Fields Resources Inc., Deep Green Metals Inc. |
Key Segments of the Global Deep Sea Mining Equipment & Technologies Market
Mining Type Overview, (USD Billion)
- Seafloor massive sulfides mining
- Ferromanganese crust mining
- Polymetallic nodule mining
Services Overview, (USD Billion)
- Exploration
- Extraction
Equipment Type Overview, (USD Billion)
- Thrusters
- Pick-up devices
- Seabed Mining Crawler
- Autonomous underwater vehicles
- Others
Technology Type Overview, (USD Billion)
- Green technology
- Machine learning
- Internet of Things (IoT)
- Others
Regional Overview, (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The deep sea mining equipment and technologies market is studied from 2021 - 2031.
The deep sea mining equipment and technologies market is growing at a CAGR of 34.43 % over the next 7 years.
North America is growing at the highest CAGR over 2022- 2031.
Nautilus Minerals Inc Neptune Minerals, UK Seabed Resources, Keppel Corporation Limited, Soil Machine Dynamics Ltd., Royal IHC, Ocean Minerals, LLC, Diamond Fields Resources Inc., Deep Green Metals Inc.