The global marine mining market was valued at around US$ 500 Mn in 2017 and is anticipated to expand at a CAGR of more than 34% from 2018 to 2026, according to a new research report titled ‘Marine Mining Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) . Marine mining is the process of retrieving mineral deposits from the sea and the area of the ocean below 200 meters. More than 1.5 million square kilometers of the international seabed has been set aside for mineral exploration in the Pacific and Indian Oceans and the Mid-Atlantic Ridge.
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Rise in Interest in Mineral Deposits of Deep Sea
Interest in the deep sea mineral deposits has been rising constantly due to the depleting terrestrial deposits for metals (such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt) and increase in demand for these metals in the production of smartphones and green technologies (such as wind turbines, solar panels, and electric storage batteries). Additionally, growth in automobile manufacturing and the aftermarket industry in the U.S., Germany, and Japan is anticipated to boost the demand for industrial metals such as platinum, copper, and nickel. Thus, rise in population and depletion of terrestrial deposits are expected to drive the exploitation of rich oceanographic mineral reserves.
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Remotely Operated Vehicles (ROVs) to Remain Dominant Technology Segment
In terms of technology, the remotely operated vehicles (ROVs) segment dominated the global marine mining market in 2017. ROVs are unoccupied, highly maneuverable underwater robots operated by someone at the surface of the water. They are also known as underwater drones, specifically designed and developed to make underwater observation easy and affordable. ROVs are used in various applications. Most of these are used for scientific purposes. They have proven to be extremely valuable in ocean exploration. Therefore, this segment is anticipated to expand at faster pace than any other segment during the forecast period.