Green Mining Market Anticipated to Garner USD 21.49 million by 2029, Growing with 9.9% CAGR | Exactitude Consultancy

Green mining market is being driven by renewable energy adoption, advanced sensors, artificial intelligence, and sustainable practises.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 27, 2023 /EINPresswire.com/ -- The global green mining market was valued at USD 11.1 million in 2022 and is projected to reach USD 21.49 million by 2029, growing at a CAGR of 9.9% from 2023 to 2029.

Green mining is the extraction of valuable minerals and geological materials from soil using cutting-edge technology and methods to minimise negative environmental effects and place a greater emphasis on lowering emissions and preserving ecology. It seeks to mitigate negative environmental and social impacts at all stages of operations by encouraging resource and energy efficiency and ensuring the availability of mineral resources. It provides exceptional performance while employing specific mining techniques to reduce its environmental impact, greenhouse gas emissions, and chemical use.

The practise of "green mining" entails removing rich minerals and geological elements from the soil using cutting-edge technology and procedures in order to reduce negative environmental consequences and place a greater emphasis on reducing emissions and protecting ecology. It aims to reduce the negative environmental and social consequences of operations at all stages by promoting resource and energy efficiency and ensuring mineral resource availability. It provides excellent performance while employing specific mining procedures to reduce its environmental impact, greenhouse gas emissions, and chemical use.

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Recent News

• 16 December 2022: Rio Tinto completed its acquisition of Turquoise Hill Resources Ltd (“Turquoise Hill”) for a consideration of approximately USD 3.1 billion1, simplifying completed their ownership of the world-class Oyu Tolgoi mine in Mongolia, significantly strengthening to Rio Tinto’s copper portfolio, and demonstrating its long-term commitment to the project and Mongolia.

• 6 September 2022: Rio Tinto acquired all the remaining shares of Turquoise Hill Resources Ltd (“Turquoise Hill”) that Rio Tinto does not currently own (the “Transaction”).

The greatest revenue share in 2022 over 37% was accounted for by Asia Pacific.

Asia Pacific held the biggest market share for green mining on account of rapid economic growth and a high consumer base and demand for agreeable materials and tasteful, predominantly in advancing nations such as India, China, and South Korea. Also, the rapid expansion of practical methods and the growing demand for cutting-edge technologies to protect the environment are projected to positively contribute to the market growth in the area.

So, several regulatory organizations in countries in the Asia pacific like Japan, China, and India have significantly contributed to the expansion of the market in the region. The region’s green mining business is being strengthened by economic development and strong consumer demand for luxurious and comfortable goods in emerging markets.

Market Segmentation

• By Type

Surface and underground mining are the types of green mining. In 2022, the surface category held the highest market share. Surface mining is more productive than underground mining. As a result, this type of mining has lower production costs. Equipment for underground mining is more expensive than equipment for surface mining since it must maintain productivity. A large production scale is additionally feasible with an open pit. The predominance of open-pit mines has allowed for the mass production of open-pit equipment.

• By Technology

Depending on the technology, the Green Mining Market is segmented into power reduction, fuel and maintenance reduction, emission reduction, water reduction, and other categories. In 2022, the power reduction sector held the greatest market share. One of these energy-intensive processes is comminution, which is the term used to describe the process of reducing solid materials from their average particle size to smaller particle sizes through crushing, grinding, cutting, vibrating, or other similar ways. This high-energy process involves both crushing and grinding. Because mines rarely have control over energy costs, it is imperative that the comminution process meet the criteria while consuming as little energy as possible.

Key Elements in The Green Mining Market Include:

• Renewable Energy Integration: Mining operations are increasingly incorporating renewable energy sources such as solar, wind, and hydropower to reduce their carbon footprint and dependency on fossil fuels.

• Energy Efficiency Technologies: Implementing energy-efficient technologies and practices is a crucial aspect of green mining. This includes the use of energy-efficient equipment, advanced processing techniques, and optimized mine designs.

• Water Management: Sustainable water use and management are essential for green mining. Technologies for water recycling, treatment, and conservation are becoming more prevalent in the industry.

• Waste Reduction and Recycling: Green mining focuses on minimizing waste generation and promoting recycling. This involves the responsible handling of tailings and the recycling of materials used in mining processes.

• Automation and Digitalization: The adoption of automation and digital technologies helps optimize mining processes, leading to increased efficiency and reduced environmental impact. This includes the use of autonomous vehicles, smart sensors, and data analytics.

• Corporate Social Responsibility (CSR): Mining companies are increasingly emphasizing CSR initiatives, ensuring that their operations benefit local communities, respect human rights, and contribute positively to social and environmental sustainability.

• Regulatory Compliance: Adherence to environmental regulations and standards is a critical aspect of green mining. Governments and international bodies often set guidelines to ensure responsible mining practices.

Green Mining Market Technological Trends

• Advanced Sensor Technologies: The integration of advanced sensors, including IoT (Internet of Things) devices, allows for real-time monitoring of various parameters in mining operations. These sensors help optimize processes, improve safety, and enhance resource efficiency.

• Automation and Robotics: The use of autonomous vehicles, drones, and robotic systems in mining operations contributes to increased efficiency and safety. Automation reduces the need for human presence in hazardous environments and can lead to more precise and controlled mining activities.

• Artificial Intelligence (AI) and Machine Learning: AI and machine learning technologies are applied to data analysis, predictive modeling, and decision-making in mining operations. These technologies help optimize processes, identify patterns, and improve overall efficiency, leading to reduced environmental impact.

• Blockchain Technology: Blockchain is being explored for its potential to enhance transparency and traceability in the mining supply chain. It can help verify the origin of minerals, ensuring they are sourced ethically and sustainably, and contribute to responsible mining practices.

• Energy Storage Solutions: The use of advanced energy storage technologies, such as large-scale batteries, helps mining operations manage energy more efficiently. This is particularly relevant in the context of integrating renewable energy sources into mining activities.

Green Mining Market Players

• BHP Billiton
• Anglo American PLC
• Rio Tinto Group
• VALE S.A.
• Glencore PLC
• Tata Steel Limited
• Jiangxi Copper Corporation
• Dundee Precious Metals
• Freeport-McMoRan
• Shandong Gold Mining Co. Ltd
• Doosan Infracore

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Key Market Segments: Green Mining Market

Green Mining Market by Type, 2023-2029, (USD Million) (Million Metric Tons)

• Surface Mining
• Underground Mining

Green Mining Market by Technology, 2023-2029, (USD Million) (Million Metric Tons)

• Power Reduction
• Fuel And Maintenance Reduction
• Emission Reduction
• Water Reduction

1. Market Dynamics:

• Global Demand for Metals and Minerals: The growing global population and increasing industrialization continue to drive the demand for metals and minerals, creating a need for sustainable mining practices.

• Environmental Concerns: Rising awareness of environmental issues has led to a demand for eco-friendly and sustainable mining methods.

• Technological Advancements: The development of new technologies, such as automation, artificial intelligence, and data analytics, is transforming the mining industry and making it more sustainable.

2. Drivers:

• Regulatory Support: Governments and international organizations are implementing regulations to promote environmentally friendly mining practices, encouraging the adoption of green mining technologies.

• Corporate Social Responsibility (CSR): Mining companies are increasingly recognizing the importance of CSR and are investing in sustainable and socially responsible mining practices to improve their public image.

• Cost Savings: Green mining practices, such as energy-efficient technologies and waste reduction, can lead to cost savings for mining companies in the long run.

• Investor Pressure: Investors are increasingly considering environmental, social, and governance (ESG) factors when making investment decisions, putting pressure on mining companies to adopt sustainable practices.

3. Restraints:

• Initial Costs: Implementing green mining technologies may involve significant initial capital investment, which can be a barrier for some mining companies.

• Resistance to Change: Traditional mining practices may be deeply ingrained in some regions, and there can be resistance to adopting new, sustainable methods.

• Lack of Infrastructure: In some areas, the lack of infrastructure, such as renewable energy sources and waste management facilities, may hinder the adoption of green mining practices.

4. Opportunities:

• Innovation and R&D: Opportunities exist for companies and researchers to develop and commercialize new technologies that make mining more sustainable.

• Circular Economy: Adopting circular economy principles in mining, such as recycling and reusing materials, can open up new business opportunities.

• Collaboration and Partnerships: Collaborative efforts between governments, industry players, and environmental organizations can create opportunities for implementing sustainable mining practices.

5. Challenges:

• Supply Chain Complexity: The complexity of global supply chains for minerals and metals poses challenges in ensuring that all aspects of the supply chain adhere to green mining principles.

• Social and Community Engagement: Building and maintaining positive relationships with local communities can be challenging, especially when implementing changes in mining practices.

• Technological Risks: The adoption of new technologies in mining comes with inherent risks, including technical challenges and potential disruptions to existing operations.

Key Question Answered

1. What is the expected growth rate of the green mining market over the next 7 years?
2. Who are the major players in the green mining market and what is their market share?
3. What are the end-user industries driving demand for the market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-Pacific, the Middle East, and Africa?
5. How is the economic environment affecting the green mining market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the green mining market?
7. What is the current and forecasted size and growth rate of the global green mining market?
8. What are the key drivers of growth in the green mining market?
9. Who are the major players in the market and what is their market share?
10. What are the distribution channels and supply chain dynamics in the green mining market?
11. What are the technological advancements and innovations in the green mining market and their impact on product development and growth?
12. What are the regulatory considerations and their impact on the market?

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