Analysts’ Viewpoint on Marine Mining Market Scenario
Rise in demand for minerals and metals along with the depletion of land-based resources has led to a surge in interest in marine mining. Commercial-scale marine mining is gaining traction across the globe. A wide range of mining operations is being carried out in the shallow seabed. The finding of metal and mineral deposits beneath the seabed is a key factor driving the market for marine mining equipment and technology. Rise in deep sea exploration activities and emerging R&D initiatives to develop sustainable mining models are projected to offer significant opportunities for high-tech offshore mining projects.
Marine mining is the process of retrieving mineral deposits from the sea and the area of the ocean below 200 m. Several metals and minerals are available for extraction in the deep sea including silver, gold, copper, manganese, cobalt, and zinc. The International Seabed Authority (ISA), which regulates activities in areas beyond national jurisdiction, has issued 29 contracts for the exploration of deep-sea mineral deposits. 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. Increase in demand for electronic components is boosting the need for new sources of metals due to the depletion of terrestrial reserves of metals such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt. Rise in awareness about advantages and disadvantages of underwater mining, marine phosphate mining, and marine sand mining is creating lucrative opportunities for market players.
Interest in deep sea mineral deposits is growing consistently primarily due to the depleting terrestrial deposits of metals such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt; and rising demand for these metals to produce smartphones and green technologies such as wind turbines, solar panels, and electric storage batteries. Increase in automobile manufacturing and expansion of the aftermarket industry in the U.S., Germany, and Japan are anticipated to propel the demand for industrial metals such as platinum, copper, and nickel.
Big data analytics has become the buzzword in the mining industry. Recently, IBM unveiled a big data analytics tool, which helps mining companies easily track wear and tear in equipment. This ensures uninterrupted performance of the mining equipment. Thus, increase in population and depleting terrestrial deposits are expected to drive the exploration of rich oceanographic mineral reserves.
Manufacturing and service industries in developing countries, such as India, China, Japan, Vietnam, Indonesia, and Brazil, have been expanding since the last few years. Construction and shipbuilding industries in Asia Pacific are growing at a rapid pace due to the sheer number of projects set to go underway. This is expected to increase the demand for metals and minerals. Rise in disposable income and growth in demand for durable goods such as automobiles and household equipment with high mineral or metal content are also expected to fuel the market. Several global developers are focusing on establishing their businesses in emerging economies through FDI incentive schemes. This is anticipated to indirectly boost the economy of these countries and fuel industrialization. Rise in industrialization is projected to propel the marine mining market, primarily due to the increase in demand for metal products.
In terms of technology, the global marine mining market has been classified into remotely operated vehicles, SONAR, and marine seismic methods. The remotely operated vehicles segment held major share of 54.53% of the global market in 2021. It is estimated to dominate the market during the forecast period. Remotely operated vehicles play a major role in seafloor mapping. These are underwater robots specifically designed and developed to make underwater observation easy and cost-effective. Remotely operated vehicles, or ROVs, enable the exploration of the ocean without actually being in the ocean. Most ROVs are equipped with at least a still camera, video camera, and lights. Thus, they can transmit images and video back to the ship on the surface. Additional equipment, such as a manipulator or cutting arm, water samplers, and instruments that measure parameters, such as water clarity and temperature, may also be added to vehicles in order to enable sample collection.
Based on application, the global marine mining market has been split into automotive, precious metals, construction, electronics, and others. The automotive segment dominated the global marine mining market with 35.25% share in 2021. Various types of minerals, such as iron, copper, magnetite, and hematite, are used in the automotive industry. Majority of these metals are used for electrical and electronic products, construction materials, and traditional transportation equipment. Electric vehicles require two to three times the amount of copper required in traditional vehicles. Copper is used in car batteries, permanent magnets for motors and wiring, various inverters, and additional electrical distribution infrastructure.
Asia Pacific accounted for prominent share of 98.92% of the global market in 2021. Rise in industrialization and rapid urbanization in growing economies, such as China and India, are expected to drive the demand for metals and minerals in the region. This is anticipated to boost the marine mining market in Asia Pacific.
Europe held 1.07% share of the global market in 2021. Depleting terrestrial deposits and rising demand for metals are fueling interest in deep sea mining in the region. The deep sea is abundant in mineral resources. The mining industry in Europe is important for the continent's economic well-being. Consumption of aggregates and industrial minerals and metals in Europe has been increasing at a rapid pace since the last few years. Europe is a self-sufficient region in terms of production of many industrial minerals and aggregates. However, it is a significant net importer of most metals and metal ores.
The global marine mining market comprises several small and large-scale service providers that control a majority of the share. Most of the firms are adopting new technologies and strategies with comprehensive research and development activities, primarily to develop and prioritize sustainable power maintenance services. Expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. 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., and China Minmetals Corporation are the prominent entities operating in the market.
Each of these players has been profiled in the marine mining market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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Attribute |
Detail |
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Market Size Value in 2021 |
US$ 1.6 Bn |
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Market Forecast Value in 2031 |
US$ 31.5 Bn |
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Growth Rate (CAGR) |
34.43% |
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Forecast Period |
2022–2031 |
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Historical Data Available for |
2020 |
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Quantitative Units |
US$ Bn for Value |
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Market Analysis |
It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
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Competition Landscape |
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Format |
Electronic (PDF) + Excel |
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Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope |
Available upon request |
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Pricing |
Available upon request |
The market stood at US$ 1.6 Bn in 2021.
The market is expected to grow at a CAGR of 34.43% from 2022 to 2031.
Growth in interest in mineral deposits of the deep sea and rapid industrialization in developing countries are key drivers of the marine mining market.
Remotely operated vehicle (ROVs) technology was the largest technology segment that held 54.53% share in 2021.
Asia Pacific was the most lucrative region of the marine mining market in 2021.
Nautilus Minerals Inc., Neptune Minerals, UK Seabed Resources, Keppel Corporation Limited, Soil Machine Dynamics Ltd., and Royal IHC.
1. Executive Summary
1.1. Marine Mining Market Snapshot
1.2. Current Market and Future Potential
2. Market Overview
2.1. Market Segmentation
2.2. Market Trends
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunities
2.4. Porter’s Five Forces Analysis
2.5. Regulatory Analysis
2.6. Value Chain Analysis
2.6.1. List of Service Providers
2.6.2. List of Potential Customers
3. COVID-19 Impact Analysis
4. Production Output Analysis, 2021
5. Price Trend Analysis
6. Global Marine Mining Market Analysis and Forecast, by Technology, 2022–2031
6.1. Introduction and Definitions
6.2. Global Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
6.2.1. Remotely Operated Vehicles (ROVs)
6.2.2. SONAR
6.2.3. Marine Seismic Methods
6.3. Global Marine Mining Market Attractiveness, by Technology
7. Global Marine Mining Market Analysis and Forecast, by Application, 2022–2031
7.1. Introduction and Definitions
7.2. Global Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
7.2.1. Automotive
7.2.2. Precious Metals
7.2.3. Construction
7.2.4. Electronics
7.2.5. Others
7.3. Global Marine Mining Market Attractiveness, by Application
8. Global Marine Mining Market Analysis and Forecast, by Region, 2022–2031
8.1. Key Findings
8.2. Global Marine Mining Market Value (US$ Mn) Forecast, by Region, 2022–2031
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Rest of the World
8.3. Global Marine Mining Market Attractiveness, by Region
9. North America Marine Mining Market Analysis and Forecast, 2022–2031
9.1. Key Findings
9.2. North America Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
9.3. North America Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
9.4. North America Marine Mining Market Value (US$ Mn) Forecast, by Country, 2022–2031
9.4.1. U.S. Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
9.4.2. U.S. Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
9.4.3. Canada Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
9.4.4. Canada Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
9.5. North America Marine Mining Market Attractiveness Analysis
10. Europe Marine Mining Market Analysis and Forecast, 2022–2031
10.1.1. Key Findings
10.1.2. Europe Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
10.1.3. Europe Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
10.1.4. Europe Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2022‒2031
10.1.5. U.K. Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
10.1.6. U.K. Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
10.1.7. Norway Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
10.1.8. Norway Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
10.1.9. Rest of Europe Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
10.1.10. Rest of Europe Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
10.2. Europe Marine Mining Market Attractiveness Analysis
11. Asia Pacific Marine Mining Market Analysis and Forecast, 2022–2031
11.1. Key Findings
11.2. Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Technology
11.3. Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
11.4. Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2022‒2031
11.4.1. China Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
11.4.2. China Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
11.4.3. Japan Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
11.4.4. Japan Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
11.4.5. Papua New Guinea Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
11.4.6. Papua New Guinea Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
11.4.7. Australia Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
11.4.8. Australia Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
11.4.9. Rest of Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
11.4.10. Rest of Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
11.5. Asia Pacific Marine Mining Market Attractiveness Analysis
12. Rest of the World Marine Mining Market Analysis and Forecast, 2022–2031
12.1. Key Findings
12.2. Rest of the World Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
12.3. Rest of the World Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
12.4. Rest of the World Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2022‒2031
12.4.1. Brazil Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
12.4.2. Brazil Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
12.4.3. Saudi Arabia Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
12.4.4. Saudi Arabia Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
12.4.5. Rest of Countries Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022–2031
12.4.6. Rest of Countries Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022–2031
12.5. Latin America Marine Mining Market Attractiveness Analysis
13. Competition Landscape
13.1. Global Ink Company Market Share Analysis, 2021
13.2. Company Profiles (Details – Overview, Financials, Recent Developments, and Strategy)
13.2.1. Nautilus Minerals Inc.
13.2.1.1. Company Description
13.2.1.2. Business Overview
13.2.1.3. Strategic Overview
13.2.2. Neptune Minerals
13.2.2.1. Company Description
13.2.2.2. Business Overview
13.2.2.3. Strategic Overview
13.2.3. UK Seabed Resources.
13.2.3.1. Company Description
13.2.3.2. Business Overview
13.2.3.3. Financial Overview
13.2.3.4. Strategic Overview
13.2.4. Keppel Corporation Limited
13.2.4.1. Company Description
13.2.4.2. Business Overview
13.2.4.3. Financial Overview
13.2.4.4. Strategic Overview
13.2.5. Soil Machine Dynamics Ltd.
13.2.5.1. Company Description
13.2.5.2. Business Overview
13.2.5.3. Strategic Overview
13.2.6. Royal IHC
13.2.6.1. Company Description
13.2.6.2. Business Overview
13.2.6.3. Financial Overview
13.2.6.4. Strategic Overview
13.2.7. Ocean Minerals, LLC
13.2.7.1. Company Description
13.2.7.2. Business Overview
13.2.7.3. Strategic Overview
13.2.8. Diamond Fields Resources Inc.
13.2.8.1. Company Description
13.2.8.2. Business Overview
13.2.8.3. Strategic Overview
13.2.9. DeepGreen Metals Inc.
13.2.9.1. Company Description
13.2.9.2. Business Overview
13.2.9.3. Strategic Overview
13.2.10. China Minmetals Corporation
13.2.10.1. Company Description
13.2.10.2. Business Overview
13.2.10.3. Strategic Overview
14. Primary Research: Key Insights
15. Appendix
List of Tables
Table 01: Global Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 02: Global Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 03: Global Marine Mining Market Value (US$ Mn) Forecast, by Region, 2022‒2031
Table 04: North America Marine Mining Market Value (US$ Mn) Forecast, by Country, 2022‒2031
Table 05: North America Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 06: North America Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 07: U.S. Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 08: U.S. Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 09: Canada Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 10: Canada Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 11: Europe Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2022‒2031
Table 12: Europe Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 13: Europe Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 14: U.K. Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 15: U.K. Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 16: Norway Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 17: Norway Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 18: Rest of Europe Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 19: Rest of Europe Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 20: Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2022‒2031
Table 21: Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 22: Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 23: China Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 24: China Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 25: Japan Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 26: Japan Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 27: Papua New Guinea Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 28: Papua New Guinea Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 29: Australia Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 30: Australia Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 31: Rest of Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 32: Rest of Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 33: Rest of World Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2022‒2031
Table 34: Rest of World Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 35: Rest of World Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 36: Brazil Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 37: Brazil Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 38: Saudi Arabia Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 39: Saudi Arabia Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
Table 40: Rest of Countries Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2022‒2031
Table 41: Rest of Countries Marine Mining Market Value (US$ Mn) Forecast, by Application, 2022‒2031
List of Figures
Figure 01: Global Marine Mining Market Snapshot
Figure 02: Global Marine Mining Market Value (US$ Mn) Analysis, 2021, 2025, and 2031
Figure 03: Porter’s Five Forces Analysis
Figure 04: Value Chain Analysis
Figure 05: Global Marine Mining Market Value Share Analysis, by Technology, 2021, 2025, and 2031
Figure 06: Global Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2021, 2025, and 2031
Figure 07: Global Marine Mining Market Attractiveness Analysis, by Technology, 2021, 2025, and 2031
Figure 08: Global Marine Mining Market Value Share Analysis, by Application, 2021, 2025, and 2031
Figure 09: Global Marine Mining Market Value (US$ Mn) Forecast, by Application, 2021, 2025, and 2031
Figure 10: Global Marine Mining Market Attractiveness Analysis, by Application, 2021, 2025, and 2031
Figure 11: Global Marine Mining Market Value Share Analysis, by Region, 2021, 2025, and 2031
Figure 12: Global Marine Mining Market Value (US$ Mn) Forecast, by Region, 2021, 2025, and 2031
Figure 13: North America Marine Mining Market Value Share Analysis, by Country, 2021, 2025, and 2031
Figure 14: North America Marine Mining Market Value (US$ Mn) Forecast, by Country, 2021, 2025, and 2031
Figure 15: North America Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2021, 2025, and 2031
Figure 16: North America Marine Mining Market Value (US$ Mn) Forecast, by Application, 2021, 2025, and 2031
Figure 21: Europe Marine Mining Market Value Share Analysis, by Country and Sub-region, 2021, 2025, and 2031
Figure 22: Europe Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2021, 2025, and 2031
Figure 23: Europe Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2021, 2025, and 2031
Figure 24: Europe Marine Mining Market Value (US$ Mn) Forecast, by Application, 2021, 2025, and 2031
Figure 31: Asia Pacific Marine Mining Market Value Share Analysis, by Country and Sub-region, 2021, 2025, and 2031
Figure 32: Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2021, 2025, and 2031
Figure 33: Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2021, 2025, and 2031
Figure 24: Asia Pacific Marine Mining Market Value (US$ Mn) Forecast, by Application, 2021, 2025, and 2031
Figure 34: Rest of the World Marine Mining Market Value Share Analysis, by Country and Sub-region, 2021, 2025, and 2031
Figure 35: Rest of the World Marine Mining Market Value (US$ Mn) Forecast, by Country and Sub-region, 2021, 2025, and 2031
Figure 36: Rest of the World Marine Mining Market Value (US$ Mn) Forecast, by Technology, 2021, 2025, and 2031
Figure 37: Rest of the World Marine Mining Market Value (US$ Mn) Forecast, by Application, 2021, 2025, and 2031
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Marine Mining Market
