Global Deep Sea Mining Equipment Market By Type (Polymetallic Nodules, Polymetallic Sulphides and Cobalt-Rich Crusts), By Service (Exploration and Extraction) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the report

How are the major segments performing in the deep sea mining equipment market?

• In 2022, the cobalt-rich crusts category accounted for the largest share of the market. Cobalt-rich crusts are a viable seafloor resource because they contain significant concentrations of the metals cobalt, nickel, manganese, and other elements, some of which may even be greater than what is found in land deposits.
• In 2022, the extraction category held the largest share. In this phase, the ocean floor is searched for mineral deposits and other resources using various methods, including acoustic surveys, magnetic surveys, and remote sensing.
• In 2022, the seabed mining crawler category held a largest share. Crawler machines are tracked vehicles used for mining and drilling operations that can move along the ocean floor. They can function in harsh situations and are outfitted with various tools.

What is the market size of deep sea mining equipment regarding value?

The global deep sea mining equipment market is anticipated to grow at a substantial CAGR of 65.10% in the upcoming years. The global deep sea mining equipment industry was estimated to be worth USD 1.1 billion in 2022 and was expected to be worth USD 36.8 billion by 2028.

Which region dominated the deep sea mining equipment market?

In 2022, the Asia Pacific region was anticipated to hold a prominent share in the global deep sea mining equipment market. Deep sea mining is getting more assistance from these regions’ governments in order to increase electricity production and gather minerals and ore for export. Additionally, it is anticipated that growing investments in cutting-edge excavation tools and equipment in nations like Australia and India and other emerging nations will fuel market growth. To address the increased demand from end users and numerous industries, the economies of the Asia Pacific region are turning to deep sea mining. Infrastructure and the electronics sectors are growing quickly in this area, which is anticipated to continue during the projected period.

How US market is performing in the deep sea mining equipment market?

In 2022, the United States was anticipated to hold a prominent share in the North American region’s global deep sea mining equipment market. The need for industrial metals like copper, platinum, and nickel is projected to increase due to the expanding vehicle manufacturing sectors in Germany and the US, ultimately increasing market penetration. Due to a large increase in projects, the construction and shipbuilding industries have been growing quickly. The need for metals and minerals is anticipated to increase as a result, which will increase the demand for deep sea mining equipment.

How is the economy impacting the global deep sea mining equipment growth?

The COVID-19 pandemic significantly impacted the manufacturing, oil & gas, and construction industries. Additionally, mining operations were greatly curtailed or discontinued. Worldwide, supply chains for manufacturing, transportation, and related operations were constrained. This directly impacted the growth of the deep sea mining equipment and technology market. Hence, impeding economic growth.

What is the competitive environment of the deep sea mining equipment market?

In order to provide customers in the deep sea mining equipment & technologies market with superior goods and services, major market players have chosen methods like new launches, product development, collaboration, and acquisition. Emerging R&D initiatives creating sustainable mining models are also expected to provide opportunities for testing and executing advanced deep sea mining projects.

Executive Summary

What are the key trends in the deep sea mining equipment market?

• Some of the leading nations for deep sea mining activities include China, Papua New Guinea, Germany, the United Kingdom, and Russia. In these nations, the adoption of cutting-edge technologies is very high. The need for deep sea mining equipment is anticipated to increase as a result in the near future.
• A number of foreign developers intend to use FDI incentive programs to launch their enterprises in emerging nations. It is anticipated that this will indirectly stimulate national economies and industrialisation. Deep sea mining is predicted to grow alongside industrialization, mostly as a result of an increase in consumer demand for metal goods.

How the growth of the deep sea mining equipment market has been influenced by the increase in the number of golf courses?

The development of numerous projects around the world, as well as the rise in population and industrialization, are all contributing to the rapid growth of the shipbuilding and construction industries. The world’s population is expected to continue to rise in the twenty-first century, reaching an estimated 10 billion people by 2026, according to data provided by Worldometer, which shows that the population is now increasing at a rate of about 1.05 percent per year. Global demand for metals and minerals has increased as a result of this. For instance, a deep-sea metal called zinc is utilized to prevent rust when creating different types of structures, bridges, cars, etc. Additionally, the expansion of service sectors like insurance, ITC, and BFSC has increased the demand for commercial space, leading to increased building, which is anticipated to benefit the deep sea mining equipment market.

Which are the key investments by the deep sea mining equipment market players?

During the projection period, it is anticipated that rising mining activities and rising investments in deep sea mining equipment will lead to tremendous market expansion. Presently, China is the world’s top producer of rare earth materials. China has announced a few initiatives in the sector to take advantage of the rapidly expanding demand for rare earth minerals and solidify its position as the world’s top producer of rare earth minerals.

Some major players in the deep sea mining equipment market are 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.

What are the major driving factors for the deep sea mining equipment market?

A rise in deep sea exploration activities for scientific and emergency management purposes is driving the market for deep sea mining equipment. Data and information are collected to study the marine life and motions beneath the Earth’s crust. Metal needs, such as those for cobalt, nickel, copper, and other materials, have also encouraged the research of the ocean below and will be followed by their extraction resulting in a growth of the market. However, adopting the Internet of Underwater Things (IoUT) will enhance data collection and equipment control, which may create a possible opportunity for the deep sea mining equipment market during the anticipated year.

What are the major risks for the deep sea mining equipment market?

Due to its noise, vibration, and other drilling activities, the extraction machinery may impact marine life. Because of the potential loss of marine life, the market for deep sea mining might be restricted. The Covid-19 pandemic all severely impacted the manufacturing, oil & gas, and construction industries. Additionally, mining operations were greatly curtailed or discontinued.

Which is the key type category in the deep sea mining equipment market?

The cobalt-rich crusts category held the largest share in the market in 2022. Mineral deposits called cobalt-rich crusts, commonly called cobalt crusts or cobalt crust deposits, develop on the top of submerged mountains and plateaus called seamounts. These crusts are great candidates for deep sea mining operations because they are commonly found at depths of 400 to 7,000 metres. Cobalt, nickel, copper, manganese, iron, and platinum are among the metallic and non-metallic substances that make up cobalt-rich crusts. In light of the rising demand for electric vehicles and other clean energy technologies, deep sea mining companies are actively investigating the possibilities of cobalt-rich crust deposits.

How is the deep sea mining equipment market performing in regions?

North American market is anticipated to witness fastest growth in the global deep sea mining equipment market during the forecast period. The main factors propelling market expansion in North America include rising mineral mining activity, greater use of cutting-edge mining equipment, and government efforts. In addition, it is projected that during the forecast period, the demand for these items will be driven by the switch from conventional deep sea mining to cutting-edge, economical deep sea mining.

What is the regulatory landscape for the deep sea mining equipment market?

Minerals found on the seabed are increasingly in demand. However, prematurely creating DSM regulatory framework may exacerbate geopolitical rivalry and environmental deterioration. For instance, China in particular has shown a desire to influence global maritime standards with its aggressive actions in the South China Sea and DSM. China, which already rules the mining industry on land, is now in the driver’s seat in the race to the ocean’s depths thanks to its development of superior technology and influence over the regulatory landscape. ISA has granted 30 deep-sea mining contracts, and China `has the most active contracts, with five of the total.

What are the major players planning for the future of the deep sea mining equipment market?

Recent advancements in hydraulic and underground mining technology have created new opportunities for remote operation in deep-sea mines and also created future growth opportunities for deep sea mining equipment companies to manufacture equipment that can be used for efficiently mineral exploration, extraction, and transportation. For instance, the businesses are creating cutting-edge technologies like SONAR, remotely controlled robotic vehicles, and seabed vacuums to interfere with marine life as little as possible. According to projections, these technologies will less influence deep sea ecosystems and mineral depletion.

Segmentation of Global Deep Sea Mining Equipment Market-

Global Deep Sea Mining Equipment Market – By Type

• Polymetallic Nodules
• Polymetallic Sulphides
• Cobalt-Rich Crusts

Global Deep Sea Mining Equipment Market – By Service

• Exploration
• Extraction

Global Deep Sea Mining Equipment Market – By Equipment Type

• Seabed Mining Crawler
• Riser System
• Others

Global Deep Sea Mining Equipment Market – By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa