CHICAGO, July 12, 2019 /PRNewswire/ -- According to the new market research report "Green Mining Market by Mining Type (Surface and Underground), Technology (Power Reduction, Fuel and Maintenance Reduction, Toxicity Reduction, Emission Reduction, and Water Reduction), and Region (NA, SA, EU, APAC, MEA) - Global Forecast to 2024", published by MarketsandMarkets™, the Green Mining Market size was at USD 9.0 billion in 2019 and is projected to reach USD 12.9 billion by 2024, at a CAGR of 7.5%. The mining industry is a large consumer of energy and resources which places them in a position of a potential conflict with the government and communities.
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The costs of energy, especially the price of electricity has risen sharply, and the dependable supply has been an alarming issue that the mining industry is trying to address. Factors including declining ore grades, the resource intensity and the amount of waste generated per unit of the resource are probable to increase the associated environmental costs that will prove to be a constant challenge for growth in the industry.
Surface mining is estimated to be the largest type segment of the green mining market.
Surface mining is the largest type in which green mining was adopted. Surface mining has higher productivity, which lowers the costs, in case of underground mining, the equipment for maintaining productivity is more expensive as compared to the open pit equipment. Moreover, open pit provides a large production scale, and the share of open pit mines have also offered the opportunity for manufacturing open pit equipment in a large number that further decreases the production costs. A lot of surface mines operate for 24 hours a day and almost around 365 days a year to put the pit machinery for as many hours as possible, which in turn decreases the number of equipment required.
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Power reduction in green mining is expected to register the highest CAGR during the forecast period.
The power reduction in the mining industry is the difference between the current energy consumption and the best practice energy consumption that corresponds to energy saving opportunities from the investments made in these technologies. The difference between the best practice and practical minimum energy consumption calculates the new opportunities for research and development with a few barriers to achieve it, and this difference between practical and theoretical energy consumption refers to the energy recovery opportunity.
Europe accounts for the largest share in terms of the value of the green mining market.
Europe is estimated to account for the largest share of the green mining market in 2018. The region has emerged as the largest consumer of green mining technologies owing to the increasing awareness of the destruction caused by the mining activities on the environment.
The leading players in the Green Mining Market are Glencore (Switzerland), Rio Tinto (UK), BHP Billiton (Australia), Vale S.A (Brazil), Tata Steel (India), Anglo American (UK), Jiangxi copper corporation (China), Dundee precious (Canada), Wirtgen Group (Germany), and Freeport-McMoRan (US).
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