DUBLIN, Dec. 28, 2023 /PRNewswire/ — The “Sustainable Mining Solutions Market – A Global and Regional Analysis, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The sustainable mining solutions market is experiencing a significant upsurge in expansion, driven by the convergence of multiple key factors. This growth is attributed to the growing awareness of environmental concerns, the continuous stream of technological innovations, and the increasingly favorable regulatory landscape that encourages sustainability in the mining industry. For instance, Canada’s Towards Sustainable Mining (TSM) program stands out as a prime example. It actively encourages sustainable mining practices and transparency, positioning Canada as one of the global leaders in sustainable mining.
{INFOGRAPHIC_PLACEHOLDER}
Furthermore, specific policies are exerting a profound influence on the growth of the sustainable mining solutions market. For instance, Australia’s Minerals and Metals Policy prioritizes the sustainable development of the country’s minerals and metals industry, with an emphasis on responsible resource management. Therefore, such supportive policies are influencing the sustainable mining solutions market growth.
Market Lifecycle Stage
Sustainable mining solutions refer to practices and mining equipment that harness the power of electricity and clean & renewable energy or incorporate advanced technologies, such as battery systems and fuel cells, to drive mining operations with reduced environmental impact. The International Energy Agency (IEA) predicts a more than twentyfold increase in demand for certain minerals by 2040 to support the transition to clean energy. To meet global carbon reduction goals, the mining industry is crucial, and it needs to adopt greener practices for decarbonization. Thus, mining companies are setting targets to reduce their greenhouse gas emissions in alignment with the Paris Agreement and are steadily moving toward green mining solutions.
However, the key factors limiting the growth of the sustainable mining solutions market are the high initial cost and lack of infrastructure to support sustainable technologies.
Demand – Drivers and Limitations
The following are the demand drivers for the global sustainable mining solutions market:
- Incentives and Support from Governments
- Lower Operating Cost Over Time
The market is expected to face some limitations as well due to the following challenges:
- High Initial Costs
- Lack of Infrastructure to Support Sustainable Technologies
Impact
The growing awareness of environmental concerns and the pressing need to reduce the ecological footprint of the mining industry are expected to open significant sales and financing opportunities. This shift was prominently experienced in regions such as Europe and North America.
Market Segmentation
Segmentation 1: by Application
- Metallic Minerals
- Industrial Metals
- Precious Metals
- Iron Ore
- Non-Metallic Minerals
- Coal
- Others
Based on application, the metallic minerals led the sustainable mining solutions market in 2022. This can be attributed to several factors, including the continued demand for metallic minerals driven by industries such as construction, infrastructure development, and growing interest in electric vehicles, which rely heavily on materials such as lithium, cobalt, and rare earth elements.
Segmentation 2: by Process
- Underground Mining
- Surface Mining
Based on the process, the underground mining segment dominated the sustainable mining solutions market in 2022. This shift can be primarily attributed to the increasing recognition of the heightened risk of pollution and harm to workers associated with underground mining activities.
Segmentation 3: by Mining Equipment
- Drill Rigs
- Bolters
- Dozers
- Loaders
- Trucks
- Mining Excavators
- Others
Based on mining equipment, the trucks segment led the sustainable mining solutions market in 2022. A recent example highlighting the dominance of electric trucks in the sustainable mining solutions market is the adoption of electric haul trucks by major mining companies such as BHP and Rio Tinto. These industry leaders have made substantial investments in electric truck fleets as part of their commitment to reducing carbon emissions and promoting sustainability.
Segmentation 4: by Energy Source
- Battery
- Lithium-Ion Battery
- Lead Acid Battery
- Others
- Hydrogen Fuel Cell
- Bio-Fuel
In 2022, the battery segment led the sustainable mining solutions market. This trend is a result of the growing adoption of battery-powered vehicles in mining operations. Numerous industry participants are actively incorporating battery vehicles into their fleets and have established goals to transform diesel vehicles into battery-powered variants.
Segmentation 5: by Region
- North America – U.S., Canada, and Mexico
- Europe – Germany, Russia, Sweden, Spain, and Rest-of-Europe
- China
- U.K.
- Asia-Pacific and Japan – Japan, India, Australia, and Rest-of-Asia-Pacific and Japan
- Rest-of-the-World – South America and Middle East and Africa
In the global sustainable mining solutions market, North America dominated the market due to stringent environmental regulations that have compelled mining companies to embrace sustainable practices. Moreover, the region benefits from the presence of prominent organizations and associations dedicated to advancing sustainable mining. For instance, the U.S. has the National Mining Association, which actively promotes responsible mining practices. Furthermore, in 2020, the Environmental Protection Agency (EPA) announced the Cleaner Trucks Initiative, which seeks to reduce greenhouse gas emissions from heavy-duty trucks, including those used in the mining sector. Such initiatives are further pushing mining companies to invest in cleaner, more sustainable vehicles, which is expected to augment the market growth of the sustainable mining solutions market.
Recent Developments in the Global Sustainable Mining Solutions Market
- In April 2023, XCMG Machinery unveiled a range of new electric mining equipment products, broadening its application scope to encompass the complete cycle of mining operations. This development underscores XCMG’s dedication to providing comprehensive solutions for the mining industry, further enhancing efficiency and effectiveness in mining operations.
- In March 2023, CharIN, in collaboration with ICMM, inaugurated a new mining taskforce. This initiative signifies a concerted effort to advance sustainable practices and innovation within the mining industry, further promoting the goals of both organizations in advancing responsible mining operations.
- In June 2023, Fortescue Metals Group and Liebherr formed a partnership aimed at developing zero-emission mining equipment. This collaboration is a major step in the pursuit of sustainable mining practices, aligning with the global push for cleaner and more environment-friendly operations in the mining industry.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Of the top players profiled in the report, the public companies operating in the global sustainable mining solutions market accounted for around 73% of the market share in 2022, while the private companies operating in the market captured around 27% of the market share.
Some of the established names in this market are:
Company Type (Public)
- Sandvik AB
- Komatsu Ltd.
- XCMG Mining Machinery Co. Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Liebherr
- Caterpillar Inc.
- Xiangtan Electric Manufacturing Co. Ltd.
- BeLAZ
- SANY Group
- Anglo American plc
Company Type (Private)
- eMining AG
- Aramine
- Prairie Machine & Parts Mfg
- Miller Technology Incorporated
Companies that are not a part of the previously mentioned pool have been well represented across different sections of the report (wherever applicable).
For more information about this report visit https://www.researchandmarkets.com/r/yqnjn0
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
