The main factor driving the green mining market during the forecast period includes the government regulations, awareness towards fighting climate change and global warming.
Northbrook, IL 60062 -- (SBWIRE) -- 09/24/2023 -- The report "Green Mining Market by Type (Surface Mining, Underground Mining), Technology (Power Reduction, Fuel And Maintenance Reduction, Emission Reduction, Water Reduction) And Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2027", size is expected to grow from USD 11.0 billion in 2022 to USD 17.6 billion by 2027 at a compound annual growth rate (CAGR) of 9.9% during the forecast period. The main factor driving the green mining market during the forecast period includes the government regulations, awareness towards fighting climate change and global warming. Also, increase in interests related to energy efficient options and related technology across the globe is providing momentum to the growth of the market.
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Awareness in environment protection, fighting global warming and government regulations are a key to market growth
The traditional mining methods affect the environment by causing several damages. These include soil erosion, water pollution, air pollution hence causing global warming, and disruption of ecology. But the growing awareness to minimize global warming , climate change and government regulations for sustainable practices is paving the way for green mining. Thus, a significant shift in the market to green mining is being witnessed across the globe. The green mining involves implementation of necessary steps and technology which helps in reducing emissions, adopting cleaner fuels, focusing on renewable energy sources, implementing proper water and waste management techniques etc.
Emission reduction is expected to have highest CAGR in the forecast period
The green mining market is divided as per technology used into five major segments which are Emission reduction, power reduction, fuel and maintenance reduction, water reduction and others.
The control of greenhouse gases and increase in technological developments for carbon capture is a major factor for the expected highest growth of Emission reduction in the forecast period.
Surface Mining is expected to have highest CAGR in the forecast period
The green mining market is segmented as underground and surface mining by type. Surface mining is more prevalent, requires less manpower and is cost effective. companies are focusing on increasing sustainable practices for surface mining. Hence surface mining is expected to register high market growth in the forecast period.
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The Europe to be the biggest market during the projection period.
Due to the strict government regulations and rising interest in energy efficient methods, Europe has become the largest growing and profitable market for "Green Mining market". The development of modern technology and implementation of sustainable practices especially in Germany, Russia, France, UK is a key driver for growth in this market.
The major key players in the green mining market are BHP Billiton (Australia), Anglo American Plc (UK), Rio Tinto (UK), VALE S.A. (Brazil), Glencore (Switzerland), Tata Steel (India), Dundee Precious metals (Canada), Jiangxi copper corporation limited (China), Libherr (Switzerland).
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