PUBLISHER: Grand View Research | PRODUCT CODE: 1493449
PUBLISHER: Grand View Research | PRODUCT CODE: 1493449
The global green mining market size is anticipated to reach USD 15.92 billion by 2030 and is projected to grow at a CAGR of 3.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The key miners are adopting various measures to reduce emissions and increase sustainability, which is propelling the market demand for green mining.
For instance, Warrior Met Coal, Inc. is currently conducting final evaluations toward its goal of installing the first full-scale Regenerative Thermal Oxidizer (RTO) to address VAM emissions on its property. The company obtained the necessary permits in 2023, with fabrication anticipated to begin in 2024. This RTO system is regarded as a significant step towards their emission reduction goals. In addition, Warrior Met Coal, Inc. is evaluating other locations where this technology would be environmentally beneficial.
Based on type, underground mining is anticipated to register a CAGR of 3.9% in the said forecast period. As surface deposits become depleted, mining companies have to dig deeper to extract minerals and resources, which is expected to increase investment in underground mining in the coming years.
North America accounted for a revenue share of more than 27.0% in 2023. The mining sector's increasing focus on reducing carbon emissions is expected to propel the demand for the products in the forecast period. For instance, in April 2023, the Bipartisan Infrastructure Law provided up to USD 450 million to the U.S. Department of Energy (DOE) to support clean energy demonstration projects on former and current mine lands.
Key mining companies are collaborating to make their value chain greener. For instance, in February 2024, Petrobras and ArcelorMittal Brazil signed a MoU to explore beneficial business models in the low-carbon economy. This extensive collaboration is based on collaborations identified in a joint study to develop a carbon capture and storage (CCS) hub in the state of Espirito Santo.