Global market for green mining is expected to exceed $16.9 Billion by 2029

The global market for green mining is expected to increase from $11.4 billion in 2023 to $16.9 billion in 2029, at an average annual growth rate (CAGR) of 7.4%, according to a new report by BCC Research.

The basis year for the analysis is 2023, and projections and estimates are used for 2024 through 2029. With the exception of those remaining in the lab for experimentation, it includes green mining methods now in use in industry. According to BCC, the market size represents the money made by mining businesses that use these environmentally beneficial technologies.

Sustainable mining methods that reduce the negative effects of mining activities on the environment are the main emphasis of green mining. The market is divided into segments based on region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa), technologies like electricity, fuel, maintenance, emission and water reduction, and surface and underground mining.

According to the report, rising environmental laws and regulatory pressures are some of the factors causing the anticipated growth.

According to the study, "stricter environmental regulations are forcing industries, particularly mining, to switch to more sustainable methods." According to them, governments and international organizations are placing greater emphasis on environmental protection and are pressuring mining firms to lessen their impact, employ cleaner technology, and handle resources sensibly. The Green mining industry is seeing an increase in the adoption of greener practices due to the need on it to follow new rules.

An increase in green finance indicates a greater allocation of capital and resources towards eco-friendly initiatives. In the case of the mining sector, this includes providing financial support—often in the form of green bonds and incentives—for the adoption of sustainable technologies and practices, which foster environmentally friendly innovation.

According to BCC, mining market growth and businesses are rapidly converting to sources of clean energy like solar and wind power to run their operations. This change helps the industry become less dependent on fossil fuels, cut carbon emissions, and use energy more sustainably and economically.