Global Green Mining Market to Reach $16.9 Billion by 2029
The global market for green mining is expected to increase from $11.4 billion in 2023 to reach $16.9 billion by 2029, at a compound annual growth rate (CAGR) of 7.4% from 2024 through 2029, according to a new report by BCC Research.
The study uses 2023 as the base year, with estimates and forecasts from 2024 to 2029. It covers green mining technologies currently used in industry, excluding experimental ones still in the lab. The market size reflects the revenue generated by mining companies adopting these eco-friendly technologies, BCC notes.
Green mining focuses on sustainable practices that minimize environmental impacts across mining operations. The market is segmented by surface and underground mining, technologies such as power, fuel, maintenance, emission and water reduction, and region (North America, Europe, Asia-Pacific, South America, Middle East and Africa).
Factors contributing to the projected growth include growing environmental legislation and regulatory pressures, the report notes.
“Stricter environmental laws are forcing industries, including mining, to adopt more sustainable practices,” the researcher says. “Governments and international bodies are setting higher standards to protect the environment, pushing mining companies to reduce their impact, use cleaner technologies and manage resources responsibly. This pressure to comply with new regulations is driving innovation in greener practices within the mining industry.”
Rising “green finance”
Rising green finance means more funding and investment are directed toward environmentally friendly projects. For the mining industry, this includes financial support for adopting sustainable practices and technologies, often through green bonds and incentives, helping to drive eco-friendly innovations.
Mining companies are quickly adopting renewable energy sources like solar and wind to power their operations, BCC points out, adding that this shift helps reduce reliance on fossil fuels, lowers carbon emissions, and promotes more sustainable and cost-effective energy use in the industry.
There is increasing demand for mining companies to ensure their materials are sourced responsibly,” the report reads. “This means ensuring ethical practices, minimizing environmental impact, and supporting social welfare throughout the supply chain to meet higher standards set by consumers and regulators.
