The global coal mining market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to an increase in the usage of coal in electricity generation, and steel manufacturing. According to the data published by World Coal Association, 70% of the total steel produced requires coal as a vital ingredient. Steel is one of the essential materials for construction and infrastructural engineering. From making cars, washing machines, refrigerators, and construction products, steel is widely used ubiquitously. Hence, the global coal mining market is expected to grow over the forecast period on the back of increasing demand for steel production. Furthermore, the demand for coal has grown with the increase in the demand for electricity. It is estimated that the world’s electricity consumption had reached approximately 24,000 terawatt-hours in 2019. Coal plays a significant role in the generation of electricity worldwide. The World Coal Association states that the coal-fired plants are fulfilling 37% of the global electricity requirement. The electricity is utilized for heating, cooling, lighting, and operating appliances, such as computers, electronics, and machinery. The global coal mining market is estimated to grow exponentially over the forecast period, on account of the increasing demand for electricity worldwide.
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The market is segmented by application into thermal power generation, steel manufacturing, and cement manufacturing, out of which, the thermal power generation segment is anticipated to hold the notable share in the global coal mining market on account of escalating demand for electricity all over the world. With the growing industrialization, demand for electricity is mushrooming unprecedently, which is the reason the global coal mining market is expected to grow over the forecast period.
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global coal mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the presence of the two largest coal-consuming nations which are, China and India. It is estimated that China consumes around 54% and India consumes 12% of the overall coal produced in the world. These nations are developing economies where industrialization is occurring at a rapid rate. Such factors are anticipated to promote the growth of the market in the region.
Furthermore, the global coal mining market in North America region is also estimated to grow remarkably owing to the increased usage of coal in industrial, transportation, commercial, and residential sectors. Furthermore, coal is also required for seamless transportation, and US and Canada are flourishing economies, which is the reason the global coal mining market is estimated to grow over the forecast period.
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The global coal mining market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global coal mining market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving the growth of the global coal mining market are the increased production of electricity and steel.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Shaanxi Coal and Chemical Industry Group Co. Ltd., Anglo American plc., and China Shenhua Energy Company Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, mining technology, application and by region.
The thermal power generation segment is anticipated to hold the largest market size in value and display significant growth opportunities.
Increasing concerns for global warming is estimated to hamper market growth.
The Asia Pacific region is estimated to provide more business opportunities for the growth of global coal mining market, on account of the rapid industrialisation.
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