Coal handling equipment market to register CAGR of nearly 4% by 2023
Published by Claire Cuddihy,
Coal mining has traditionally been a labour-intensive industry. According to a recent report, however, the growing competitiveness in the renewable energy sector and the emergence of substitutes for coal have accelerated the adoption of automation in coal mining to make mining productive and efficient. Furthermore, the share of coal extracted using the underground coal mining method continues to increase in the global coal mining industry. Underground coal mine workers are subject to increased safety risks compared to workers in surface coal mining sites.
This is also encouraging the adoption of automation in underground coal mining. These developments are leading to coal miners replacing their existing fleet for coal haulage with automated haulage systems, especially in developed countries where labour costs are high and coal mining is not considered a good career option. Thus, the introduction of technologically advanced equipment is expected to drive the demand for coal handling equipment in the mining industry during the forecast period. Our analysts have predicted that the coal handling equipment market in the mining industry will register a compound annual growth rate (CAGR) of almost 4% by 2023.
There is an increasing demand for coal from end user industries in Southeast Asia, Africa, Russia, and Turkey.The global coal demand for power generation is expected to be driven by the countries in Southeast Asia and Africa as part of its One Belt One Road (OBOR) initiative, is financing several coal-fired power plants in Africa and Southeast Asia. The demand for thermal coal (used in the power generation industry) is expected to arise mainly from Southeast Asia and Africa during the forecast period.
Declining consumption of coal in power and steel sectors in developing countries
Those rapidly increasing their steelmaking capacity in the Middle East, are mostly using natural gas to produce sponge iron or melting scrap steel in electric arc furnaces (EAFs) to produce recycled steel instead of following the primary steelmaking method that involves the use of metallurgical coal with iron ore. This is expected to limit the growth of the global coal handling equipment market in the mining industry during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the coal handling equipment market in the mining industry during the 2019 - 2023, view the report: https://www.reportlinker.com/p05751912.
The market appears to be fairly concentrated and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the article online at: https://www.worldcoal.com/handling/13032019/coal-handling-equipment-market-to-register-cagr-of-nearly-4-by-2023/
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