The global mine ventilation market size is estimated to grow from USD 326 million in 2019 to USD 401 million by 2024 at a CAGR of 4.3%
NEW YORK, Dec. 26, 2019 /PRNewswire/ --
Mine ventilation market to exhibit significant growth during 2019–2024
The global mine ventilation market size is estimated to grow from USD 326 million in 2019 to USD 401 million by 2024 at a CAGR of 4.3%. The key factors driving the growth of the market include the requirement for optimized and quality airflow in mines and a rise in number of infrastructure development projects. However, depletion of natural resources and electrification of mine equipment and machinery is restraining the market growth.
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Equipment to lead overall mine ventilation market during forecast period
Productivity and safety are the main priorities of any mine operator.Equipment such as fans, air coolers, and heaters are contributing to the growth of the market.
These equipment are used in mines for maintaining safe and comfortable working conditions for the miners.
Underground mining market to grow at highest CAGR during forecast period "
An underground mining technique is used to extract the mineral and ore deposits, which are buried deep under the earth's crust.The primary objective of operating an underground mine is to extract the maximum amount of ore with a minimum tailing.
However, underground mining is considered more dangerous than surface mining due to potential dangers such as the adverse health effects, collapse, and the release of toxic gases and the lack of proper ventilation, which results in suffocation. Thus, mine ventilation systems are required to provide a flow of air to the underground workings of a mine in sufficient volume to dilute and remove dust and noxious gases; and regulate temperature.
Asia Pacific to be largest and fastest-growing mine ventilation market during forecast period
The region has abundant natural reserves in the form of iron ore, copper, gold, silver, zinc, and magnesium.Australia, China, and India are the major countries wherein mining is done.
The region has witnessed growth in mining operations due to increasing demand for raw materials from various manufacturing industries. With the growing mining operations, the mine operating companies have increased demand for mine ventilation systems in APAC.
Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 20%, Tier 2 = 55%, and Tier 3 = 25%
• By Designation – C-Level = 50%, Director Level = 25%, and Manager Level = 25%
• By Region – North America = 30%, APAC = 40%, Europe = 20%, and RoW = 10%
The key players in the market include ABB (Switzerland), Epiroc (Sweden), Howden (UK), Stantec (Canada), Twin City Fan (US), ABC Industries (US), Chicago Blowers (US), DMT (Germany), TLT Turbo (Germany), and New York Blower Company (US).
The global mine ventilation market is segmented into offering, technique, and geography.The market based on offering is segmented into equipment, services, and software.
The equipment has been further split into ventilation, heating, and cooling.Based on techniques, the market has been split into underground mining and surface mining.
The market is segmented into 4 regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on offering, technique, and region have been conducted to give an overall view of the mine ventilation market.
• The value chain analysis has been performed to provide an in-depth insight into the mine ventilation.
• Major drivers, restraints, opportunities, and challenges for the mine ventilation market have been detailed in this report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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