Mine Ventilation Market expected to be worth $401 million by 2024

(IT-NEWSWIRE.COM, January 08, 2020 ) According to the new market research report “Mine Ventilation Market by Offering (Equipment (Ventilation, Heating, Cooling), Software, and Services), Technique (Underground Mining, Surface Mining), and Region (North America, Europe, APAC, RoW) - Global Forecast to 2024” the global mine ventilation market size is estimated to reach USD 401 million by 2024 from USD 326 million in 2019 at a CAGR of 4.3% during the forecast period.

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Ventilation is one of the most important functions in mining operations. Ventilation directly affects the health and safety of employees working underground. A well designed and properly implemented ventilation system is installed in mines to enhance employee safety, comfort, and health. To ensure adequate ventilation in mines, provision is made for the air to flow to the workplaces in mines. In deeper mines, ventilation is required for cooling the workplace for miners as growing shaft depths and increasing concentration of digging results in high temperatures. The growth of the market is propelled by the requirement for optimized and quality airflow in mines and a rise in number of infrastructure development projects.

“Mine ventilation market for services to grow at highest CAGR during forecast period”

The services market is expected to grow at the highest CAGR during the forecast period. Services such as installation, testing, and maintenance are required after the purchase of mine ventilation equipment and software for efficient functioning. The continuous innovation and product development lead to the requirement of training and up-gradation of the system.

“Underground mining to hold largest share of overall mine ventilation market from 2019 to 2024”

Underground mining is expected to lead the overall mine ventilation industry during the forecast period. The growth of the market is attributed to rising mining activities across the globe. Mine ventilation system provides 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.

“APAC to be fastest-growing market for mine ventilation during the forecast period”

The mine ventilation market in APAC is expected to grow at the highest CAGR during 2019–2024. The growing mining activities in emerging economies, such as China, Australia, and India, have contributed to the growth of the mine ventilation industry in APAC. Moreover, the region is one of the most attractive investment destinations for mining companies in the recent past. Further, the demand for mine ventilation is expected to increase with growing infrastructure development projects in the region.

Major players involved in the Mine Ventilation 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).

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Mine Ventilation Market expected to be worth $401 million by 2024