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Global Coal Market, Industry Report, Growth, Forecast 2024
Global Coal Market, Industry Dynamics, Trends, Growth 2024
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According to The Business Research Company's, The coal market size has grown steadily in recent years. It will grow from $634.41 billion in 2023 to $651.14 billion in 2024 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to growth in coal power generation, large coal reserves globally and technological advances in power generation.
The coal market size is expected to see marginal growth in the next few years. It will grow to $694.71 billion in 2028 at a compound annual growth rate (CAGR) of 1.6%. The growth in the forecast period can be attributed to continued reliance on coal from developing economies, government policies, emerging markets growth, and implementing new policies to encourage coal sector. Major trends in the forecast period include innovative technologies to prevent mining accidents, investing in autonomous technology for efficient and safe mining operations, using 3d mine visualizers to identify difficult terrains, investing in drones for efficient and safe mining operations, investing in big data analytics to improve performance, adopting the x-ray diffraction process to enable cost savings, adopting open pit mining methods to extract coal in a safer, and more feasible and cost-effective way, adopting methane control technology to improve the safety of coal mines, adopting sensor-based sorting technology for efficient extraction of high-grade coal, adopting hele coal technologies to increase the efficiencies of coal mining plants, supplying coal to ctl plants, using clean coal technologies to mitigate the effect of pollutant emissions and using underground coal gasification process to produce syngas.
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Market Drivers and Trends:
The surging demand for electricity is expected to propel the growth of the coal market going forward. Electricity refers to a form of energy resulting from the movement of charged particles, typically electrons, through a conductor, which can be harnessed to power devices and systems in various industries and in daily life. A rise in electricity consumption frequently results in a greater requirement for energy sources to sustainably fulfill this demand. Coal helps meet the rising demand for energy by providing a reliable and abundant source of electricity generation, particularly in developing countries with growing energy needs. For instance, in February 2023, according to the electricity market report 2023 published by the International Energy Agency, a Paris-based intergovernmental organization, the rise in global electricity demand was estimated in 2025 at 29,281 terawatt-hours, up from 26,779 terawatt-hours in 2022. Therefore, the surging demand for electricity is driving the coal market.
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Major Key Players of the Market:
China Shenhua Energy Company Limited, China Coal Energy Co., Ltd., Coal India Limited, Yanzhou Coal Mining Company Limited, BHP, Anglo American plc, Inner Mongolia Yitai Coal Co., Ltd., Peabody Energy Corporation, PT Adaro Energy Tbk, Banpu Public Company Ltd., Sumitomo Metal Mining, Zijin Mining Group Company Limited, Whitehaven Coal, China Northern Rare Earth Group High-Tech Co. Ltd., Jiangxi Copper Co. Ltd, Mitsubishi Corporation and Mitsui Coal Holding, Glencore, RWE AG, UK Coal Surface Mines Limited, SUEK, Russian Coal Group, CC Kolmar, Kompania Węglowa, New World Resources, Arch Resources, Cloud Peak Energy, Murray Energy Corp, Teck Resources, Contura Energy Inc, Vale, Middle East Coal, MGT Mineral Company, Kerman Coal Company, Eastern Alborz Coal Company, Central Alborz Coal Company, Canyon Coal, Ichor Coal, Exxaro, Agropet Nigeria Limited, Eta-Zuma Group Ltd.
Coal Market 2024 Key Insights:
• The coal market size is expected to see marginal growth in the next few years. It will grow to $694.71 billion in 2028 at a compound annual growth rate (CAGR) of 1.6%.
• Rising Energy Demand Fuels Coal Market Expansion
•
• Asia-Pacific was the largest region in the coal market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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