Global Mine Ventilation Market is Expected to Reach USD 412.63 Million by 2026 : Fior Markets

New Jersey, NJ, Jan. 22, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global mine ventilation market is expected to grow from USD 312.44 million in 2018 to USD 412.63 million by 2026, at a CAGR of 4.5% during the forecast period from 2019-2026.

Ventilation is one of the most important function in the mining operation in both surface mining and underground mining. As the ventilation directly affects the safety and health of employees, who are working underground, companies are taking ventilation operations very seriously. Mine ventilation provides fresh air to underground mines and removes noxious gases, as well as dust that might cause lung disease like silicosis. In the underground mining, ventilation is necessary to cool the workplace for miners. Airflow devices, special fans, control, and openings are used to direct fresh air to the working places and spent or contaminated air out of the mine. In very cold climates, incoming ventilation air is first warmed by gas-or oil-fired heaters. On the other hand, in underground mines, elaborate refrigeration systems are required, because of high rock temperature. These elaborate refrigeration systems make the energy costs associated with ventilation systems high, which in turn has created a trend towards sealing unused sections of the mine and changing from diesel to electric machines.

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Global Mine Ventilation Market Key Findings:

Factors such as increasing concern over health and safety of mining workers are boosting the demand for mine ventilation market. Ventilation provides fresh air to underground, regulates temperature, and at the same time removes noxious gases (typically NOx, SO2, methane, CO2 and CO) as well as dust that might cause lung disease like silicosis.
The ventilation companies are moving from diesel to electric-drive machinery which is expected to hamper the growth of the market during the forecast period. The electric drive machinery can reduce mine’s ventilation requirements by anywhere from 35 to 50%. Therefore, this trend is likely to hamper the market growth in the upcoming years.
The product segment is divided into equipment, software, and services. The software segment is expected to grow at the highest CAGR of 7.2% in the global mine ventilation market during the forecast period. The software helps to optimize power consumption, helps in avoiding major incidents and improving safety in the mining.
The technique segment includes surface mining and underground mining. Underground mining is likely to hold the largest market share in the global mine ventilation market over the forecast period. This is mainly due to rising concern over the safety and health of workers and an increasing need to optimize the temperature in underground mining.
The regions analyzed for the global mine ventilation market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the mine ventilation and held 30.01% market share in the year 2018.
Middle East and Africa region held a significant market share in the global mine ventilation market, owing to the presence of a large number of mining in these regions and offers significant potential opportunities for the vendors to enter into these regions.
Major players in the global mine ventilation market are ABB, Epiroc, Howden, Stantec, Twin City Fan, ABC Industries, Maestro Digital Mine, Chicago Blowers, DMT, TLT Turbo, and New York Blower Company among others. Many companies have adopted key strategies such as merger and acquisition, geographical expansion, new product development, and innovation in product offering to gain a competitive advantage in the global mine ventilation market.
In the year November 2019, TLT-Turbo GmbH, has announced the redesign of its Auxiliary and Booster fan range, which address both efficiency and cost-effectiveness, in a versatile product range that meets the specific ventilation requirements of the mining industry.
In the year 2019, Mining consultancy SRK has announced that it is merging its U.S. practice with Mine Ventilation Services (MVS), a firm that specializes in underground engineering and ventilation solutions.
In April 2019, Maestro Digital Mine launches digital IIoT mine ventilation solution, the Zephyr AQS, at the CIM 2019 convention in Montreal, Canada. It is a compact, low-cost environmental air quality monitoring station for underground mines.
In January 2019, Epiroc upgrades Serpent Automatic ventilation & integrates with Mobilaris Mining Intelligence. These new upgrades are expected to help mining customers keep control over air quality and optimize running costs. Some of the new features include vibration control, a safety feature avoiding risk for vibrations that can harm the fan station, and master-slave function.

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About the report:

The global mine ventilation market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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