By Claire Cuddihy
September 1, 2018 - According to the latest report and outlook by ResearchAndMarkets.com, which was published this month, the global coal market accounted for US$11.93 million in 2017 and is anticipated to reach US$34.65 million by 2026 growing at a CAGR of 12.5% between these years.
According to the report, increasing economic growth, a growing manufacturing base, and increasing demand for electricity are some of the key factors propelling the market growth. However, price instability is restricting the growth of the market.
The power generation segment has witnessed significant growth in the market due to rising utilisation for generating electricity.
Based on its geography, Asia Pacific is expected to have a considerable growth in the market during the forecast period. Several countries in the Asia Pacific, such as Korea, China, and Japan lack energy resources and are thus importing natural energy resources to meet their needs. Australia is known to be the leading exporter of coal across the globe.