Coal remains an important source of energy for the world and the demand is growing rapidly in many developing countries as they enjoy long-overdue economic growth. Over the 50 years from 2000 to 2050, demand might double to exceed 7000 million tonnes of coal equivalent and so account for almost 30% of the world’s primarily energy supply, up from todays 25%.
Although newly imposed policies coupled with stricter emission regulations are in favour of renewable sources, coal is expected to remain a vital source for global power generation. However, there will be pressure to exploit this resource in the best possible manner to reduce greenhouse gas emissions and protect the environment. New and stricter emission regulations imposed on coal-fired power plants have forced plant operators to divert towards cleaner and more efficient technologies such as clean coal technology and boost the global clean coal technology market.
Technological advancement in the field of energy and power have led to more effective combustion of coal resulting in lower emissions of nitrogen oxide and sulphur dioxide. Clean coal technology market is primarily driven by developed countries depended upon coal, and strong economic growth in the developing economies fuelled by coal requirement, not only for electricity generation, but also for the production of heavy industrial goods such as steel and cement. The objective of clean coal technology is to reduce the amount of CO2and other greenhouse gas emission for the same amount of power generated.
Global Clean Coal Technology Market: Drivers & Restraints : The global clean coal technology market is anticipated to grow significantly during the forecast period. The growth in the global clean coal technology markets is mainly driven by the ever-increasing demand for reliable and clean power generation technology coupled with rapid urbanization and industrialization growth. Furthermore supportive policies and norms to increase expenditure on environment safety, fuel cost savings and technological advancement in the existing as well as new plants is anticipated to accelerate the growth in the global clean coal technology market by the end of 2025. The only factor to act as a restrain in the global clean coal technology market is the high cost in the installation of clean coal technology plants. Government policies, regulations and laws are encouraging the manufacture of large-scale, coal-fired plants with higher efficiency, lower water consumption and low emission controls is expected to accelerate the growth of global clean coal technology market by the end of 2025.
Global Clean Coal Technology Market: Region-wise Outlook : In terms of geography, the global clean coal technology market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global clean coal technology market is expected to register healthy CAGR during the forecast period. Asia Pacific is expected to be one of the key markets to invest heavily in global clean coal technology market. The implementation of clean coal technology in Asia Pacific has been driven by highly polluted countries such as China and India which are investing in global clean coal technology market to improve plant efficiency and reduce fuel cost. Europe and North America are also heavily reliant on clean coal technology and are expected to register a steady CAGR during the forecast period.
Global Clean Coal Technology Market: Key Players : Some of the market participants in the global clean coal technology market include Clean Coal Technologies Inc., General Electric Company, Alstom Power and Siemens AG.