Coal is one of the most important primary fossil fuels, a solid carbon-rich material that is usually brown or black and most often occurs in stratified sedimentary deposits. Clean coal technology is expected to result in reduced emissions from coal-fired thermal plants. When coal is utilized as a fuel source, the gaseous emission through thermal decomposition of coal include sulfur dioxide, nitrogen oxides, mercury, and other substance that differ according to the type of coal is being utilized. Accordingly, clean coal technology are being created to expel or decrease toxin discharges to the climate. Some of these techniques include chemically washing minerals, selective catalytic reduction, electrostatic precipitators and improved technology for treating flue gases to remove pollutants.
Market Size & Forecast
The global clean coal technology market is anticipated to record a CAGR of around 4.3% over the forecast period i.e. 2019-2027. The increasing funds for developing innovative and effective technology in order to reduce carbon emissions is expected to drive the growth of clean coal technology market during the forecast period. Government policies, regulations and laws are encouraging the manufactures of large-scale, coal-fired plants with higher efficiency, lower water consumption and low emission controls is anticipated to drive the growth of global clean coal technology market. According to EIA, coal-related CO2 emissions are expected to increase by 0.6% in 2018 and 2019. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers & Challenges
Strict Government Regulations
New and severe government emission guidelines forced on coal-fired power plants have constrained plant administrators to divert towards cleaner and extra productive advancements such as clean coal innovation. Government strategies, guidelines and laws are empowering the assembling of enormous scale, coal-fired plants with higher productivity, lower water utilization and low discharge controls. Clean coal technology has resulted in achieving lowering power generation cost, developing efficient and environmentally compatible technologies for electric utilities, cement plants, steel mills and other industries. Global clean coal technology market is going to witness enormous growth within the next five years as there are growing concerns of environmental norms all around the world. Global warming and climate summit agreements have bounded restrictions to various countries to reduce their carbon emissions, in turn driving the growth of the clean coal technology market.
Rising Demand for Clean and Reliable Power Generation
The extremely rising demand for clean, reliable power generation technology and the increasing pace of industrialization across the world are some of the key factors that are projected to drive the growth of the global clean coal technology market over the forecast period. Moreover, the rising awareness regarding the benefits of implementing clean coal technologies, as it helps in reducing the carbon emission pollutants from surrounding atmosphere. Furthermore, various supportive policies and norms to rise expenditure on environment safety, fuel cost savings and technical development in the existing as well as new plants. All these minor factors are anticipated to drive the growth of the global clean coal technology market.
High Investment Cost
Clean coal technology comes with a high cost involved in the development of technology, and other related expenses are estimated to restrict the growth of this clean coal technology market. Lack of public awareness along with inadequate financial and economic capability is expected to hamper the growth of the market.
Our-in depth analysis of the global clean coal technology market includes the following segments:
On the basis of region, the clean coal technology market is segmented into five major regions i.e North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific clean coal technology market is anticipated to witness significant growth over the forecast period. This growth is attributed to the 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. North America is estimated to witness significant growth in clean coal technology market attributed to higher adoption of carbon capture and storage technology during the forecast period. The rising focus on developing innovative technologies for carbon capture and storage is predicted to encourage the growth of North America. Furthermore, favorable government policies and rising investments are expected to supplement the growth during the forecast period.
Global clean coal technology market is further classified on the basis of region as follows:
Top Companies Dominating the Market:
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