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.
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
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.
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.
The technological innovations such as hybrid power projects and carbon capture & sequestration technologies are anticipated to drive the market growth. The hybrid power projects are accepted globally so as to make the process effective. Solar PV cells are used in gas turbine plants in combination with coal in order to operate with maximum efficiency and provide improved economic interests. Additionally, the use of carbon capture and sequestration technologies make it possible to capture the CO2 and sequester underground resulting in reduction of greenhouse gases. These innovations are anticipated to positively boost the market growth.
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 regional analysis, the clean coal technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The markets in North America and Europe are anticipated to have leading shares in the market growth on the back of the Paris Climate Summit and the signed agreements made there which bound these region to minimize the CO2 emission. Under these agreements, the regions have taken initiatives such as incorporation of clean coal technology in various industries and are inclined towards new innovations and developments. In North America, the market in United States is anticipated to witness high growth on the back of huge investments made to curb the untreated coal. The markets in Latin America and Middle East & Africa regions are anticipated to have medium paced growth on the account of unavailability of technological resources and lack of general awareness coupled with financial inadequacy. The market in Asia-Pacific region is anticipated to witness maximum market growth on the back of rapid industrialization leading to increase in energy demand from the various end use industries. With growth in population and availability of resources and facilities, there is change in lifestyle of people, especially in developing countries like India and China which is anticipated to result in increased demand for coal.
Global clean coal technology market is further classified on the basis of region as follows:
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