The global clean coal technology market is estimated to exceed US$ 5.4 Bn by the end of 2032. The demand for clean coal technology is expected to total US$ 3.8 Bn by 2022, exhibiting growth at a CAGR of 4% during the forecast period 2022-2032. Rapidly increasing power consumption and shifting preference towards using other energy sources than renewable ones is anticipated to facilitate the growth in the market.
Report Attribute | Details |
---|---|
Clean Coal Technology Market Base Year Value (2021) | US$ 3.7 Billion |
Clean Coal Technology Market Expected Value (2022) | US$ 3.8 Billion |
Clean Coal Technology Market Anticipated Value (2032) | US$ 5.4 Billion |
Clean Coal Technology Market Projected Growth Rate (2022 to 2032) | 4% CAGR |
Clean coal technologies are next-generation advanced coal utilization processes that are designed to enhance both the environmental acceptability and efficiency of coal extraction, preparation, and use. These technologies are being developed in an attempt to decrease the negative impact of coal energy generation on the environment and mitigate climate change across the world by lessening greenhouse gas emissions.
Coal continues to remain an important source of energy worldwide and its demand is rapidly surging across numerous developing countries as they enjoy long-overdue economic growth. According to a report by the International Energy Agency, the demand for coal totaled more than 7000 million tons by 2020, in comparison to the 4700 million tons registered in 2000.
Although novel policies and strict regulations regarding emission are in favor of renewable sources of energy, coal is anticipated to remain a crucial source for power generation, globally. In addition, increasing demand for advanced process technologies such as combustion and gasification which assist in usage of coal with minimal impact on the environment is projected to augment the sales of clean coal technology in the global market.
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Burning coal for numerous applications such as power and heat generation gives rise to a large amount of waste. Hence, advanced technologies such as pressurized fluidized bed combustion (PFBC) and integrated gasification combined cycle (IGCC) are being used for power generation and commercial heat production, which in in turn, driving the growth in the market.
With rapid industrialization and rising trend of automation processes, a significant rise in demand for electricity is being witnessed across the world. As clean coal technologies are being referred to as environmental emission reduction technologies for coal power plants, it is increasingly gaining popularity across the green power generation sector.
Hence, governments across several countries are undertaking several initiatives to increase the electricity products using coal. For instance, the U.S. government has announced launching the Clean Coal Power Initiative (CCPI) program to accelerate the deployment of advanced clean coal technologies for ensuring the production of affordable, clean, reliable, electricity generation using coal in the country. A multiplicity of such initiatives are estimated to create lucrative growth opportunities in the market.
Also, increasing expenditure on environment safety and growing technological advancement in existing as well as upcoming coal-based power generation plants are expected to accelerate the sales of clean coal technology.
Clean coal technologies such as pulverized coal combustion, integrated coal gasification, and carbon sequestration technologies are costly processes. They need expensive equipment and systems such as fluid beds, dewatering equipment, electrostatic precipitators, and others to lower the emission, which is in turn, hampering the sales of clean coal technology.
Also, governments worldwide are increasingly shifting their focus towards using renewable sources of energy such as solar, water, and wind, owing to their emission-free production of energy and less cost of installation as compared to clean coal technologies. This is estimated to restrain the demand for clean coal technology in the global market.
As per Future Market Insights, Asia Pacific excluding Japan is estimated to account for the dominant share in the global clean coal technology market between 2022 and 2032.
With increasing demand for electricity and rapid electrification, governments in several countries are looking for various sources for power generation other than renewable ones. Coal, being largely available, they are increasingly setting up new coal-based power generation plants to meet the growing energy demand.
For instance, according to the Global Enterprise Monitor (GEM), India, home to around 281 coal-fired power plants, announced that more than 28 new coal plants are under construction and another 23 plants are expected to constructing by the end of 2025.
As clean coal technology is extensively being used in these coal-fired power plants, owing to the implementation of emission norms, such upcoming coal-based plants are projected to spur the sales in the Asia Pacific excluding Japan market.
FMI states that North America is anticipated to projected rapid growth in the global clean coal technology market during the forecast period 2022-2032.
Governments and environmental agencies in North America such as EIA and EPA have undertaken several initiatives towards clean environment and are slated to positively impact the adoption of clean coal technology, owing to the surging demand for power across the countries such as the U.S. and Canada.
Also, implementation of favorable regulations, laws, and policies, development of new coal-fired plants, and introduction of advanced technology resulting in emission control and low water consumption are other factors augmenting the demand for clean coal technology in the North America market.
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Some of the leading players in the clean coal technology market are Royal Dutch Shell PLC., General Electric Company, Alstom Power Siemens AG, Clean Coal Technologies Inc., and KBR Inc,
Key participant are aiming at innovation in clean coal technologies and expanding their production capacity to gain edge in the highly competitive market.
Report Attribute | Details |
---|---|
Growth Rate in Automotive Sector | CAGR of 4% from 2022 to 2032 |
Base Year for Estimation | 2021 |
Historical Data | 2015 to 2020 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
Segments Covered | Technology, Region |
Countries Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
Key Companies Profiled | Royal Dutch Shell PLC.; General Electric Company; Alstom Power Siemens AG; Clean Coal Technologies Inc.; KBR Inc |
Customization | Available Upon Request |
By Technology:
By Region:
FMI projects the sales of clean coal technology in the market is expected to rise at 4% value CAGR by 2032
The global clean coal technology market is expected to be dominated by Asia Pacific excluding Japan over the forecast period 2022-2032.
Royal Dutch Shell PLC., General Electric Company, Alstom Power Siemens AG, Clean Coal Technologies Inc., and KBR Inc, some of the leading players in the prominent clean coal technology market.
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