01 Dec 2015 05:12:08
Global Clean Coal Technology Market Continues to Thrive Despite Increasing Share of Renewables
Although companies and governmental and non-governmental bodies around the world are focused on renewable energy, electricity produced using coal will continue to hold a large share in the global energy scenario. Hence, the global clean coal technology market will witness good growth in the coming few years. Clean coal technologies are not as effective as renewable energy technologies in cutting down greenhouse emissions; however, they are better than the traditional technologies employed in coal power plants to create electricity.
In-depth research report on Clean Coal Technology Market with Full TOC at : http://www.transparencymarketresearch.com/clean-coal-technology-market.html
Effectiveness of Clean Coal Technology to Help Market Expansion
Reduction in toxic emissions achieved by the utilization of clean coal technology is the key driver of the global clean coal technology market. This technology is projected to help clean up the coal-fired power market and at the same time meet the ever-growing demand for electricity in both developed and developing nations. According to the U.S. Energy Information Administration (EIA), only 11% of the world’s energy consumption is fulfilled by renewable energy sources and by 2040 this figure will be 15%.
In spite of the gradually rising share of renewable energy, electricity generated using coal will continue to dominate the global energy market in the next 50 years. In addition to this, technological advances have resulted in more efficient combustion of coal, leading to reduction in the emission of sulfur dioxide and nitrogen oxide.
Lower Cost Continues to be a Major Driver of Clean Coal Technology
Another winning factor for the global coal-fired power market is that it is cheaper compared to other alternative energy sources. Research efforts by several organizations have made renewable energy such as solar energy cheaper than it was a few decades ago, but it is still not at par with the cost of electricity generated using coal.
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Hence, coal will continue to be an integral part of the global power generation mix in the years to come. Coal-fired power generation is still one of the cheapest methods of electricity generation used for supplying a region’s base load. Moreover, power generated using clean coal technology is reliable and cleaner as compared to traditional technologies. Clean coal technologies refer to technologies that generally use the gasification or combustion process. Clean coal technologies are projected to help reduce greenhouse gas emissions even more with further advancement in technology.Even though the global clean coal technology market will benefit from the aforesaid factors, the high overall cost of the technology will challenge the market.
High Demand from Asia Pacific to Propel Overall Clean Coal Technology Market
Companies in Asia Pacific will invest heavily in clean coal technology in the coming few years. The highest implementation of clean coal technologies in Asia Pacific will be witnessed in countries such as Japan and China. This will help Asia Pacific countries reduce total fuel costs and also improve plant efficiency.
On the other hand, developed economies of North America and Europe will also invest significantly in the clean coal technology market. The EU is encouraging and funding research to develop carbon capture and storage technology, while the U.S. is investing in clean coal technology to meet international environmental regulations. Enabling technologies of clean coal technology, such as carbon sequestration and carbon capture and storage, will witness significant growth in the coming few years.The key players operating in the global clean coal technology market are Siemens AG, Clean Coal Technologies, Inc., Alstom Power, and General Electric Company.
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