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.
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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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