Market overview
According to Market Research Future (MRFR), the global clean coal technology market is expected to grow exponentially by 2027, registering an impressive CAGR during the forecast period (2020-2027). Governments across the globe are promoting cogeneration technology through various long-term policies and financial incentives.
Clean Coal Technology Market size is projected to reach registering a 3.7% CAGR between 2020 and 2026. Coal is one of the major sources for electricity generation and accounts for around 38% of the overall electricity generation. However, 14 billion tonnes of carbon dioxide is produced every year by burning coal, which is released into the atmosphere causing environmental concerns. The development of clean coal technology is considered as a solution to address the problem of carbon emission. However, this technology is still in its experimental phase and need to be commercialized to make coal economically competitive despite the cost of achieving low emissions.
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The clean coal technology market witnesses increasing traction across the globe. The development of clean coal technology is considered as a solution to address the problem of carbon emission. This technology offers a range of reliable and cost-effective techniques contributing to the global heat and electricity demand.
Therefore, rising deployments of clean coal technology to meet the energy efficiency needs drive the market demand. Besides, increasing government incentives to promote clean energy generation fosters the clean coal technology market growth. With the growing demand for clean energy and the demand for sustainable energy resources, the market is projected to garner substantial traction in the years to come.
Resultantly, clean coal technology is receiving enormous support from governments in the form of favorable policies and incentives worldwide. Moreover, the presence of many companies offering various products and services related to clean coal technology installations adds to the market's growth, fuelling the market competition further.
Clean Coal Technology Market - Segments
The market is segmented into technology and regions. The technology segment is sub-segmented into gasification technology, combustion technology, and enabling technology. The gasification segment accounts for the largest market share. The segment is projected to grow at the fastest rate during the forecast period.
The coal gasification technology significantly focuses on low and zero GHG emissions. New challenges for IGCC focus on hot cleaning techniques and the development of new dry sorbents and catal-sorbents. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Clean Coal Technology Market - Geographical Analysis
The Asia Pacific region dominates the global clean coal technology market. The largest market share attributes to the increasing demand and sales of clean coal technology systems. Additionally, vast productions and widening adoption of clean coal technology in residential, commercial, and industrial applications boost the regional market growth.
The increasing energy demand from end-use industries due to rapid industrialization in China, Japan, and India drives the clean coal technology market growth. The APAC clean coal technology market is projected to retain its dominance throughout the assessment period.
North America stands second in the global clean coal technology market. The market is driven by the increasing environmental awareness supported by stringent governmental regulations. The clean coal technology market is expected to witness a high growth rate owing to The US leads the regional market in terms of clean coal technology market share, witnessing heavy investments in curbing untreated dirty coal.
Europe also witnesses a steady growth rate in the global clean coal technology market. Increasing government initiatives towards reducing carbon emissions and developing innovative technologies for carbon capture and storage are the major clean coal technology market trends. Furthermore, substantial demand for heating solutions from residential and commercial setups drives the market growth.
Clean Coal Technology Market - Competitive Analysis
Highly competitive, the clean coal technology market appears fragmented due to the presence of many well-established players. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share.
They make substantial investments to drive R&D activities and expansion plans. The market is likely to witness relentless innovations and new products, eventually intensifying competition among manufacturers.
Major Players
Players leading the global clean coal technology market include General Electric Company (US), Clean Coal Technologies Inc., (US), Alstom Power (France), ExxonMobil (US), Siemens AG. (Germany), Shell (Netherlands), InTherSoft (Poland), JES Energy (US), GreatPoint Energy (US), Royal Dutch Shell PLC (Netherlands), E3 Clean Technologies (South Africa), LanzaTech (New Zealand), Hygen (Sweden), Accelergy (US), Cortus AB (Sweden), Ciris Energy (US), and Gasliner (Latvia).
Industry/ Innovation/Related News:
May 25, 2021 ---- the US Department of Energy (DOE) awards IACMI a US$1.5 million grant for innovative uses of South Appalachian Coal Resources. DOE has tapped the Institute for Advanced Composites Manufacturing Innovation to develop and deploy new technologies for manufacturing coal-derived products using coal resources near distressed South Appalachian coal communities.
Facing persistent shortages in domestic supply, the US has been forced to rely on imported materials, leaving clean energy technology production at greater risk of disruption.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Capacity Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
Continued………
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About Market Research Future
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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