Coal is and will remain the most important source of energy over the world, as well as the most abundant and widely distributed fossil fuel. The demand for coal is growing at a significant rate in several emerging economies as they strive for long-overdue economic growth. Till 2050, the demand for coal is expected to double, exceeding 7000 million tones and accounting for approximately 30% of the primary energy supply over the world, up from 25%. Even though the latest imposed policies along with the stringent emission regulations are in favor of renewable sources, coal is anticipated to remain a vital source of energy for power generation.
Nevertheless, there will be pressure to utilize this resource in the most ideal way to diminish greenhouse gas emissions and protect the environment. New and stricter emission regulations mandated on coal-powered plants have constrained plant operators to redirect towards cleaner and more effective technologies, for example, clean coal technology and fuel the global clean coal technology market.
Clean coal technologies include flue-gas desulfurization, low nitrogen oxide burners, carbon capture & storage, selective catalytic reduction, integrated gasification combined cycle, and electrostatic precipitators. Growing environment friendly technology demand with regards to the rising rate of pollution and increasing industrialization is expected to drive the demand for clean coal technologies, which, in turn, is expected to augment the global market growth.
Some of the Major Factors Responsible for Driving the Market Growth:
- Increasing demand for consistent and environment-friendly power generation technology
- Rising awareness regarding the advantages of utilizing clean coal technologies
- Rapid urbanization and industrialization
- Environmental awareness
- Stringent governmental regulations
- Extensive contribution from emerging nations of Japan and China
Moreover, the government drives to increase expending on environmental safety, fuel cost savings, and technological advancements toward the initiatives is expected to boost the market demand.
High Demand from Emerging Economies to Drive Market Growth
Asia Pacific is expected to grow at a considerable rate over the coming years, owing to the rapid industrialization in the emerging nations of China, India, and Japan. Additionally, the region is expected to grow with the increasing energy demand from end-use industries. On the other hand, North America is expected to witness a high growth rate, due to the increasing environmental awareness and strict governmental regulations. In this region, the U.S. is expected to invest in billions to curb the untreated dirty coal. Moreover, Europe will grow considerably over the forecast period owing to the increasing government initiatives towards a clean environment. Latin America and the Middle East are expected to witness a steady growth rate because of the lack of awareness and incompetent financial capability.