PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324369
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324369
According to Stratistics MRC, the Global Clean Coal Technology Market is accounted for $2,046.9 million in 2023 and is expected to reach $2,766.9 million by 2030 growing at a CAGR of 7.2% during the forecast period. Clean coal technology, which uses the gasification or combustion process to reduce emissions from coal power plants, is also known as environmental emission reduction technology. Smoke stacks affect the environment since, when coal burns, it converts carbon dioxide and other emissions into flue gas.
According to IEA, the global electricity demand is expected to grow at 2.1% per year up to 2040. This, in turn, is likely to increase the share of electricity in the total final energy consumption, from around 19% in 2018 to approximately 24% in 2040.
Globally, governments are rapidly enacting laws and regulations that lower greenhouse gas emissions and support greener energy sources. In order to reduce the environmental impact of coal-based power generation, this has resulted in greater investment in clean coal technology. Technology advancements have made it possible to create cleaner coal technologies that are more effective and affordable, like integrated gasification combined cycle (IGCC) and carbon capture and storage (CCS) systems. These developments have fueled the market for clean coal technology's expansion.
It can be expensive to implement and maintain clean coal technologies like integrated gasification combined cycle (IGCC) and carbon capture and storage (CCS). Due to this, they may not be as competitive as other energy production methods.
Many nations continue to rely heavily on coal as a source of energy, and clean coal technology can increase energy security by lowering demand for foreign oil and gas imports. Technologies for clean coal could result in better energy efficiency and the development of jobs. Governments and private businesses have both boosted their investments in clean coal technologies as a result of this.
The cost of coal-based power generation, including clean coal technologies, may rise as a result of the implementation of carbon pricing mechanisms like carbon taxes or emissions trading programs. This might reduce the competitiveness of these technologies in comparison to other energy production methods.
Due to a coal scarcity in the first quarter of 2020, thermal power plants' ability to generate electricity was disrupted, which had a relatively negative impact on the clean coal technology industry. The widespread norms of social distance and the sharp decline in demand from the energy industry are anticipated to have a detrimental effect on market expansion. Due to the global decline in the use of coal, a sharp decline in the price of metallurgical coal and thermal coal could have a detrimental effect on the market's expansion.
Supercritical segment commanded the largest share throughout the projection period. One of the main clean coal technologies used in several nations' new commercial coal-fired power plants, supercritical technology, is responsible for this issue. Northeastern Poland will get an 'Ostroleka C' ultra-supercritical coal-fired power station, according to a deal General Electric Power made with Electronic Ostroleka. The business also manufactures and supplies components for ultra-supercritical pressure technologies, in addition to designing and constructing power plants.
Lignite segment is estimated to witness lucrative growth throughout the forecasted period due to rise in installed capacity and low sulphur content. The most common type of coal is lignite, and there are significant reserves in numerous nations all over the world. This makes it a fuel source for electricity generation that is generally affordable.
Asia Pacific commanded the largest share throughout the extrapolated period. China's rise in coal production was severely hampered in 2020, with only a 15% increase over 2010 recorded. In contrast, China's coal usage only increased 1.3% in 2020 as a result of significant investments and a switch to renewable energy sources. Additionally, India consumed 17.54 Exajoules of coal in total in 2020, which was more than the 16.55 Exajoules it consumed in 2015. This increase in consumption was mostly caused by an increased requirement for coal in the production of electricity, which is projected to increase demand for clean coal technologies for additional clean power generation.
Asia Pacific is expected to have profitable growth over the forecast period. The governments of China, India, Japan, and other countries intend to spend more money on the creation of new coal power projects. They have to do with modern coal power projects' technological advancements, environmental safety, and fuel cost reductions. For instance, the Chinese government announced in November 2021 that it intended to create a special re-lending facility worth around USD 31.4 billion to fund clean coal technology, including enhanced pre-treatment of coal and the creation of a value chain for coalbed methane.
Some of the key players in Clean Coal Technology market include: Alstom SA, Babcock & Wilcox, Bhel, Dongfang Electric, Doosan, General Electric Company, Harbin Electric International Company Ltd, KBR Inc., Mitsubishi, Shell PLC, Siemens Energy AG and Toshiba.
In February 2020, the U.S. Department of Energy's (DOE) Office of Fossil Energy (FE) announced federal funding up to USD 4 million in research and development (R&D) projects to improve the coal combustion residual management in the country.
In December 2019, Pakistan signed an implementation agreement (IA) with Shanghai Electric Group Co., Ltd. under the Thar coal-based power generation project to install a coal-fired power plant with a power generation capacity of 1,320 MW. The cumulative project cost is estimated to be around 1,912.2 million.