Increasing energy demand coupled with rapid urbanization in emerging markets of Asia Pacific and Latin America is expected to drive global clean coal technology market over the next seven years. Coal is the major source for energy in emerging markets of Asia Pacific and Latin America, which in turn is expected to augment global clean coal technology market growth. Clean coal technologies are referred to environmental emission reduction technologies from coal power plants using gasification or combustion process. Clean coal technology development is expected to result in reduced emissions from coal-fired thermal plants. Coal-fired thermal plants dominate global power generation mix and are expected to positively influence clean coal technology market growth. Power generation from coal fired plants releases carbon footprints into the atmosphere resulting in negative environmental impact. Clean coal technologies include carbon capture & storage, flue-gas desulfurization, integrated gasification combined cycle, low nitrogen oxide burners, selective catalytic reduction and electrostatic precipitators. Growing environment friendly technology demand owing to rising pollution rate and increasing industrialization is expected to drive demand clean coal technologies and in turn augment global market growth.
Governments and environmental agencies in North America & Europe such as EPA and EIA have taken up initiatives towards clean environment and are slated to positively impact clean coal technology market growth. Global clean coal technology is expected to grow significantly over the forecast period owing to fuel cost savings coupled with capital investments & technology in existing and new plants. High installation cost of clean coal technology is expected to hamper market growth and pose challenges to industry participants. Lack of public awareness coupled with inadequate financial and economic capability is expected to pose further challenges for market players. Extensive R&D and innovation for reducing nitrogen oxide and sulfur dioxide emissions is expected to provide lucrative opportunities for industry participants.
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