Global Clean Coal Technology Market to Surpass $4.6 Billion and Exhibit a CAGR of 2.9% by 2026
New York, USA, Aug. 03, 2020 (GLOBE NEWSWIRE) — Research Dive has added a new report to its offerings titled, “Clean Coal Technology Market, By Technology (Supercritical, Ultra-Supercritical, Combined Heat and Power, and Others), Global Opportunity Analysis and Industry Forecast, 2019–2027.”
The global clean coal technology market accounted for $3.7 billion in 2019 and is projected to surpass $4.6 billion by 2027, growing at a CAGR of 2.9% from 2019 to 2027.
The Asia Pacific region is projected to play a dominant role in the global clean coal technology market during the forecast period. The region accounted for the majority of market share in 2019 and generated a revenue of $2,507 million. The dominance of this region is majorly attributed to rise in number of clean coal technology in India, Japan, and China.
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Key segment findings of the market:
The global clean coal technology market is segmented on the basis of Technology and Region.
- By technology, the global market for clean coal technology is segmented into supercritical, ultrasupercritical, combined heat & power, and others.
- The supercritical segment accounted for $1,723 million in 2019 and is expected to exhibit a CAGR of 2.4% during the forecast period. This is mainly because supercritical technology is one of the prominent clean coal technology used for novel commercial coal-fired plants in several countries.
- Regionally, the global clean coal technology market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
- The North America market for clean coal technology is estimated to rise at a significant CAGR during the forecast period owing to stringent government regulations regarding environmental concerns.
The rising demand for electricity coupled with the availability of raw materials all across the globe is the major factor boosting the growth of global clean coal technology market. In addition, the growing demand for clean energy and favorable government initiatives & strict regulations regarding environmental concerns are other factors anticipated to propel the global market growth.
However, the increasing implementations of renewables and the high costs associated with clean coal technology is expected to hinder the market growth in the coming years. Besides, the renewable technologies, such as solar PV and wind energy give competition to clean coal technologies.
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Top 10 key players functioning in the Global Clean Coal Technology Market:
- General Electric
- Shanghai Electric
- Mitsubishi Electric
- DongFang Electric
- Harbin Electric Company Limited
- Babcock & Wilcox
These players are adopting several strategies such as new project contracts with various companies and geographical expansion to strengthen their position in the global industry.
For instance, General Electric Power entered into a contract with Elektrownia Ostroleka to build an ultra-supercritical coal power plant namely, ‘Ostroleka C’ in the northeast of Poland. The company has designed and built the power plant and is also involved in manufacturing and delivering the ultra-supercritical technology components.
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