The market for clean fuel technology is anticipated to rise significantly over the coming years on account of the growing need for reduced carbon emissions and optimization of natural resources.
Albany, NY -- (SBWIRE) -- 02/17/2017 -- Clean Fuel Technology Market: Trends and Opportunities
Clean fuel technologies form an essential part of green engineering and the demand for the same is driven by the increasing focus on mitigating the effects of global warming and reducing carbon emissions in the environment. The optimum utilization of natural resources and the integration of coal and associated fuels with development activities and hydrocarbon are also expected to augment the demand for clean fuel technologies. The market is poised to expand significantly in the near future with an increasing global focus on sustainable development and energy security.
The market for clean fuel technology is anticipated to rise significantly over the coming years on account of the growing need for reduced carbon emissions and optimization of natural resources. Although high operational costs pose a threat to the market's development, ample opportunities have been identified with the increasing investments in clean renewable energy technology. This has been brought on by recent climate change policies and rising oil prices.
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Clean Fuel Technology Market: Technology Assessment
The global market for the clean fuel technology can be bifurcated on the basis of technology into clean coal technology and clean renewable technology. Clean coal technology can be further segmented on the basis of coal gasification techniques into surface coal gasification and underground coal gasification (USG). These technologies convert solid coal into a gas that can be used for power generation and chemical production. Hydrogen also has immense potential to satisfy the future power needs of the people. Hydrogen produced from coal with carbon capture and storage technologies can prove to be a less expensive and high volume method of providing clean energy.
Underground coal gasification converts coal into a syngas comprising methane, hydrogen, and carbon monoxide. The process in combination with carbon capture and storage technology gives rise to a low-cost solution to carbon abatement. The various end-use applications of underground coal gasification include the manufacture of key liquid fuels such as methanol and diesel; hydrogen production, power generation, and heating. This technology, in combination with CO2 capture and storage (CCS), is expected to increase significantly in the near future owing to the various benefits of this technology. Underground coal gasification technology eliminates the cost of coal mining, preparation, and transportation and the capital cost of surface gasification reactors. These technologies are the source of clean, safe, and indigenous energy supply.
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The market, on the basis of clean coal technologies, can be segmented into pulverized coal combustion (PCC), pressurized fluidized bed combustion (PFBC), fluidized bed combustion (FBC), and advanced pressurized fluidized bed combustion (APFBC). The market for renewable technologies can be segmented into potential sources of clean energy such as solar, wind, hydro, tidal, geothermal, and bio-fuels.
Clean Fuel Technology Market: Geographical Segmentation and Key Players
North America and Asia Pacific are expected to drive the growth of the global market for clean fuel technologies in the near future, with the U.S and China anticipated to be the leading contributors.
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Some of the prominent players in the clean fuel technology market are AMEC, Clean Fuel Development Coalition, Clean Fuel USA, Clean Fuels Company, and CFT Global LLC.