Clean Fuel Technology Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Clean technology in general implies the use of any service, product, or system that has as little of a negative impact on the environment as possible. Aspects of clean technology include the conservation of energy, sustainable resources, and clean sources of fuels. Clean fuels can refer to the use of renewable fuels such as biogas, or also blended fuels such as fossil fuels with renewable alternatives or additives that reduce emission. Fuel blends such as gasohol are being used on greater scales across the world, owing to the increasing environmental concern that people, businesses, and industries are showing. These fuels are primarily intended to reduce the emission and overall pollution that they may cause, while trying to achieve as high a fuel efficiency as possible.
Clean fuel technologies do compete with their conventional counterparts due to the growing scope of renewable energy and clean fuels being used in daily functions whcih may drive clean fuel technology market. At the same time, the high pollution levels and overall depleting reservoirs of fossil fuels are pressuring the energy sector to come up with reliable means of using green technologies and fuels. The use and generation of clean fuel and clean fuel technologies may also fall under the concept of environmental finance, where the use of clean technology can allow businesses to gain credit and approvals for expansion.
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 clean fuel technology market is poised to expand significantly in the near future with an increasing global focus on sustainable development and energy security.
The clean fuel technology market 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 clean fuel technology 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.
The global clean fuel technology market 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.
The clean fuel technology 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.
North America and Asia Pacific are expected to drive the growth of the global clean fuel technology market in the near future, with the U.S and China anticipated to be the leading contributors.
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.
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Latest Trends and Cardinal Growth Prospects
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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