Coal Free Market projecting a CAGR of XX% during the forecast period, 2020-2026
Published | 07 March 2020
According to BlueWeave
Consulting, the global Coal Free market is estimated to reach USD XX Billion by
the year 2026, with a growing CAGR during the forecast period 2020- 2026. The
presence of developing countries is increasing the demand for renewable energy
due to factors such as population increase, rapid industrialization, and
favorable policies for the renewable energy sector.
Coal Free is referred to as
the elimination of the use of coal. Coal mining and its use cause environmental
damage. In 2018, 28% of electricity generation accounted for renewable sources
without direct carbon emissions, such as solar and wind. The global coal-free
market is expected to grow significantly during the forecast period due to
increased greenhouse gas emissions (GHGs), in particular, CO2 from the use of
fossil fuels for energy generation. Therefore, the limited existence of fossil
fuel on Earth and its high costs are fuelling the coal-free market. The climate
emergency is all around us and has so many impacts on our lives-devastating
droughts, bushfires across the world, toxic air pollution, and a life support
reef. People who are vulnerable to coal and its pollution have an increased
risk of developing allergic symptoms on asthma and other air passageways.
Breathing in coal powder or ash is also known to cause lung cancer over time.
Many coal mines use an open-cast method that destroys local animal habitats.
Green spaces, rivers, and other spaces are impacted by emissions from coal,
which can cause quick degradation of fields and forests. Coal has always been
the biggest contributor to air pollution in the environment. Coal contributes
about 24% of C02 emission among various energy, due to which governments are
looking for coal-free power.
Environmental
concern is the driving factor for Global Coal Free market
Mining and burning coal for
fuel is harmful to the environment, but many people are reluctant to give it up
as a source of fuel because coal is so abundant and cheap. Coal includes sulfur
and other toxic metals such as mercury, lead, and arsenic that leak into the
air when coal is burned. Burning coal also produces particulate matter, which
increases air pollution and risks to health. Coal is almost entirely composed
of carbon, and burning coal is releasing significant amounts of carbon dioxide
(CO2) into the atmosphere. Such emissions have been shown to increase the
atmospheric greenhouse effect and lead to global warming.
Renewable
energy technologies are the driving factor for Global Coal Free market
Renewable energy
technologies, especially the incorporation of photovoltaic (PV) systems into
the building envelope, play a significant role in improving the performance of
building energy and reducing environmental impacts. Renewable energy technology
is on the verge of a new era. Renewable energy is already responsible for
meeting a significant share of energy demand in many countries and regions. In
recent years, rapid and substantial progress in renewable energy has been
driven by local, national and regional policies, in close cooperation with the
business community, as well as ongoing technological innovation and cost
reductions in renewable energy.
Industrial
use is increasing the demand for Global Coal free market
Industrial energy use is
primarily used in the manufacturing industries for production, as well as for
lighting and other business uses. Industrial production accounts for just over
half of all global energy consumption and is expected to grow. Growing
advancement in renewable energy is expected to help the global coal-free market
grow.
Asia-Pacific
is expected to grow at a remarkable rate in the Global Coal Free market during
the anticipated period.
The Asia Pacific is expected
to have lucrative growth during the forecast period due to technological
advances and investments in countries such as China, India, and Japan. North
America led the market in previous years and is expected to dominate during the
forecast period. The US is a pioneer in power generation, procurement, and use.
U.S. energy companies produce oil, gas, coal, renewable fuels, as well as
clean-energy power, including wind, solar, hydro, geothermal, and nuclear.
Furthermore, U.S. energy companies transmit, distribute, and store energy
through complex networks of infrastructures supported by smart technologies.
Coal
Free Market: Competitive Landscape
Notable players operating in
the Coal free market include Iberdrola, Datong Coal, Mitsubishi Corporation,
Equinor, ENN Energy, Engie, Canyon Coal, Anglo American Plc., Arch Coal Inc.,
General Electric Company, ALLETE Clean Energy, Électricité de France, Hanergy,
Ichor Coal, Siemens, Longroad Energy, Chevron Corporation, Canadian Solar,
Invenergy, and Other Prominent Players are expanding their presence in the
market by implementing various innovations and technology.
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