With the rise in population, growing urbanization, and the growth in the economy, the demand for energy is increasing significantly across the world. Factors such as the rise in population, improved standards of living, and availability of better infrastructure and facilities in urban areas as compared to rural areas have led to the rapid growth in urbanization globally. Urbanization directly boosts industrial activities such as construction and automotive, thereby, driving the demand for power. As steam coal is the dominant source of energy, the growth in global demand for energy will boost the steam coal market during the forecast period.
As per Technavio, the growing adoption of clean coal-based power generation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global steam coal market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global steam coal market: Growing adoption of clean coal-based power generation
Coal-based power generation has been rising, despite the growth in the adoption of low-carbon-emitting sources such as renewables. Moreover, clean coal technologies are increasingly being employed to ensure low carbon emissions from steam coal-based power generation and to comply with stringent government regulations pertaining to carbon emissions. Several initiatives are being taken up by various governments to reduce emissions from the power sector, which are significantly contributing to the growth in the adoption of clean coal technologies. This will drive the growth of the steam coal market during the forecast period.
“The demand for coal has increased considerably owing to the growth in coal-fired power generation. As of 2017, coal-fired power generation was the largest source of electricity generation globally. The demand for power generation using coal is also driven by the rise in demand for energy in emerging economies such as India and China. Adding to this growth is the replacement of traditional coal-based power plants with more efficient technologies such as combined heat and power (CHP) technology,” says a senior research analyst at Technavio.
Global steam coal market: Segmentation analysis
This market research report segments the global steam coal market by application (power, cement, and others) and geographic regions (APAC, EMEA, and Americas).
The power segment held the largest steam coal market share in 2018. The growth of the power segment can be attributed to the growing demand for power, high dependency and low cost of coal-based power generation, and the ongoing developments in clean coal technologies.
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. The market in APAC is driven by the high dependency on coal for power generation in developing countries such as China, India, Australia, and Indonesia.
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