Rampant Technological Advancements will Boost Combined Coal Trading Market Size
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Dominance of Coal in Energy Mix Pushes Growth in Coal Trading Market
The efforts to create a sustainable economic growth, nations are constantly debating the rate of industrialization, infrastructural changes, and supporting manufacturing activities. In the light of recent developments where emerging economies will focus on manufacturing activities, it coal trading is anticipated gain the much-anticipated momentum. Furthermore, coal trading will also surge as it still remains the prime component of electricity generation, claiming a healthy stake of 42%. Its abundant availability and its vast reserve as also expected to push the coal trading market further.
The TMR analyst adds, “End users such as the power, iron and steel, cement, and other small and medium-sized enterprises are opting for coal as opposed to natural gas and petroleum due the cheaper logistical costs involved in coal trading.” The fact that coal is easy to transport and is low-cost source of energy, makes it a popular choice amongst several industries.
Though coal trading seems to be an indispensable industry to the functioning of other industries, it does faces some tough restraints. As of 2014, coal’s contribution to the overall carbon emissions stood at 35%, which is good enough for major nations to slowly phase it out and replace it with a sustainable renewable energy sources. Furthermore, patchy efforts made by coal-fired power plants to collate and cut back on their carbon emissions is further adding to the issue of global warming, thereby discouraging buyers from purchasing coal.
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Development of Clean Technologies Breathes New Life in Coal Trading Market
Development of clean coal technologies to reduce the impact of coal burning on the environment is likely to open up new opportunities for coal trading. Governments across the globe, especially in the developing regions that depend on conventional energy resources of energy, are framing initiatives to step up the research and development activities pertaining to development of efficient coal technologies.
The research report states that by volume, the global coal trading market will stand at 10,951 million tonnes (MT) by 2023 rising from 8,086 million tonnes (MT) in 2014 surging at a CAGR of 3.43% from 2015 to 2023 in terms of volume. The lignite coal product segment is anticipated to excel in the overall market due to its availability and affordability. This segmented in expected to leap at a CAGR of 3.04% during the mentioned forecast period. In the forecast period, North America is expected to lead the overall market as the demand will shift from natural gas fired power plants to conventional coal fired power plants. By the end of 2023, this region will hold a share of 23.6% in the overall market.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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