Efficient fossil fuel technologies will drive the ongoing growth of the global thermal power market, with generation expected to hit 19,869.1 TWh by 2020, as countries across the world work towards green, low-carbon and sustainable development, according to a new report from research and consulting firm GlobalData.
The company’s latest report* states that recent years have seen heavier investment into research and development (R&D) to improve fossil fuel technologies that can generate power at a higher capacity factor, whilst displaying a minimal impact on the environment. The fact that energy efficiency and security form the foundations of many countries’ power policies has been a major contributing factor, says the report.
Carbon Capture and Storage (CCS) has been deemed one of the most efficient technologies developed for reducing carbon dioxide emissions while maintaining the use of fossil fuels for electricity generation. Similarly, Combined Heat and Power (CHP) provides an efficient and clean approach to generating electricity, and useful thermal energy, from one fuel.
Sayani Roy, GlobalData’s Analyst covering Power, says: “These two technologies are in high demand among countries where electricity is mainly generated from thermal resources, and the governments of major economies have been focusing substantially on the mandatory adoption of such technologies to help reduce emissions from their respective power sectors.”
Already, the US government has rolled out various acts and policies, such as the Energy Improvement and Extension Act (EIEA) of 2008, the Clean Energy Standard Act (2012) and the Energy Policy Act (2005), which make the adoption of CCS and CHP technologies obligatory, while also supporting power facilities financially in adopting it.
Likewise, countries such as India, China, the UK and Germany have also been taking significant steps towards the adoption of these technologies in order to reduce local emissions.
“There are many plans and policies currently being formulated across the globe to ensure sufficient take-up of these more efficient technologies. If successful, this will provide a significant boost for the thermal power market over the forecast period,” Roy concludes.