Thermal Power Plant Market Share Analysis Report, 2023-2032
The global thermal power plant market size was exhibited at USD 1,575.29 billion in 2022 and is projected to hit around USD 2,739.68 billion by 2032, growing at a CAGR of 5.69% during the forecast period 2023 to 2032.
Key Pointers:
Thermal Power Plant Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 1,664.92 Billion |
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Market Size by 2032 |
USD 2,739.68 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 5.69% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
Fuel Type, Capacity, Turbine Type |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
EDF, American Electric Power Company, Inc., Siemens AG, General Electric Company, Chubu Electric Power Co. Inc., National Thermal Power Corporation Limited, ENGIE, Tata Power, Duke Energy Corporation, SSE. |
Thermal power plants are also called thermal power generation plant or thermal power station. A thermal power plant/station is used to convert heat energy to electric power/energy for household and commercial applications. In the process of electric power generation, steam-operated turbines convert heat into mechanical power and then finally electric power. In thermal power plants, the heat energy obtained from combustion of solid fuel (mostly coal) is used to convert water into steam, which is at high pressure and temperature. This steam is used to rotate the turbine blade and turbine shaft is connected to the generator. The generator converts the kinetic energy of the turbine impeller into electric energy.
The demand for thermal power plant market is primarily driven by rise in demand for electricity. Increase in population creates demand for the residential sector. Rapid industrialization and urbanization along with the need for the energy in heavy industries is again expected to propel the thermal power plant market growth. Thus, surge in demand for electricity is projected to propel the market growth. In addition, the power consumption has been growing at a significant rate across the developing countries such as China and India driven by industrialization, population growth, and surge in urbanization. In China, in 2018, the power generated from coal accounted to 4,732 TWh, up from the previous year’s 4,445.0 TWh. Coal power generation holds 66.0% share in China’s overall energy mix. In China and India, which have accounted for 85.0% of new coal power capacity since 2005, the number of permits for new coal plants dropped to record lows, but new plants are still in the pipeline. India's power sector is undergoing a wide-scale transformation, owing to the country facing steep electricity demand growth rates. Several parts of India witness high power cuts due to the rise in demand for electricity and the supply gap. The government has implemented policies to increase electricity generation to address the issue of electricity reliability.
India has the second-largest population, because of which there is a constant increase in the energy demand that requires an increase in number of industrial operations and continually growing demand for power supply in the residential regions of the country are expected to drive the demand for thermal power plant. Increase in power needs across the globe are expected to drive the growth of the thermal power plant market during the forecast period.
However, advent of environment-friendly technologies, strict regulations regarding greenhouse gas emissions, and health issues associated with the coal-fired power generation are expected to hamper the growth of the thermal power plant market during the forecast period. Furthermore, advancement in combustion technologies is expected to provide growth opportunities for the market during the forecast period.
Some of the prominent players in the Thermal Power Plant Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Thermal Power Plant market.
By Fuel Type
By Capacity
By Turbine Type
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Thermal Power Plant Market
5.1. COVID-19 Landscape: Thermal Power Plant Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Thermal Power Plant Market, By Fuel Type
8.1. Thermal Power Plant Market, by Fuel Type, 2023-2032
8.1.1 Coal
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Coal
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Nuclear
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Thermal Power Plant Market, By Capacity
9.1. Thermal Power Plant Market, by Capacity, 2023-2032
9.1.1. 400 MW
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. 400-800 MW
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. More than 800 MW
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Thermal Power Plant Market, By Turbine Type
10.1. Thermal Power Plant Market, by Turbine Type, 2023-2032
10.1.1. Simple Cycle
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Combined Cycle
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Thermal Power Plant Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.1.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.1.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.2.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.3.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.4.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.5.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.5.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Fuel Type (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Capacity (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Turbine Type (2020-2032)
Chapter 12. Company Profiles
12.1. EDF
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. American Electric Power Company, Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Siemens AG
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. General Electric Company
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Chubu Electric Power Co. Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. National Thermal Power Corporation Limited
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. ENGIE
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Tata Power
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Duke Energy Corporation
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. SSE
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers