Thermal Power Plant Market (By Fuel Type: Coal, Natural Gas, Nuclear, Others; By Capacity: 400 MW, 400-800 MW, More than 800 MW; By Turbine Type: Simple Cycle, Combined Cycle) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Thermal Power Plant market was valued at USD 1575.27 billion in 2022 and it is expected to hit around USD 2450.19 billion by 2030 with a CAGR of 5.68% during the forecast period 2022 to 2030.

Key Takeaways:

• By fuel type, the global thermal power plant market was dominated by the coal segment in 2021. 
• In 2021, The Asia Pacific dominated the global thermal power plant market. 
• By capacity, the global thermal power plant market was dominated by the more than 800 MW segment in 2021
• North America captured the second position in the global thermal power plant market in 2021.
• Natural gas is projected to be the most opportunistic segment from 2022 to 2030.
• According to the United Nations, the global population is expected to rise by 2 billion i.e. from 7.7 billion to 9.7 billion by 2050.

Thermal power plants convert the heat energy of primary fuels such as coal, to electric power. In most of the thermal power plants, combustion of primary fuels heats the water and transforms it to steam. The steam drives steam turbines, which eventually generates electricity. Subsequently, the steam is condensed and recycled back into the system. The thermal power plants may use several different types of heat sources, including fossil fuels, nuclear energy, biomass and waste.

The global thermal power plant market is primarily driven by surge in demand for electricity is expected to augment the market growth of coal-fired power generation. This is attributed to the increasing population which is creating 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 growth of thermal power plant market. Thus, the surge in demand for electricity is projected to propel the market growth.

However, advent of environmentally 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 thermal power plant market during the forecast period.

Report Scope of the Thermal Power Plant Market

Report Coverage	Details
Market Size	USD 2450.19 Billion by 2030
Growth Rate	CAGR of 5.68% from 2022 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Fuel Type, Capacity, Turbine Type, and Region,
Companies Mentioned	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

COVID-19 analysis:

The sudden outbreak of the novel coronavirus has put the world to halt. The coal industry is among the worst affected industries, lockdowns imposed by governments of various countries has caused temporary and even permanent closures of power plant across the globe due to decline in demand for power. The European Union (EU) imports of coal for thermal power plants plunged by almost two-thirds in recent months to reach lows not seen in 30 years.

Regional Insights

Asia Pacific dominated the global thermal power plant market in 2021. The Asia Pacific is the home to the world’s leading coal companies like The Coal India Limited. Coal India is one of the leading suppliers of coal across the globe. The abundant availability of coal in the Asia Pacific region has led to the availability of cheap coal. Furthermore, the rapid industrialization and urbanization in the nations like China, India, South Korea, and Indonesia have significantly contributed to the rising demand for thermal power across the region. China and India are the manufacturing hub of the globe and the presence of several huge industries in the region has significantly fostered the consumption of thermal electricity. The rising government investments in urbanization and industrialization are expected to boost the growth of the market significantly during the forecast period. The rising government investments in the establishment of thermal power plants such as the Phulkari Coal Powered Plant in Bangladesh, Patratu Super-Thermal Power Plant (Coal) in India, Fuyang Power Station, and HuadianLaizhou Power Station in China is a major factor that is expected to fuel the growth of the Asia Pacific thermal power plant market during the forecast period.

North America occupied the second position in the global thermal power plant market in 2021, followed by the Europe thermal power plant market. Natural gas is the major fuel type that drives electricity generation from thermal power plants. The abundant availability of gas from the nations like Russia and the US has significantly contributed to the growth of the thermal power plant market. There is a high demand for natural gas in the US and Europe for generating electricity from thermal power plants. The presence of a well-established and strong infrastructure for thermal power plants is a major driver of the thermal power plant market. The rising investment in the US to expand the thermal power capacity and rising consumption of electricity is expected to fuel the growth of the North American thermal power plant market in the upcoming years.

Some of the prominent players in the Thermal Power Plant Market include:

• 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

 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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Thermal Power Plant market

By Fuel Type

• Coal
• Natural Gas
• Nuclear
• Others

By Capacity

• 400 MW
• 400-800 MW
• More than 800 MW

By Turbine Type

• Simple Cycle
• Combined Cycle 

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Thermal Power Plant industry analysis from 2022 to 2030 to identify the prevailing Thermal Power Plant industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Thermal Power Plant industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Thermal Power Plant industry trends, key players, market segments, application areas, and market growth strategies.