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:
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 |
|
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:
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
By Capacity
By Turbine Type
By Geography
Key Benefits for Stakeholders