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, Size, Share, Growth, Trends, Regional Outlook, and Forecast 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:

• By fuel type, the global thermal power plant market was dominated by the coal segment in 2022. 
• In 2022, 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 2022
• North America captured the second position in the global thermal power plant market in 2022.
• Natural gas is projected to be the most opportunistic segment from 2023 to 2032.
• According to the United Nations, the global population is expected to rise by 2 billion i.e. from 7.9 billion to 9.8billion by 2050.

Thermal Power Plant Market Report Scope

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:

• 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 2018 to 2032. 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 Region

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