New York, United States, August 28, 2024 (GLOBE NEWSWIRE) — The global Thermal Power Plant Market is expected to grow from USD 1.5 trillion in 2023 to USD 2.08 trillion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 3.32% during the forecast period.
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A thermal power plant converts heat into electricity. A thermal power plant converts thermal energy into electricity or power. Most power plants use steam or heat to convert thermal energy into mechanical energy, which is subsequently used to generate electricity. The thermal power plant generates energy from heat, steam, or coal. It converts fossil fuels into electricity or power. Boilers are important components of the power generation process in a thermal power plant. These special vessels are designed to efficiently convert water into steam, which is subsequently used to drive turbines and generators. The growing number of industrial and residential units is expected to increase the demand for efficient power supply and boost the global thermal power plant market in the next few years. The rapidly growing global population is expected to drive up the energy demand during the forecast period. The rapid expansion of industries in developing and underdeveloped countries is offering significant opportunities to market players. However, the significant environmental regulations could hamper the market growth.
Browse key industry insights across 207 pages of 110 market data tables and figures & charts from the report on the “Global thermal power plant market Size, Share and COVID-19 Impact Analysis by Fuel Type (Coal, Gas, Nuclear and Others), by Capacity (Up to 400 MW, 400-800 MW, More than 800 MW), by Turbine Type (Simple Cycle and Combined Cycle) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023-2033.”
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The coal segment is expected to account for the largest market share during the forecast period.
Based on fuel type, the thermal power plant market is segmented into coal, gas, nuclear, and others. Among these, the coal segment is expected to account for the largest market share during the forecast period. Coal power is cost-effective for baseload power generation due to its consistent supply and low fuel prices. Many power companies prefer coal as it offers more energy independence than imported natural gas. Countries with huge coal reserves such as China, India, and the United States can deploy their own coal mining companies to operate coal-fired power plants and meet the increasing electricity demand. Moreover, coal-fired power plants require less infrastructure expenditure than natural gas power plants as coal does not need to be transported through pipelines and can utilize existing rail and port networks.
The over 800 MW segment is expected to drive market growth.
Based on capacity, the thermal power plant market is segmented into up to 400 MW, 400-800 MW and more than 800 MW. Among these, the above 800 MW segment is expected to drive the market growth. This increase could be attributed to the increasing demand for around 800 MW of power from various industries. In the last decade, this market has grown in response to rapid industrialization and increasing global power demand. Increasing investments in industrialization of developing countries are likely to drive the expansion of this category as well as the overall thermal power plant market in the coming years.
The combined cycle power plant segment has the largest market share during the forecast period.
Based on turbine type, the thermal power plant market is segmented into simple and combined turbines. Among these, the combined turbine segment accounts for the largest market share during the forecast period. Compared to simple turbines, the combined turbine segment has emerged as the dominant alternative as ongoing design improvements increase performance and flexibility by 42.1%. Modern gas turbines for combined turbine applications can achieve extremely high fuel efficiency and reliability due to advances in materials, cooling and combustion control. This enables higher power output over longer operating cycles, which maximizes asset utilization. In addition to higher efficiency, combined turbines can increase their output faster than baseload coal-fired plants, thus helping to manage the variable supply of renewable energy to the grid. Their versatility enables increased use of solar and wind energy while maintaining system stability.
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The Asia-Pacific region is expected to hold the largest share of the thermal power plant market during the forecast period.
Asia Pacific is home to the world’s largest coal companies including Coal India Limited. Coal India is a major supplier of coal to the world. The abundance of coal in Asia Pacific has resulted in cheap availability of coal. Moreover, increasing industrialization and urbanization in countries such as China, India, South Korea and Indonesia has greatly increased the region’s demand for thermal power. China and India are the manufacturing hubs of the world and the presence of several major companies in the region has resulted in significantly higher demand for thermal power. Increasing government investment in urbanization and industrialization is expected to significantly boost the market growth.
North America is expected to witness the fastest growth in the thermal power plant market during the forecast period. Abundant supply of gas from countries such as the United States has significantly promoted the growth of the thermal power plant market. There is a high demand for natural gas in the United States and Europe for use in thermal power plants that generate energy. The thermal power plant market is primarily driven by the availability of well-developed and reliable infrastructure. Increasing spending on thermal power plant capacity in the United States, combined with rising electricity demand, is likely to drive the growth of the North America thermal power plant market during the forecast period.
Competitive analysis:
The report offers the appropriate analysis of the key organizations/companies involved in the global market along with comparative assessment primarily based on their product offerings, business overviews, geographical presence, corporate strategies, market share in segments, and SWOT analysis. The report also offers in-depth analysis with a focus on the latest news and developments of the companies including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and more. This enables the evaluation of the overall competition in the market. Some of the major vendors in the Thermal Power Plant market include China Huaneng Group, Koradi Super Thermal Power Supply, Akrimota Thermal Power Station, General Electric Company, Chubu Electric Power Co. Inc., National Thermal Power Corporation Limited, ENGIE, Tata Power, Duke Energy Corporation, SSE, EDF, American Electric Power Company, Inc., Siemens AG, Tiroda Thermal Power Station, Mundra Thermal Power Station, Sasan Ultra Mega Power Plant, and other key players.
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Recent developments
- In July 2022A natural gas-fired power plant has been commissioned in southwest Michigan. Kiewit Corporation built the project at a cost of $1.1 billion and used equipment from General Electric.
Market segment
This study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global Thermal Power Plants market based on the below mentioned segments:
Global thermal power plant market by fuel type
Global Thermal Power Plant Market by Capacity
- Up to 400 MW
- 400-800MW
- More than 800 MW
Global thermal power plant market, by turbine type
- Simple cycle
- Combined cycle power plants
Global Thermal Power Plant Market by Region
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
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