Thermal Power Generation System Market Outlook on Key Growth Trends, Factors and Forecast 2032

The global thermal power plant market was valued at $1,345.0 billion in 2020, and is projected to reach $1,820.7 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

Thermal power stations and thermal power generation plants are other names for thermal power plants. Heat energy is converted to electric power or energy for use in domestic and commercial purposes at a thermal power plant or station. Steam-operated turbines transform heat into mechanical and then electric power during the production of electricity. In thermal power plants, water is converted into steam, which is at a high pressure and temperature, using the heat energy produced from the combustion of solid fuel (most often coal). The turbine blade is rotated by this steam, and the turbine shaft is coupled to the generator. The turbine impeller's kinetic energy is transformed into electric energy by the generator.

The increase in demand for electricity is the main factor driving the market for thermal power plants. Population growth generates demand in the residential sector. Once again, it is anticipated that accelerating urbanisation and industrialisation would drive the market for thermal power plants upward. Hence, it is anticipated that a rise in electricity demand will fuel market expansion. Also, the industrialization, population expansion, and spike in urbanisation have all contributed to the enormous increase in electricity consumption in developing nations like China and India. In China, 4,732 TWh of electricity were produced using coal in 2018, an increase from 4,445.0 TWh in 2017. China's overall energy mix is 66.0% coal power generation.

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In The number of permits for new coal plants fell to historic lows, although there are still new plants in the works. Since 2005, China and India have accounted for 85.0% of all new coal generating capacity. India's power industry is undergoing a significant shift as a result of the nation's rapid increases in electricity demand. Due to the widening disparity between supply and demand for electricity, many areas of India frequently experience lengthy power outages. In order to solve the issue of electrical reliability, the government has enacted programmes to expand electricity generation.

Despite their still being new facilities in the works, the number of permits for new coal plants reached historic lows. 85.0% of all new coal generating capacity has been accounted for since 2005 by China and India. India's rapidly rising electricity consumption is causing a huge change in the country's power industry. Several parts of India routinely face protracted power outages as a result of the growing gap between the supply and demand for electricity. The government has implemented programmes to increase power generation in order to address the problem of electrical dependability.

Global Thermal Power Plant Market, By Region

In 2020, Asia-Pacific held a sizable market share for thermal power plants. The region's market is expanding primarily as a result of new power generation projects and increased industrialization. The market is anticipated to be significantly influenced by the cheap supply of coal, particularly in the Asia-Pacific region, which is coal-rich. Moreover, the growth of the market is anticipated to be positively impacted by the rise in power consumption due to an increase in energy needs in daily living, particularly in developing economies.

Global Thermal Power Plant Market, By Fuel Type
Although coal is a crucial source of energy generation due to its abundant availability and low cost compared to other power generation processes, it accounted for a significant part of the thermal power plant market in 2020. Over time, there has been an increase in the demand for electricity for residential and commercial applications due to the rapid urbanisation and industrialization in developing countries including those in the Asia-Pacific region and Central and South America. The demand for coal from thermal power plants is anticipated to increase as a result during the predicted period.

Market Segmentation
Global Thermal Power Generation System Market: Segmentations

Global Thermal Power Generation System Market: By Types
Geothermal Power Generation
Solar Thermal Power Generation
Other

Global Thermal Power Generation System Market: By Applications
Industrial Processing
Civil Heating
Medical
Agriculture
Aquaculture

Global Thermal Power Generation System Market: Major Players
ABB
Siemens
Hitachi
Fuji Electric
Korea Electric Power Corporation
TOSHIBA
GE
TEPCO
AES Corporation
American Electric Power Company
Duke Energy Corporation
Dynegy Inc
Endesa SA
Vattenfall AB
Aartech Solonics Limited

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Global Thermal Power Generation System Market: By Regions
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

Key benefits for stakeholders

The global thermal power plant market analysis covers in-depth information of major industry participants.

Porter's five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.

Major countries have been mapped according to their individual revenue contribution to the regional market.

The report provides in-depth analysis of the global thermal power plant market forecast for the period 2021-2030.

The report outlines the current global thermal power plant market trends and future scenario of the global market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.

Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global thermal power plant market study. 

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