Thermal Power Plant Market to Grow $1,820.7 billion by 2030, at 3.2% CAGR | Growth Opportunities and In-Depth Analysis

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 plant is a power generation station which burns fossil fuels like coal, and petroleum to produce electricity. The power generation in thermal power plant is done by utilizing the chemical energy stored in the fuel, burning it and then converting it into mechanical energy.

This mechanical energy is utilized to operate an electrical generator to generate electricity. Such thermal power plants are designed on a large scale for continuous operation for years. The device here is used to convert the thermal energy released by the fuel to mechanical energy called a turbine. In most of the thermal power plants, the fuel is used to heat water. This water on heating turns to steam which is then pressurized and used to run the turbines. Depending on the medium used to obtain mechanical energy, the turbine can be classified into steam turbines and gas turbines.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/A13789

Demand for thermal power plant has witnessed tremendous growth driven by escalating demand for energy on account of rapid industrialization and the increase in dependence on electrification. Rise in construction spending for developing residential buildings owing to the surge in population coupled with increase in disposable income is expected to consume more energy during the forecast period.

Furthermore, national grids are getting pressurized which is resulting in increased demand-supply gap for power which is eventually driving the demand for thermal power plant, due to growing urbanization. In addition, increase in urbanization and industrialization mainly in the developing nations such as China, India, and Brazil has increased the demand for electricity which is anticipated to drive the demand for thermal power plants in the upcoming years. Besides research and development initiations to lower operating cost, streamline logistical procedures, and increase efficiency offers an ample number of prospects for the industry participants.

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/fa3aff903022bd6aa9e19f332c9bf54f

By fuel type, the global thermal power plant market size is studied across coal, gas, nuclear, and others. The coal segment accounted for the largest market share in 2020, as coal is a key source for power generation due to its abundant availability and low cost compared to other power generation processes. The coal segment dominated the global thermal power plant market with nearly half of the total market share in 2020.

Region-wise, the global thermal power plant market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest market share in 2020, owing to upcoming power generation projects and growing industrialization. Asia-Pacific accounted for a major thermal power plant market share in 2020, and dominated the global market with more than two-fifths of the total market share in 2020.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A13789

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
AMERICAN ELECTRIC POWER COMPANY
DOMINION ENERGY SOLUTIONS INC.
TENAGA NASIONAL BERHAD
NTPC LIMITED
ESKOM HOLDINGS SOC LTD.
DUKE ENERGY CORPORATION
CHINA HUANENG GROUP CO. LTD.
JINDAL INDIA THERMAL POWER LIMITED
RWE Aktiengesellschaft

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:
In 2020, Asia-Pacific dominated the global thermal power plant market with around 45.66% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 3.6% in terms of value.
The coal segment dominated the global thermal power plant market with around 49.16% of the share in terms of revenue.
The gas segment is projected to grow at the highest CAGR of 3.7% in terms of revenue

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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