Press release
Thermal Power Plant Market is Expanding Rapidly with Promising Growth Prospects 2024 - 2031 | EDF, American Electric Power Company
Thermal Power Plant Market
The thermal power plant market is estimated to be valued at USD 1,532.34 Bn in 2024 and is expected to reach USD 1,949.57 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Market Dynamics:
The thermal power plant market is expected to witness significant growth over the forecast period owing to rising electricity demand globally. Rapid urbanization and industrialization in developing regions have increased the demand for electricity. According to the International Energy Agency, global electricity demand is estimated to rise by close to 60% between 2018 and 2040. Notably, China and India are expected to account for over 50% of the global increase in electricity demand. Additionally, thermal power plants are relatively low-cost options for baseload power generation compared to renewable sources. Continuous capacity additions in thermal power plants to meet rising electricity demand will thus propel the market growth during the forecast period from 2024-2031.
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Thermal Power Plant Market Drivers, Restrains, Opportunities and Trends
Increasing Demand for Electricity is Driving the Growth of Thermal Power Plants
The growing population and rapid urbanization in developing countries like India and China is leading to higher demand for electricity. As per estimates, global electricity demand is projected to grow by 85% between 2018-2050. Thermal power plants, especially coal based power plants, currently meet around 70% of global electricity demand due to their low cost of generation. The consistent rise in electricity consumption from both residential and industrial sectors is encouraging utility companies and governments to establish new thermal power plants or expand the existing fleet. This rising demand for electricity will remain the key driver propelling the thermal power plant market in the coming years.
Stringent Environmental Regulations can Restrict the Adoption of Coal Fired Power Plants
Coal fired thermal power plants are one of the largest contributors of carbon emissions. The increasing awareness about climate change and global efforts to reduce greenhouse gas emissions have led many countries and regulatory bodies to implement stricter norms on coal plant emissions. For example, China has committed to reducing carbon emissions by 65% from 2005 levels by 2030. The European Union has also introduced laws like Industrial Emissions Directive to control air pollutants from large combustion plants. Such stringent environmental regulations aim to curb the construction of new coal power projects and phase out older inefficient plants. This poses a major challenge for the growth of coal fired thermal power plant market.
Gradual Shift Towards Natural Gas will be a Key Trend in the Coming Decade
With growing environmental awareness, many countries are expected to move away from highly polluting coal to relatively cleaner natural gas for power generation. Natural gas power plants emit nearly 50-60% lower carbon emissions than coal plants. Favorable gas prices and rapid expansion of gas transportation infrastructure are supporting the increased usage of gas turbines for power generation. Global gas power capacity is projected to rise at an annual rate of 2.5% through 2030. Major thermal power plant developers are also retrofitting their aging coal plants to run on natural or hydrogen blended natural gas. The shift towards gas will define an important long term trend in the thermal power industry.
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Top Companies Featured in This Report:
★ EDF
★ American Electric Power Company Inc.
★ Siemens AG
★ General Electric Company
★ Chubu Electric Power Co. Inc.
★ National Thermal Power Corporation Limited
★ ENGIE
★ Duke Energy Corporation
★ SSE
★ NTPC Limited
★ Adani Power Limited.
★ Tata Group.
★ Reliance Power Limited.
★ Maharashtra State Power Generation Co. Ltd.
★ Nuclear Power Corporation of India (NPCIL)
★ India Power Corporation Ltd.
★ Jindal Steel & Power Limited.
★ NS Energy Group
Market Segmentation:
By Product Type:
★ By Fuel Type: Coal, Natural Gas, and Others (Nuclear, etc.)
★ By Capacity: 400 MW, 400-800 MW, and More than 800 MW
★ By Turbine Type: Simple Cycle, and Combined Cycle
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Thermal Power Plant Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Thermal Power Plant market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Thermal Power Plant market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Thermal Power Plant market.
Segment Analysis: Examining the market value and sales volume of Thermal Power Plant by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Thermal Power Plant market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Thermal Power Plant sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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