Coal Fired Power Generation Market Overview, Size, and Growth Forecast 2024 - 2031 | American Electric Power Company, Inc.

Market Overview:

Coal fired power generation uses coal as a fuel to produce electricity via steam driven turbines. Coal power plants burn pulverized coal to produce heat that turns water into high-pressure steam. This steam drives steam turbines that spin generators to produce electricity. Coal fired power plants provide baseload power generation across regions.

Market Dynamics:

Increasing demand for energy across both developed and developing countries is expected to drive the growth of the coal fired power generation market over the forecast period. Rapid industrialization and economic growth have significantly increased the global energy demand in recent years. Coal remains one of the most abundantly and affordable sources of energy generation globally. Moreover, many countries are still dependent on coal for meeting their rising energy requirements owing to its low-cost economics. For instance, over 60% of China's power comes from coal and the country is continuing to build new coal-fired power plants to meet its growing energy demand.

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Carbon capture, utilization and storage (CCUS) presents major market opportunity

One of the key opportunities for coal fired power plants is the increasing commercialization of carbon capture, utilization and storage (CCUS) technology. CCUS facilitates trapping of carbon dioxide emitted from power plants before it enters the atmosphere and storing it safely instead of releasing into the air. The stored CO2 can also be utilized for enhanced oil recovery from mature oilfields. Though expensive currently, CCUS if deployed at large commercial scale can help coal remain a viable source of baseload power while addressing emissions concerns. Many governments including US, China, Europe are promoting CCUS demonstration projects and providing financial incentives to bring down costs. The International Energy Agency estimates CCUS capacity needs to rise to over 7.6 gigatonnes by 2050 to meet climate goals laid out in the Paris Agreement. If technological and economic challenges around transportation and storage of captured CO2 are successfully overcome in coming years, CCUS presents a multi-billion dollar market opportunity for coal plant retrofits and new projects compliant with stringent emissions norms. It can play a vital role in enabling a smoother energy transition away from unabated coal burning.

Reducing cost of renewable energy is a major market trend negatively impacting coal

One of the key trends impacting the prospects of coal fired power generation globally is the declining cost of renewable energy sources like solar and wind. According to the International Renewable Energy Agency, the cost of generating electricity from utility-scale solar PV and onshore wind has fallen by over 50% in last decade. Solar and wind projects are already cheaper to build than new coal power stations in many countries without factoring externalities of coal into costs. Their share in total power capacity additions increased from 30% in 2015 to over 50% in 2020. Large corporates and utilities are also increasingly prioritizing carbon-neutral renewable energy procurement to meet sustainability goals. The levelized cost advantages along with supportive public policies are enabling rapid substitution of coal by renewables in power markets.While renewables will still need firm backing from flexible gas plants or energy storage for reliable grid operations, the cost competitiveness has significantly dented the outlook of coal. Unless coal finds technological solutions or business models to lower costs equally, the commo

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Top Companies Included in This Report:

★ American Electric Power Company Inc.
★ China Datang Corporation
★ China Huaneng Group
★ Dominion Energy Solutions
★ Duke Energy Corporation
★ E.ON SE
★ Eskom Holdings
★ SOC Ltd.
★ Georgia Power Company
★ Jindal India Thermal Power Limited
★ Korea Electric Power Corporation
★ National Thermal Power Corporation Limited

Market Segmentation:

Based on Product Type:

★ By Technology: Pulverized Coal Systems, Cyclone Furnaces, and Others

Based on Applications:

★ By Application: Residential and Commercial

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)

Latest Trends in the Navigation Coal Fired Power Generation Market:

💡 Surging Demand: Witness a rising demand for navigation Coal Fired Power Generation owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Coal Fired Power Generation, encompassing real-time traffic updates, 3D mapping, and augmented reality.

💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Coal Fired Power Generation solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

💡 Fusion with Emerging Technologies: Observe the integration of navigation Coal Fired Power Generation with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

💡 Rise of Mobile Applications: Experience the proliferation of navigation Coal Fired Power Generation in the form of mobile applications, offering enhanced convenience and accessibility to users.

💡 Emphasis on Environmental Sustainability: Witness the development of navigation Coal Fired Power Generation systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

Frequently Asked Questions (FAQs) for Global Navigation Coal Fired Power Generation Market Research:

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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