Coal Fired Power Market Key Trends, Share, Growth Factors and Analysis 2016 – 2024
As the production and distribution of coal has been increasing worldwide, the global market for coal fired power generation will gain traction over the forthcoming years. Several regions of the world have been witnessing a shortage of power, apart from the problem of interrupted supply of power. Even though non-conventional energy sources such as wind energy, solar energy and hydro energy are being adopted on a global scale, coal is still used by the majority of population located in the developing economies.
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As coal fired power generation is easily available due to stable supply of raw materials, the demand for this technology is slated to grow at a considerable pace. Numerous industries including chemicals steel, and refining have been responsible for the escalating need for coal fired power generation, propelling the market. Numerous residential applications are also exhibiting growing demand for different varieties and grades of coal.
The global market for coal fired power generation is expected to expand at a CAGR of 3.1% during the forecast period 2013-2019.
Establishment of New Power Plants in Asia Pacific Promises Growth
By region, the global market for coal fired power generation can be segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW). Asia Pacific is the region with optimal growth opportunities. Not only did Asia Pacific lead the market in 2012, holding a share of 56% of the global market for coal fired power generation, but also has been presently registering an incomparable rate of growth.
The coal fired power generation market in Asia Pacific is driven by creation of new power plants and growing industrialization activities. Indonesia, Australia, China and India ranked amongst the foremost producers of coal in the past. Heavy dependence on coal fired power generation and ample availability of coal in Asia Pacific are also driving the growth of the global market for coal fired power generation.
While North America offers major opportunities for growth as well, Europe is likely to display a diminishing demand for coal. As a result, the growth of the market is negatively affected due to greater preference for renewable energy in European countries such as France, the U.K, Italy, Germany, and Spain.
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Clean, Eco-Friendly Technologies to Gain Higher Acceptance
The global market for coal fired power generation can also be segmented on the basis of technology and application. By technology, the global market for coal fired power generation was led by pulverized coal systems in 2012. In combination with cyclone furnaces, pulverized coal technology becomes highly productive.
However, with the rising concerns about greenhouse gas emissions resulting from the combustion of fossil fuels such as coal, the global demand has been shifting from conventional energy sources to more eco-friendly alternatives. Coal gasification and fluidized beds are some cleaner methods for generation of coal-based energy. Consequently, these technologies are expected to register a high growth rate over the forecast period.
By application, chemicals, textiles, refineries, steel, and information technology are some of the leading applications of the global market for coal fired power generation. The commercial sector claimed the largest share of 56% in the international market for coal fired power generation in 2012. However, the residential sector has been exhibiting greater demand for hydro power and solar power. As a result, the growth of the global coal fired power generation market might face key obstructions.
KEPCO, China Datang Corporation, China Huaneng Group, and Shenhua Group are some prominent companies operating in the global market for coal fired power generation.
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