According to the latest report by IMARC Group, titled “Coal Fired Power Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global coal fired power generation market size reached 2,023.6 GW in 2021. Looking forward, IMARC Group expects the market to reach 2,438.6 GW by 2027, exhibiting a growth rate (CAGR) of 3.07% during 2022-2027.
Coal fired power generation plants refer to thermal power stations that utilize the combustion of lower volatile and sub-bituminous coal to produce electricity. They can be broadly categorized into pulverized coal systems and cyclone furnaces. This coal fired power generation plant models function by burning coal to generate mechanical, thermal, and electrical energy using numerous technologies. These systems prove to be extremely cost-effective as compared to their nuclear counterparts, owing to the easy availability, higher reliability, and inexpensiveness of coal. Consequently, coal fired power generation solutions find extensive applications across residential, commercial, and industrial establishments across the globe.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Coal Fired Power Generation Market Trends:
The rising demand for energy, on account of the expanding industrialization and the elevating dependence on electrification across countries, is primarily driving the coal fired power generation market. In addition to this, the inflating investments by government bodies and various energy companies in research and development (R&D) activities to introduce clean coal technologies aimed at reducing the emission of polluting gases, such as carbon dioxide, sulfur dioxide, nitrogen oxides, etc., are acting as significant growth-inducing factors. In line with this, the introduction of new power plants integrated with carbon capture and storage (CCS) capabilities that provide a cost-effective and flexible solution to decarbonize the energy production process is also positively influencing the global market. Apart from this, the escalating construction of residential buildings to accommodate the growing population and the increasing pressure of the national grid from the heightened demand-supply gap for power are anticipated to stimulate the coal fired power generation market in the coming years.
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Global Coal Fired Power Generation Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
- American Electric Power Company
- China Huaneng Group Co. Ltd
- Dominion Energy Solutions Inc
- Duke Energy Corporation
- Eskom Holdings SOC Ltd
- Jindal India Thermal Power Limited
- NTPC Limited
- RWE Aktiengesellschaft
- STEAG GmbH (Ksbg Kommunale Beteiligungsgesellschaft Gmbh & Co. Kg)
- Tenaga Nasional Berhad.
The report has segmented the market on the basis on region, type, end user.
Breakup by Type:
- Pulverized Coal Systems
- Cyclone Furnace
- Others
Breakup by End User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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