Burlingame, June 25, 2024 (GLOBE NEWSWIRE) -- The global Thermal Power Plant Market size was valued at US$ 1,532.34 Billion in 2024 and is expected to reach US$ 1,949.57 Billion by 2031, growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Increasing demand creates opportunities for investments in capacity addition through new coal and gas-based thermal power plants. In addition, integration of technologies like supercritical and ultra-supercritical technologies is helping boost the efficiency and output of newer generation plants, thereby promoting their adoption.
Market Dynamics:
The thermal power plant market is primarily driven by the rising demand for electricity around the world. According to the International Energy Agency, global electricity demand is expected to rise by close to 80% between 2018 and 2040, with the majority of new demand originating from regions where coal and natural gas continue to play an important role. However, factors such as implementation of stringent emission norms and growing adoption of renewable energy sources are expected to hamper the market growth during the forecast period.
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Market Trends:
Rise in Adoption of Ultra-Supercritical and Advanced Ultra-Supercritical Technologies: Ultra-supercritical (USC) and advanced ultra-supercritical (AUSC) coal-fired power generation technologies are gaining popularity worldwide owing to their higher efficiencies and lower emissions as compared to the conventional subcritical technologies. The growing emphasis on improving plant efficiencies is prompting power generators to adopt advanced steam parameters in their new plant designs as well as upgrading existing fleets.
Growing Focus on Carbon Capture, Utilization and Storage (CCUS) Technologies: Carbon capture, utilization and storage (CCUS) technologies offer means to reduce CO2 emissions from large stationary sources such as coal and natural gas-fired power plants. The thermal power industry is increasingly investing in CCUS techniques to make plants cleaner and help meet emission targets. Deployment of CCUS technologies at commercial scale is expected to rise significantly over the coming years, thus supporting market growth.
Thermal Power Plant Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $1,532.34 billion |
| Estimated Value by 2031 | $1,949.57 billion |
| Growth Rate | Poised to grow at a CAGR of 3.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Fuel Type, By Capacity, By Turbine Type |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising energy demands • Rising focus on energy security |
| Restraints & Challenges | • Stringent environmental regulations • Increasing investments in renewable energy sources |
Market Opportunities:
Over the past few years, there has been increasing investments in new coal power plants across Asia Pacific and African countries. This can be attributed to abundant coal reserves and rising energy demands in developing economies. Countries like China, India and Indonesia are heavily investing in supercritical and ultra-supercritical coal plants to fuel their economic growth. Additionally, newer technologies like circulating fluidized bed combustion are making coal plants more efficient. This growing focus on coal energy is expected to drive significant opportunities for thermal power plant manufacturers catering to these emerging markets.
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Natural gas is increasingly being adopted as a transition fuel for replacing coal and reducing carbon emissions. Power producers are setting up new combined cycle gas turbine plants or converting old oil/coal plants to run on gas. Countries with new LNG import facilities are also adding gas-fired capacities. For instance, the US witnessed a rise in gas-fired capacities after the shale gas boom lowered prices. Similarly, countries like Pakistan, Bangladesh etc. are developing new gas networks and power projects. This rise in global gas-fired power capacity is poised to open up opportunities for thermal plant OEMs providing gas turbine solutions.
Key Market Takeaways
The global thermal power plant market is anticipated to witness a CAGR of 3.5% during the forecast period 2024-2031, owing to growing investments in developing nations to meet rising energy demands.
On the basis of fuel type, the coal segment is expected to hold a dominant position, accounting for over 45% of total capacity additions during the forecast period, owing to abundant coal reserves in top markets like China and India.
On the basis of capacity, the 400-800 MW segment is expected to hold the largest share in 2024, due to the growing preference of utilities for mid-size supercritical plants with improved efficiencies.
By turbine type, the simple cycle segment is expected to dominate as many developing markets are primarily adding gas peaking plants.
Regionally, North America is expected to hold a dominant position over the forecast period, due to rising natural gas capacities and coal plant retirements driving opportunities for replacements.
Key players operating in the thermal power plant market include EDF, American Electric Power Company, Inc., Siemens AG and General Electric Company. Siemens and GE together hold over 35% share of the global market due to their large offerings in gas, steam and nuclear turbines.
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Key Developments:
In March 2022, Adani Power Limited planned to begin construction on the Godda Ultra Super Critical Thermal Power Project. The plant, which has a capacity of 1,600 MW, is located in Godda in Jharkhand, India.
In May 2021, SSE Thermal and Equinor will construct a gas-fired power station in Scotland. SSE Thermal and Equinor have announced plans to construct a 900MW gas-fired power station in Peterhead, Scotland, utilizing carbon capture technology (CCS).
Market Segmentation:
By Fuel Type:
- Coal
- Natural Gas
- Others (Nuclear, etc.)
By Capacity:
- 400 MW
- 400-800 MW
- More than 800 MW
By Turbine Type:
- Simple Cycle
- Combined Cycle
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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