New York, United States , Aug. 28, 2024 (GLOBE NEWSWIRE) -- The Global Thermal Power Plant Market Size is to Grow from USD 1.5 Trillion in 2023 to USD 2.08 Trillion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.32% during the projected period.
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A thermal power plant transforms heat into electricity. A thermal power generation point transforms heat energy into electricity or power. Most stations use steam or heat to convert thermal energy into mechanical energy, which is subsequently used to create electricity. The thermal power plant produces energy from heat, steam, or coal. It turns fossil fuels into electricity or power. Boilers are critical components of the energy generation process in a thermal power plant. These specialized vessels are intended to efficiently convert water into steam, which is subsequently utilized to power turbines and generators. The growing number of industrial and residential units is expected to raise the demand for efficient power supply, boosting the global thermal power plant market in the next years. The rapidly rising global population is expected to drive up energy demand during the projection period. The rapid expansion of industries in developing and underdeveloped nations creates a significant opportunity for market participants. However, the significant environmental regulations could impede market growth.
Browse key industry insights spread across 207 pages with 110 Market data tables and figures & charts from the report on the "Global Thermal Power Plant Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type (Coal, Gas, Nuclear, and Others), By Capacity (Up-to 400 MW, 400-800 MW, more than 800 MW), By Turbine Type (Simple Cycle, and Combined Cycle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The coal segment is anticipated to account for the greatest market share during the projected timeframe.
Based on fuel type, the thermal power plant market is divided into coal, gas, nuclear, and others. Among these, the coal segment is anticipated to account for the greatest market share during the projected timeframe. Coal power is cost-effective for base-load electricity generation due to its consistent supply and low fuel prices. Many power companies prefer coal because it offers more energy independence than imported natural gas. Countries with vast coal reserves, such as China, India, and the United States, can employ their own coal mining businesses to fuel coal-fired power plants and fulfill rising electricity demand. In addition, coal plants need a smaller infrastructure expenditure than natural gas plants since coal does not need to be transported via pipelines and can leverage existing rail and port networks.
The more than 800 MW segment is anticipated to drive market growth.
Based on capacity, the thermal power plant market is classified into up to 400 MW, 400-800 MW, and more than 800 MW. Among these, the more than 800 MW segment is anticipated to drive market growth. This increase could be due to rising demand for about 800 MW of electricity from a range of industries. Over the last decade, this market has expanded in response to rapid industrialization and rising global electricity demand. Rising investments in developing countries' industrialization are likely to drive the expansion of this category, in addition to the thermal power plant market as a whole, in the coming years.
The combined cycle segment has the largest market share over the predicted period.
Based on turbine type, the thermal power plant market is classified into simple cycle, and combined cycle. Among these, the combined cycle segment has the largest market share over the predicted period. In comparison to simple cycle plants, the mixed cycle has emerged as the dominating alternative, due to ongoing design advancements that increase performance and flexibility by 42.1%. Modern gas turbines for combined cycle applications can achieve extremely high fuel efficiency and dependability because of advances in materials, cooling, and combustion controls. This enables higher power output over longer running cycles, which maximizes asset use. In addition to higher efficiency, combined cycle plants may ramp output levels faster than baseload coal units, helping to manage the grid's variable renewable energy supply. Their versatility allows for increasing usage of solar and wind energies while preserving system stability.
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Asia-Pacific is expected to hold the largest share of the thermal power plant market over the forecast period.
Asia Pacific is home to the world's largest coal firms, including Coal India Limited. Coal India is a major coal supplier in the globe. The abundance of coal in the Asia-Pacific region has resulted in the availability of cheap coal. Furthermore, rising industrialization and urbanization in nations such as China, India, South Korea, and Indonesia have greatly increased the region's need for thermal power. China and India are the world's manufacturing hubs, and the presence of multiple huge corporations in the region has resulted in significantly higher thermal electricity demand. Rising government investments in urbanization and industrialization are expected to significantly boost the market's growth.
North America is predicted to grow at the fastest pace in the thermal power plant market during the projected timeframe. The abundant supply of gas from nations such as the United States has significantly aided the growth of the thermal power plant market. Natural gas is in high demand in the United States and Europe for use in thermal power plants that generate energy. The thermal power plant market is primarily driven by the availability of a well-established and reliable infrastructure. Expanding expenditures on thermal power capacity in the United States, combined with rising electricity demand, is likely to drive growth in the North American thermal power plant market over the period of forecasting.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the thermal power plant market include China Huaneng Group, Koradi Super Thermal Power supply, Akrimota Thermal Power Station, General Electric Company, Chubu Electric Power Co. Inc., National Thermal Power Corporation Limited, ENGIE, Tata Power, Duke Energy Corporation, SSE, EDF, American Electric Power Company, Inc., Siemens AG, Tiroda Thermal Power Station, Mundra Thermal Power Station, Sasan Ultra Mega Power Plant, and Others Key Players.
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Recent Developments
- In July 2022, A natural gas-fired power plant was put into service in Southwest Michigan. Kiewit Corporation built the project at a cost of USD 1.1 billion, using General Electric equipment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global thermal power plant market based on the below-mentioned segments:
Global Thermal Power Plant Market, By Fuel Type
- Coal
- Gas
- Nuclear
- Others
Global Thermal Power Plant Market, By Capacity
- Up to 400 MW
- 400-800 MW
- More than 800 MW
Global Thermal Power Plant Market, By Turbine Type
- Simple Cycle
- Combined Cycle
Global Thermal Power Plant Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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