Thermal Power Plant Market Size to Surpass USD 2450.19 BN by 2030

The global thermal power plant market size is projected to surpass around USD 2450.19 billion by 2030 from valued at USD 1575.27 billion in 2022 and growing at a registered CAGR of 5.68% from 2022 to 2030, as per Precedence Research.

Tokyo, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The rapidly growing demand for the electric energy is expected to drive the growth of the global thermal power plant market. The rising government initiatives to attract FDIs and accelerate industrialization to foster economic growth and prosperity is significantly boosting the growth of the thermal power plant market across the developing and underdeveloped economies. The rapidly rising population across the globe and growing number of real estate housing projects is expected to fuel the demand for the efficient and uninterrupted power supply is boosting the growth of the global thermal power plant market.

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The abundant availability of fuels like coal, gas, and nuclear energy is a major driver of the thermal power plant market. The growing adoption of various digital devices and home appliances in the household, commercial, and industrial sectors has significantly surged the demand for the efficient supply of electricity and the rising dependence on the digital and technological devices is expected to spur the growth of the global thermal power plant market during the forecast period. The growing government investments to electrify the rural areas is another major factor that will have a significant and positive impact on the growth of the thermal power plants.

Report Highlights

  • By fuel type, the coal segment dominated the market in 2022. The abundant availability and cheap prices of the coal are the major factor behind the huge utilization of coal in the thermal power plants to generate electricity across the globe.
  • By capacity, more than 800 MW segment dominated the market in 2022. The rapid industrialization and the higher demand for more than 800 MW power in the various heavy industries has led to the dominance of this segment across the globe.

Recent Development

  • In October 2021, American Electric Power decided to sell its Kentucky Power and AEP Kentucky Transco to Liberty for US$2.85 billion.

Regional Snapshot

The global thermal power plant market was dominated by Asia Pacific in 2022. This growth is attributed to the rapid industrialization and rapid urbanization of the region. The countries like China, India, South Korea, Philippines, and Indonesia are significantly investing and changing their policies to accelerate the industrial growth in the country. The rising focus on the manufacturing and IT services in the developing countries in Asia Pacific has led to the higher consumption of thermal electricity in the region. Moreover, the presence of dense population in the Asia Pacific region, rising disposable income of the people, rising urbanization, and rising government investments in the establishment of thermal power plants are the major drivers of the Asia Pacific thermal power plant market. The Asia Pacific has abundant availability of coal at low costs and hence the adoption of coal is significant in the generation of cheap electricity in the thermal power plants.

North America held the second position in the market followed by Europe. The thermal power plant market in North America and Europe is significantly driven by the natural gas fuel. The huge availability of natural gas from the US and Russia is a prominent driver of the natural gas thermal power plant market. The rising government initiatives to develop more thermal power plants to cater the rising energy needs is expected to boost the growth of the thermal power plants market during the forecast period.

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Scope of the Report

Report AttributesDetails
Revenue Forecast by 2030USD 2450.19 Billion
CAGR5.68% from 2022 to 2030
Base Year2022
Forecast Year2023 to 2032
By Fuel Type
  • Coal
  • Natural Gas
  • Nuclear
  • Others
By Capacity
  • 400 MW
  • 400-800 MW
  • More than 800 MW
By Turbine Type
  • Simple Cycle
  • Combined Cycle
By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)
Key PlayersEDF, American Electric Power Company, Inc., Siemens AG, General Electric Company, Chubu Electric Power Co. Inc., National Thermal Power Corporation Limited, ENGIE, Tata Power, Duke Energy Corporation, SSE and Others

Market Dynamics


Rapidly growing global population

The global population is growing rapidly. Therefore, the number of housing projects is rising at a significant rate owing to the rising investments in urbanization and surging number of nuclear families in the underdeveloped and developing nations. According to the United Nations, the population across the globe is expected to grow by 2 billion, from 7.7 billion to 9.7 billion by 2050. A rise of 2 billion in 30 years from 2020 to 2050 will have a huge and positive impact on the growth of the thermal power plant market.


Rise in shift towards renewable energy sources

The rising concerns related to carbon emission and greenhouse gases is resulting in global warming and climate change. The government is shifting towards the clean and green energy and renewable energy sources to promote sustainability. Therefore, the rising demand for the solar and wind energy sources may hamper the growth of the thermal power plant market.


Rising investments in developing new power plants

The government in developing nations like China, India, and Bangladesh are investing in the development of new thermal power plants, which will significantly boost the market growth. The Phulari Coal Powered Plant in Bangladesh, Patratu Super-Thermal Power Plant (Coal) in India, Fuyang Power Station and Huadian Laizhou Power Station in China are some of the new power plants established in the Asia Pacific region.


Lack of fuel in several seasons

India is one of the largest supplier of coal across the globe. However in times of heavy rainfall, the coal mines remain non-operative and a huge gap is created between the demand and supply of coal. This leads to high prices of the coal and lack of availability. This is a major challenge faced by the market players.

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