Portland, OR, July 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Coal Power Generation Market by Technology (Pulverized, Cyclone Furnaces, and Others) and by Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global coal power generation industry generated $361.1 billion in 2022 and is estimated to reach $440.5 billion by 2032, exhibiting a CAGR of 2.1% from 2023 to 2032.
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Prime Determinants of Growth:
The global coal power generation market is driven by the availability and abundance of coal and its cost-effectiveness. However, increased environmental concerns due to the use of coal for power, stringent emission regulations, and competitive renewable energy can hinder the growth of the market. On the other hand, energy access and development with advanced coal technologies are expected to significantly contribute to the growth of the coal power generation market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $361.1 Billion |
| Market Size in 2032 | $440.5 Billion |
| CAGR | 2.1% |
| No. of Pages in Report | 227 |
| Segments Covered | Technology, Application, and Region |
| Drivers | The availability and abundance of coal The cost-effectiveness of coal |
| Opportunities | Increase in environmental concerns due to coal power generation Renewable energy competitiveness and stringent emission regulations |
| Restraints | Advanced coal technologies Energy access and development |
Russia-Ukraine Conflicts:
- The Russia-Ukraine conflict had a significant impact on the global coal power generation market. Ukraine is a significant coal producer and relies on both domestic coal mines and imports for its energy needs. Due to the conflict, there were disruptions in coal supplies as several coal mines in the eastern regions of Ukraine came under the control of pro-Russian separatist groups. This had led to a decrease in coal production and limited access to coal reserves.
- However, the impact of the Russia-Ukraine conflicts on coal power generation may vary depending on the duration and intensity of the conflicts, as well as the actions taken by governments and energy stakeholders to mitigate the effects.
The pulverized segment to maintain its leadership status throughout the forecast period-
By technology, the pulverized segment held the highest market share in 2022, accounting for nearly three-fourths of the global coal power generation market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also exhibit the fastest CAGR of 2.1% during the forecast period. This is attributed to the fact that before subjecting coal to the furnace, it needs to be broken down into smaller pieces for uniformity and proper combustion. Pulverized coal power plants are known for their high thermal efficiency. This efficient combustion process translates into a higher conversion of heat energy into electricity. It can use a wide range of coal types, including bituminous, sub-bituminous, and lignite coals.
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The industrial segment to maintain its dominance during the forecast period-
By application, the industrial segment held the highest market share in 2022, accounting for nearly half of the global coal power generation market revenue, and is expected to maintain its dominance during the forecast period. The same segment would also display the fastest CAGR of 2.2% during the forecast period. The industrial segment requires a high amount of power to operate its machinery and furnaces and continue its operations. In addition, on-site coal power generation units are set up to generate the required power. Industries such as steel production, cement manufacturing, paper mills, and chemical plants often rely on coal-fired power plants to provide a stable and cost-effective source of electricity and process heat. The mining industry, which involves the extraction of various minerals and resources, often requires substantial energy inputs.
Asia-Pacific to rule the roost by 2032-
By region, Asia-Pacific held the highest market share in 2022, accounting for around three-fourths of the global coal power generation market, and is projected to rule the roost in terms of revenue by 2032. The same region is expected to witness the fastest CAGR of 2.2% from 2023 to 2032. Coal power generation remains a significant component of the energy mix in Asia-Pacific. Asia-Pacific, particularly countries such as China and India, has seen a substantial increase in coal power capacity in recent decades. This growth has been driven by rapid industrialization, urbanization, and the need to meet rising electricity demand.
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Leading Market Players: -
- Adani Power Ltd
- Saudi Electricity Company
- Jindal India Thermal Power Limited
- China Huadian Corporation Ltd.
- Dominion Energy, Inc.
- Duke Energy Corporation
- Uniper SE.
- China Huaneng Group Co., Ltd.
- NTPC Ltd
- China Shenhua Energy Company Limited
- American Electric Power Company, Inc.
- Korea Electric Power Corporation KEPCO
The report provides a detailed analysis of these key players in the global coal power generation market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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