Portland, OR, Oct. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global thermal power plant market generated $1,345.0 billion in 2020, and is anticipated to reach $1,820.7 billion by 2030, exhibiting a CAGR of 3.2% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Demand for continuous power supply from mining and oil & gas industries and increase in need for electrification & continuous power supply in developing regions propel the global thermal power plant market. However, strict government regulations concerning emission reduction in fossil fuel-powered equipment hinder the growth of the market. On the other hand, advent of digital technology for operations enhancement is expected to offer many opportunities to the market.
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COVID-19 scenario:
- The sudden outbreak of the COVID-19 pandemic has affected the thermal power plant market negatively.
- The coal industry is among the most-affected industries due to the lockdowns imposed by governments of various countries.
- A decline in demand for power due to the closure of industries has affected the market.
- Total coal imported by the European Union (EU) for thermal power plants declined by almost two-thirds in during the COVID-19 pandemic reaching the lowest point in the 30 years.
The report segments the global thermal power plant market on the basis of fuel type and region.
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Based on the fuel type, the coal segment accounted for the largest market share in 2020, contributing to nearly half of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the gas segment is estimated to witness the fastest CAGR of 3.7% from 2021 to 2030.
Based on region, Asia-Pacific, followed by North America contributed to the highest share in 2020, holding nearly half of the total share, and is expected to maintain dominance throughout the forecast period. The same segment is expected to portray the fastest CAGR of 3.6% during the forecast period.
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Leading players of the global thermal power plant market analyzed in the research include China Huaneng Group Co. Ltd., American Electric Power Company, Duke Energy Corporation, Eskom Holdings SOC Ltd., Dominion Energy Solutions Inc., Jindal India Thermal Power Limited, RWE Aktiengesellschaft, NTPC Limited, and Tenaga Nasional Berhad.
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