The Global Market for Thermal Power is Projected to Exceed 23 Trillion Kilowatt-hours (kWh) by 2024
Growing Number of Thermal
Power Plants with Enhanced Operational Efficiencies and Reduced Emissions Drive
Market Growth, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Thermal Power market. The global market for Thermal
Power is projected to exceed 23 Trillion Kilowatt-hours (kWh) by 2024, driven by spiraling
electricity demand, growing prominence of pollution free power generation and
the resulting need to install thermal power plants with enhanced operational
efficiencies and reduced emissions.
A
thermal power plant is an electricity generating station, where a wide variety
of fuels such as coal, natural gas, or oil are burnt to boil water and produce
steam, which, in turn is used to rotate a turbine connected to an
electricity-producing generator. Boiler, generator, and turbine represent the
three basic systems required to produce electricity in a thermal power plant. Thermal
power plants process large quantities of fossil fuels and are expected to
continue meeting the growing demand for power from the ballooning global
population through the year 2050. Despite coal-fired thermal power dominance in
the global energy mix, several issues hamper market prospects for coal in the
long term. Coal flourished for centuries mainly because it was cheap, reliable
and abundantly available. However, it is also the most polluting of all fossil
fuels. Power plants that are coal fired release some very harmful pollutants
such as nickel, mercury, carbon dioxide, sulfur dioxide and arsenic, among
others, into the atmosphere. Around the world, governments are slowly and
steadily halting coal mining leases, shelving new projects and shutting out
existing projects, in order to place a major curb on the pollution-causing
coal-based power generation. Revamping the old infrastructure with new clean
coal technologies is garnering utmost importance in the current scenario,
representing the primary factor sustaining growth momentum for thermal power
generation.
Despite
the environmental concerns surrounding the usage of coal as a source of fuel to
generate power, the global thermal power generation is projected to grow at a
healthy rate in the coming years as modern thermal power generation plants show
major improvements in the aspects of emissions reduction and operational
efficiency. The improved plant designs, prioritizing on emissions reduction,
would enable coal to play a substantial role in the global power mix in the
future, despite its declining share over the years amidst the increasing
popularity of renewable energy sources (RES) such as solar, wind and hydro. Few
of the efficient thermal power generation technologies supported by governments
in countries across the world include IGCC (integrated-gasification-combined-cycle), CCGT
(combined-cycle-gas-turbines), CCS (carbon-capture-and-storage) and CHP
(combined-heat-and-power). Other important factors poised to benefit market prospects
include rising investments in clean coal technology-based power capacity expansions;
increasing adoption of cogeneration units; and growing prominence of gas-based
thermal power supported by steady replacement of long-serving boiler-based
steam heating systems with advanced natural-gas-fired heating systems.
As stated by the new market research report on
Thermal Power,
Asia-Pacific
represents the largest and the fastest growing market worldwide with a
projected CAGR of 6.4% over the analysis period. China and India are at the forefront of this growth.
Despite significant slowdown in the pace of incremental additions of coal-fired
power capacity in China over the next few years, coal continues to command the
lion’s share in the country’s thermal power production pie for the near term,
while India continues to depend on coal for over 65% of its energy needs.
Availability of vast coal resources, increasing public and private investment
in infrastructure projects, continuous industrial development, improving living
standards, steady economic growth, rapid industrialization & urbanization, and
expanding population, represent other important growth drivers in the region.
Key
power generation companies in the market include AES Corporation, American
Electric Power Company Inc., Beijing Jingneng Power Co. Ltd., China Huaneng
Group, China Huadian Corporation, Dominion Energy Inc., Duke Energy
Corporation, Dynegy Inc., EDF, Enel S.p.A., EnBW Energie Baden-Wuerttemberg AG,
Energy Future Holdings Corp., Engie, Iberdrola, S.A., National Thermal Power
Corporation Limited, NRG Energy Inc., Southern Company, SSE plc, Tata Power,
and The Tokyo Electric Power Company, Incorporated. Key power generation
equipment companies covered in the report include Bharat Heavy Electricals
Limited, Doosan Power Systems, GE Power, Mitsubishi Hitachi Power Systems, Ltd.
(MHPS), Siemens Power and Gas, and Toshiba Corporation Energy Systems &
Solutions Company.
The
research report titled “Thermal Power: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive
review of market trends, drivers, issues, challenges, product launches and
strategic industry activities of major companies worldwide. The report provides
market estimates and projections for Thermal Power Generation in Kilowatt-hours
(kWh) for major geographic markets including the United States, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia, Poland, and Rest of Europe),
Asia-Pacific (Australia, China, India, Indonesia, South Korea, Taiwan, and Rest
of Asia-Pacific), Middle East & Africa (Iran, Saudi Arabia, South Africa,
and Rest of Middle East & Africa), and Latin America (Argentina, Brazil,
Mexico, and Rest of Latin America). Fuel types analyzed in the report include
Gas, Oil, and Coal.
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