June 26, 2020
According to the research report titled ‘Global Thermal Power Plant Market Size study with COVID-19 Impact, by Type (Biomass or Co-Fired Power Station, Combined Cycle Power Plant, Combined Heat and Power, Fossil-Fuel Power Plant) Application (Thermal Power Generation, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global thermal power plant market is estimated to show a considerable growth through 2026.
A thermal power plant is a power station where heat energy is converted into electric power. Majority of these power stations are steam driven. Petroleum and coal were traditionally used to fuel these thermal power plants before the preference shifted to solar, nuclear, and waste incineration. Increasing demand for power across the world is favoring the growth of global thermal power plant market.
According to “Global Coal Exit List”, the Caribbean and Latin America regions accounts for 17,909 megawatt of installed coal-based thermoelectricity capacity, wherein Chile is known to have 5,101 megawatts of installed capacity, Mexico with 5,351 megawatt installed capacity, and Brazil has 4,355 megawatts of installed capacity.
Rapid industrialization has caused an upsurge in the consumption of electricity as most of the manufacturing plants with heavy machinery operate on electricity, in turn propelling the market growth. Moreover, governments across the globe are focused on setting up new thermal power stations to produce more electricity, which along with investments in energy sector will have a positive impact on the thermal power plant market.
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Citing an instance, Federal Electricity Commission (CFE) in Mexico authorized the plan to scale up the generation capacity with 13 gigawatts by establishing new plants. These power plants will depend on nuclear, fossil fuel, and coal, instead of renewable sources. On the other hand, strict federal regulations and increasing environmental concerns are likely to discourage market expansion over 2020-2026.
Based on the application spectrum, the market is bifurcated into thermal power generation and others. In terms of type, the industry is divided into fossil-fuel power plant, combined heat and power, combined cycle power plant, biomass/co-fired power station, and others.
As per the geographical landscape, Asia-Pacific held a significant share of global thermal power plant market in the recent past and is poised to grow rapidly over the forecast period. Large number of thermal power stations in developing countries like India and China, in consort with rising urbanization and industrialization as well as the initiatives taken by governments to establish new thermal power plants will stimulate the regional market outlook.
The leading organizations in global thermal power plant market are Kansai Electric Power Co. Inc., Korea Electric Power Corporation (Kepco), National Grid Plc, Endesa SA, Enel SpA, Tokyo Electric Power Company Holdings, Suez Group, RWE AG, E.ON SE, and EDF Energy among others.