The global coal power generation market was valued at 1,961.5 GW in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 1.6 % during the forecast period from 2021 - 2028. Coal Power generation is termed as a thermal power plant which ignite the coal for the production of electricity. Coal is passed via a pulveriser which further gets burnt in the boiler to produce heat. Heat converts the water to steam and is passed through the gas turbine to turn on the generators for power generation. Production of electricity throughput the globe is mostly produced from the coal-based power generation plants owing to its easy availability and cost effective compared to other methods of power generation.
Rapid urbanization and industrialization in the emerging countries requires more power and this is the key factor elevating the coal power generation market growth. Pulverized coal firing is widely used method over others owing to greater thermal efficiency and minimal emissions. However, coal power generation plants produce harmful gases such CO2, NOX and SOC and greenhouse gases. Many stringent rules and regulations by government has led to invest for R&D activities to procure clean coal technologies methods such as carbon capture & storage which aims to deliver cost effective solutions to decarbonize CO2 before releasing to the environment during the energy production. However, raw material availability hampers the production process and water in the underground mining during the rainy seasons are the factors restraining the market growth. In addition, natural gas availability in huge sums with minimal prices in the nations such as China, North America incited for an increased power generation via natural gas. Shifting to new energy production technologies such as solar wind or hydro and scarcity of coal reserves in the upcoming years hinders the market growth during the forecast period.
Global Coal Power Generation Market is segmented by technology, end- user and region. By technology, it is bifurcated into cyclone furnace, pulverized coal system and others. Based on end- user, coal power generation bifurcates into industrial, commercial and residential. Residential segment accounted for higher share owing to population growth with increasing disposable income. Based on regional insights, the market bifurcates into North America (US, Canada, Rest of North America), Asia Pacific (China, India, Vietnam, Japan, Rest of Asia Pacific), Europe (UK, Russia, Germany, Rest of Europe), Rest of the World (Latin America and Middle East & Africa).
Asia- Pacific is expected for highest market share owing to huge power demand primarily in regions like India, China during the forecast period. Such demands arise from rapid industrialization, huge population, availability of cheap labor and proximity to coal mine reserves in the region.
Huge competition among several global and regional players based on product for newer technologies and sustainable solutions formulates stiff competition among them. Such players associated in the global coal power generation market includes Duke Energy Corporation, Jindal India Thermal Power Limited, NTPC Limited, Tenaga Nasional Berhad, Dominion Energy, China Huadian Corporation Limited and Steag GmbH among others.
Segmentation and Scope of the Global Coal Power Generation Market
Global coal power generation market is segmented by technology, end- user and region
By End- user
Prominent players in the Global Coal Power Generation Market among other includes