Global Coal Power Generation Market Size Was Valued at USD 2162.91 GW unit In 2022 And Is Projected to Reach USD 2455.77 GW unit By 2030, Growing at A CAGR of 1.6% From 2023 To 2030.
Market Overview:
Coal is an important source of energy for the world, particularly for power generation. Demand for coal has grown rapidly over the last decade, outstripping that for gas, oil, nuclear, and renewable energy sources. This comes at a cost. Coal contributes to over 40% of global anthropomorphic CO2 emissions and more than 70% of CO2 emissions that arise from power generation are attributed to coal. To play its role in a sustainable energy future, its environmental footprint needs to be reduced; using coal more efficiently is an important first step. Beyond efficiency improvement, carbon capture and storage (CCS) must be deployed to make deep cuts in CO2 emissions. Coal-fired power generation is a thermal power station plant that burns coal to generate electricity. Gasification, pulverized coal firing, coal cyclone furnaces, and fluidized bed combustion are some of the technologies used in the generation of power.
Top Key Players in the Coal Power Generation Market:
Jindal India Thermal Power Ltd., Southern Company, Duke Energy Corporation, Uniper SE, CHINA SHENHUA, China Huadian Corporation LTD. (CHD), China Huaneng Group Co. Ltd., American Electric Power Company Inc., Dominion Energy, YONDEN Shikoku Electric Power CO. Inc., RWE, NTPC Ltd., TENAGA NASIONAL BERHAD, and Other Major Players.
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Market Dynamics and Factors for Coal Power Generation Market:
Drivers:
Growing Energy Demand From Different End-Use Industries
Coal power is still the major source of energy generation on a global level. In the US coal recorded about 19% of the energy generation in 2020. Growing energy demand from different end-use industries is increasing the global market growth. Furthermore, the easy availability of raw materials in the Asia Pacific region is primarily accelerating the market growth of coal power generation. Indonesia, China, India, and Australia are the major manufacturers of coal. Therefore, the ready availability of the coal in Asia Pacific region is stimulating the market growth of coal power generation. Growing demand for electricity is anticipated to increase the market growth of coal power generation. This is attributed to the rising population which is generating demand for the residential sector.
Opportunities:
Pulverized Coal Technology
Pulverized coal technology is gaining propulsion in the market as it uses powdered coal to produce thermal energy. Furthermore, in pulverized coal, the rate of combustion can be managed easily. In addition, it provides faster results for load changes. The trend of using pulverized coal systems over both residential as well as commercial applications wing to raise consciousness about the environmental benefits is further anticipated to increase the market growth of coal power generation. Growing the number of coal power generation units all over the world is anticipated to provide lucrative market opportunities in the upcoming years. For instance, in February 2020, Japan declared that it is planning to build up to 22 new coal power plants at 17 different sites in the upcoming five years.
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Segmentation Analysis of the Coal Power Generation Market:
By Technology, the pulverized segment is expected to hold the maximum market share during the forecast period. The pulverized coal system is extensively accepted in energy production owing to its huge efficiency and fewer pollution benefits as compared to other segments.
- Pulverized
- Cyclone Furnaces
- Others
By application, the commercial and industrial segment is expected to hold the maximum market share during the forecast period. Rapid industrialization in the emerging regions will help turn the application of coal power generation into commercial applications.
- Residential
- Commercial
- Industrial
Regional Analysis of the Coal Power Generation Market:
Asia Pacific region is expected to dominate the coal power generation market over the projected period. The power utilization has been augmenting at a significant rate in the region turn by industrialization, population growth, and rising urbanization, particularly in developing economies, such as India and China. China led the Asia Pacific regional market with a volume share of 71% in 2020. The market in the region is primarily driven by the upcoming power generation projects and rising industrialization in the region. Furthermore, the accessibility of low-cost labor, as well as proximity to raw material suppliers, is further attracting investors to the region. Hence, rising power needs in the region are anticipated to grow the demand for the coal power generation market during the forecast period in the region.
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In 2021, the Chinese government planned to build 43 new coal-fired power plants and 18 new blast furnaces. The country is planning to design 247 gigawatts of power coal generation plants.
In July 2019, NTPC Ltd. declared that it had signed a Memorandum of Understanding with BHEL to install the world's 'most efficient' coal-fired power plant. The plant would result in a depletion of carbon dioxide emissions by around 20% as compared to conventional sub-critical technology.
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