Coal Power Generation Industry Overview
The global coal power generation market demand to reach 2,228.32 GW by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 1.6% from 2020 to 2028. Strong energy demand is expected to drive the coal industry to generate electricity. Coal is a key material for electricity generation owing to its abundant availability and low cost. The COVID-19 pandemic has resulted in stagnated growth of industrial activities around the globe owing to lockdown measures imposed in most countries, which has reduced the demand for new coal-based plants for power generation in industrial sectors.
Its demand from prospective industrial customers is expected to be on the lower side on account of funds that were previously allotted for industrial development but were diverted to combat the COVID-19 crisis. Pulverized coal firing is traditionally the most widely used technology over cyclone furnaces or others due to higher thermal efficiency and lesser emissions. The factors, such as high emission rate, are expected to cater to the growth of Cleaner Circulating Fluidized Bed (CFB) systems with 1.0% CAGR over the forecasted period in comparison with the traditional technologies.
Coal Power Generation Market Segmentation
Grand View Research has segmented the global coal power generation market based on technology, application, and region:
Based on the Technology Insights, the market is segmented into Pulverized, Cyclone Furnaces, and Others.
- The pulverized coal systems technology segment led the market in 2020. The segment accounted for the maximum volume share of over 47.0% of the global market in 2020.
- On the basis of technology, the market can be segmented as pulverized coal systems, cyclone furnaces, and others. The pulverized technology segment is anticipated to maintain its dominance over the forecast period.
- The others technology segment is estimated to register the fastest CAGR of more than 3% from 2021 to 2028.
Based on the Application Insights, the market is segmented into Residential, and Commercial & Industrial.
- The residential segment dominated the global market in 2020. The segment accounted for the highest volume share of more than 56.5% and it is expected to continue its dominance during the forecast period. This growth can be credited to the factors, such as rapid industrialization, especially in emerging nations.
- Increasing construction spending for the development of residential buildings owing to the growing population coupled with the rising disposable income levels is expected to boost the demand for energy over the forecast period
Coal Power Generation Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly competitive with the presence of several global and a few medium-and small-scale regional players. Key companies compete based on their product development capabilities and new technologies used in product formulations. Established players are investing in the development of innovative and sustainable solutions for formulating new and advanced plastics to gain an edge over their competitors.
Some of the prominent players operating in the global coal power generation market are:
- Uniper SE
- China Shenhua
- China Huadian Corporation Ltd. (CHD)
- Dominion Energy
- NTPC Ltd.
- KEPCO Engineering & Construction Company, Inc.
- Steag GmbH
- Duke Energy Corp.
Order a free sample PDF of the Coal Power Generation Market Intelligence Study, published by Grand View Research.
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