Thermal Power Plant Market Is Estimated To Witness High Growth Owing To Increasing Investment In Capacity Expansion

The thermal power plant market is estimated to be valued at US$ 1532.34 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The growth of the thermal power plant market is driven by increasing investment in capacity expansion and development of new plants owing to rising energy demand. According to the International Energy Agency, global electricity demand is expected to grow by 50% between 2018- 2040. In addition, thermal power plants offer reliable base load power generation and consist of mature technologies, thereby many developing nations are focusing on coal and gas-fired plants to meet their increasing electricity needs.

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Key Market Trends:

– Increasing use of advanced emissions control technologies: Stricter environmental regulations on greenhouse gas emissions levels from coal-fired power plants are encouraging the installation of exhaust gas desulfurization and reduction systems. Selective Catalyst these technologies help reduce sulfur dioxide emissions and Nitrogen oxides particles.

– Increasing adoption of mission-critical technologies: Thermal power plant and power plant operators are increasingly adopting mission-critical technologies. With higher temperature and steam pressure to improve the overall efficiency of the factory This technology reduces the use of coal. It also reduces carbon dioxide emissions per unit of electricity produced.

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Opportunity 1: By Fuel Type

The global thermal power plant market is segmented on the basis of fuel type into coal, natural gas, oil, and others. In 2024, the coal segment accounted for the largest revenue share of over 45%. Coal remains the most widely used fuel for power generation owing to its abundant reserves and relatively low cost. However, stringent environmental regulations regarding coal-fired power plants are expected to hamper the growth of this segment over the forecast period.

Opportunity 2: By Capacity Type

Between 2024-2031, the >500 MW capacity type segment is projected to witness significant growth at a CAGR of 4%. Thermal power plants with a generation capacity of over 500 MW are considered large-scale power plants and account for the bulk of total thermal power generation worldwide. Increasing investments in setting up large ultra-supercritical and supercritical coal-fired power plants are helping drive the demand for high-capacity thermal power plants.

Key Market Takeaways

The global thermal power plant market is anticipated to witness a CAGR of 3.5% during the forecast period 2024-2031, owing to steady investments in expanding existing power generation capacities across developing nations.

On the basis of fuel type, the coal segment is expected to hold a dominant position, accounting for over 40% market share in 2031, owing to coal’s inherent cost-competitiveness relative to other fuels.

By capacity type, the >500 MW segment is projected to be the most lucrative sub-segment growing at a 4.1% CAGR during the analysis period due to rising investments in large-scale power plants.

Regionally, North America is expected to hold a dominant position over the forecast period, growing at a CAGR of 2.7% owing to positive policy support for clean coal technologies in the US.

Competitor Insights:

EDF

SSE

Tata Power

KEPCO

 Korea Electric Corporation

Recent Developments in Thermal Power Plant Market

Upgrades Underway to Meet Upcoming Emission Norms

One of the key drivers for the ongoing changes has been the January 2022 notification by the Ministry of Environment, Forest and Climate Change mandating all existing coal-fired plants to comply with revised emissions norms for particulate matter (PM), sulphur dioxide (SO2) and oxides of nitrogen (NOx) by December 2022. Plants not meeting these stricter standards risk facing closure or penalties.

To avoid this scenario, several utilities have been fast-tracking retrofit projects involving flue-gas desulphurization (FGD) systems for SO2 control and selective catalytic reduction (SCR) systems for lowering NOx emissions. While FGD installations are well underway across many plants, the retrofitting of SCR units is a more complex process and remains ongoing at several sites. Utilities will have to work rapidly to complete these upgrades within the available time window to be compliant.

In addition to retrofits, utilities are also increasingly relying on setting up newer high efficiency units based on supercritical and ultra-supercritical technologies which can help lower emissions more effectively while improving plant load factors and output.

Data from the Central Electricity Authority (CEA) shows that of the total thermal power generation capacity addition of 17 GW achieved in 2021-22, around 8.5 GW came from supercritical and ultra-supercritical units, reflecting their rising prominence.

In the current fiscal year 2022-23 as well, out of the 18.7 GW of thermal capacity under various stages of construction, over 12 GW is based on supercritical or ultra-supercritical technologies. This shift is slated to continue in coming years.

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