Global Coal Power Generation Market - Global Industry Analysis, Market Size, Opportunities and Forecast 2021 - 2028
The global coal power generation market was worth 1,961 Gw in 2020 and is expected to grow at a CAGR of 1.7% between 2021 and 2028.
Coal is widely used to generate electricity in the United States. Bituminous coal, subbituminous coal, and lignite are all used in coal-fired power plants. The heat created by coal combustion is used to convert water into high-pressure steam, which is then used to drive an electric turbine. According to the US Energy Information Administration, coal-fired power stations generated around 23% of all electricity in the United States in 2019. Electricity is generated by a lump of coal or an oil-fired steam power plant. Coal is the most widely available fuel with a relatively consistent price, making it the most cost-effective fossil-fired technology. Crude oil and heavy fuel oil have become uncommon as electricity generation fuels in recent years. Coal-fired power plants use steam to generate electricity, which is then used to turn turbines (machines that provide rotary mechanical power). Many businesses and organizations have power plants, and some of them use coal to generate energy, which is mostly done in combined heat and power plants.
Increasing consumption of coal is the primary factor driving the growth of the global coal power generation market. Between 2000 and 2019, global coal capacity increased every year, nearly doubling from 1,066 GW to 2,045 GW. Coal capacity has only ever increased since 1950, though older data is less reliable. However, the rate of expansion is slowing drastically, with the 20GW net increase in 2018 being the smallest in decades.
Growing energy demand across the world is supporting the growth of the worldwide coal power generation market. According to a new IEA report, energy demand rose by 5% in 2021, with fossil fuels, particularly coal, accounting for about half of the increase, threatening to send CO2 emissions from the power sector to new highs in 2022. According to a new report from the International Energy Agency, renewable are expanding quickly but not fast enough to gather a strong recover in global electricity demand in 2021, resulting in a rapid increase in the use of coal power that risks pushing carbon dioxide (CO2) emissions from the electricity sector to record levels in 2021. According to the IEA's newest Roadmap to Net Zero by 2050, the energy sector accounts for almost three-quarters of global emissions reductions from 2020 to 2025. According to the strategy, coal-fired energy generation must decrease by more than 6% per year to meet this goal. According to the Electricity Market Report, coal-fired electricity output grew by about 5% this year and by another 3% in 2022, perhaps hitting an all-time high.
Increasing urbanization and industrialization leading to cumulative construction activities are expected to drive the market in the coming years. The conventional economy will benefit from the "Two New and One Big" programme, which will raise coal consumption in the short term by focusing on new infrastructure, new urban construction, and major project construction. Coal still accounts for more than half of China's primary energy supply, making it critical to the country's economic competitiveness.
Technology, application, and regions are the three segments of the global coal power generation industry. The technology segment is further bifurcated into cyclone furnaces, pulverized coal systems, and others. Among them, pulverized coal systems segment is expected to lead the market with the largest market shares in 2020. Based on application, the segmentation includes residential, commercial, and industrial. Among them, the residential segment dominated the maximum market share in 2020.
Global Coal Power Generation Market Regional Rivalry
Based on regions, the global coal power generation market is split into North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. Among all the regions, the Asia-Pacific region accumulated the leading market share in 2020 owing to the huge coal production and consumption in the region. In addition, the increasing population requiring power and electricity, rising number of construction activities, and escalated energy demand are all supporting the quick growth of the Asia-Pacific coal power generation market.
Global Coal Power Generation Industry Segment Analysis
Market By Technology
· Pulverized Coal Systems
· Cyclone Furnaces
Market By Application
· Commercial and Industrial
Coal Power Generation Market Prominent Players
This section of the report identifies the market's major players. China Shenhua, Uniper SE, NTPC Ltd., China Huadian Corporation Ltd. (CHD), Duke Energy Corp., KEPCO Engineering & Construction Company, Inc., Dominion Energy, and Steag GmbH are the key companies mentioned in the research.
Coal Power Generation Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa