Ameco Research Analyst implies that the global market for Coal Power Generation will rise at a CAGR of 1.7% during the predicted years, with market demand of 1,961 Gw in 2020.
The worldwide increase in energy consumption is the leading factor for the growth of the global coal power generation market. According to the US Energy Information Administration (EIA), worldwide energy consumption is projected to increase by roughly 50% from 2018 to 2050. The majority of this demand comes from nations that aren't members of the Organization for Economic Cooperation & Development (OECD), and it's concentrated in areas where robust economic growth is fueling demand, such as Asia. In the face of a global pandemic, global energy consumption growth slowed by 4% in 2020, compared to an average of 2% per year from 2000 to 2018 and a 0.8 percent slowdown in 2019. Most countries' energy usage decreased, except for China, the world's greatest energy consumer (24 percent of global energy consumption in 2020), which recovered quickly from the COVID-19 crisis.
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The growing demand for coal power generation in APAC countries fuels the market growth
The International Energy Agency (IEA) rising economic activity in 2021 to offset the fall in coal demand seen in 2020, with a 4.5 percent raise boosting worldwide coal demand on top of 2019 level. The power sector revealed for just above 40 percent of the decline in coal consumption in 2020, but it now accounts for three-quarters of the jump back in 2021, thanks to strong growth in coal-fired generation in Asian countries. In 2021, gas costs are likely to climb, prompting some to return to coal, particularly in the European Union and the United States. The increase in coal use in last year is a persistence of the worldwide demand rebound that started in the fourth quarter of 2020. Despite the fact that a particularly cold spell in northeast Asian nations in December contributed to increased coal demand, the swift expansion of coal-fired energy generation serves as a token of coal's vital role in powering some of the world's most powerful economies.
In addition, the rising construction activities in emerging economies are also expected to fuel the market demand. As more families become linked to the grid and earnings growth, increasing sales of household electrical goods (and, shortly, electric cars) would contribute to a constant increase in electricity demand, according to the IEA's Coal Report 2021. To satisfy the needs of building and infrastructure projects, power demand is predicted to rise in industries such as aluminum, steel, and cement production.
Global Coal Power Generation Market Classification
The coal power generation market is divided into three categories: technology, application, and regions. The technology segment can be split into pulverized coal systems, cyclone furnaces, and others. Based on technology, the pulverized coal systems segment generated the largest revenue in 2020 and is likely to carry on its inclination all through the forecast period 2021 – 2028. Residential, and commercial & industrial are the categorization of application segments. Based on applications, the residential segment achieved the utmost market share, due to the increasing population coupled with rising urbanization in emerging nations such as China and India.
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global Coal Power Generation market. In 2020, the Asia-Pacific region contributed to the leading market share due to the highest production and consumption of coal in countries such as China and India. The coal sector in India has witnessed demand-supply mismatches recently, owing to domestic and global factors. China is the only foremost economy that saw an increase in coal demand in 2020. In 2021, strong economic growth will sustain power demand, while post-Covid spur measures will assist cement, steel, and other coal-intensive industrial items. In 2021, we project coal demand to rise by more than 4%, keeping it well above the 2014 max out and approaching China's peak ever levels. Coal is a critical input for thermal power plants and other essential sectors, so it must be delivered on time and in sufficient quantities. The government's initiatives have helped to alleviate the coal scarcity in recent weeks.
In addition, an increase in the number of residential, commercial, and industrial projects in this region is likely to support the industry growth. Between 2018 and 2050, energy consumption in the buildings sector, which comprises commercial and residential structures, rises by 65 percent, from around 90 quadrillions to approximately 140 quadrillions Btu. Rising per capital income, increasing urbanization, and improved access to power all contribute to growing energy demand.
The key companies offered in the report include China Shenhua, NTPC Ltd., Uniper SE, China Huadian Corporation Ltd. (CHD), Duke Energy Corp., KEPCO Engineering & Construction Company, Inc., Dominion Energy, and Steag GmbH.
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