Coal Power Generation Market Growth & Trends
The global coal power generation market size is expected to reach 3465.7 GW by 2027, expanding at a volume-based CAGR of 6.4%, according to a new report by Grand View Research, Inc.Increasing attention towards usage of clean technologies to produce energy is expected to boost market growth. Also, readily availability of the raw material at low cost to generate energy will further boost the market.
Growing urban population and the need for basic facilities such as residential and commercial infrastructures is increasing. Development of urban sector directly enhances the activities in industries such as automotive, and construction, therefore increasing the electricity demand for power generation. The upsurge in urbanization is likely to initiate the demand for electricity, thus driving the growth of the market during the estimated period.
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The pulverized coal systems segment subjugated the overall market and accounted for one-third of the total volume in 2019. Commercial application is expected to witness moderate growth rates with an estimated CAGR of 7.5% from 2020 to 2027. Increasing industrialization and urbanization in developing nations including Asia Pacific is driving segment growth. In addition, growing R&D initiatives to streamline logistics, operating cost, and to increase efficiency is propelling segment growth.
Asia Pacific market accounted for just over 29.0% of total installed capacity in 2027. In China, the market is expected to account for the maximum volume share in the region and at an estimated CAGR of 4.7% from 2020 to 2027. Growing industrialization and upcoming projects to generate more energy are anticipated to drive the market in the region. In addition, rising consumption of electricity in the region owing to growing energy needs in day to day life is expected to propel market growth.
Coal Power Generation Market Report Highlights
• The coal furnace segment capacity was over 642.5 GW in 2019
• In Asia Pacific, the market is projected to grow at a substantial rate throughout the forecast period. China is expected to account for the maximum volume share in the region
• The residential segment dominates the industry, accounting for more than 53.0% of total market volume in 2027
• North America is likely to display a moderate growth rate during the projected period.
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Coal Power Generation Market Segmentation
Grand View Research has segmented the coal power generation market on the basis of technology, application, and region:
Coal Power Generation Technology Outlook (Volume, GW, 2016 - 2027)
• Pulverized Coal Systems
• Coal Furnaces
• Others
Coal Power Generation Application Outlook (Volume, GW, 2016 - 2027)
• Residential
• Commercial
Coal Power Generation Regional Outlook (Volume, GW, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Russia
o Spain
o Italy
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
• Central and South America
o Brazil
o Colombia
o Paraguay
• Middle East and Africa
o Saudi Arabia
o UAE
o South Africa
o Egypt
List of Key Players of Coal Power Generation Market
• China Huadian Corporation LTD.
• NTPC Ltd.
• Southern Company
• Uniper SE
• China HuaNeng Group
• CHINA SHENHUA
• Duke Energy Corporation
• American Electric Power Company, Inc.
• KEPCO Engineering & Construction Company. INC.
• STEAG GMBH
• YONDEN Shikoku Electric Power CO.,Inc.,
• TENAGA NASIONAL BERHAD
• RWE
• Jindal India Thermal Power ltd.
• Dominion Energy
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.