In 2013, the worldwide installed capacity of the coal fired powered generation market was over 1,700 GW. It is likely to reach over 2, 000 GW by 2020. Coal being available at cheap prices in Asian countries (rich in coal resources) is the most significant market driving factor. Coal is one of the major sources of power production.
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Several power generation fuel substitutes like oil, and natural gas have unpredictable prices. This makes various companies adopt coal as a huge source of power. Burgeoning energy consumption coupled with energy demand, mainly in the developing economies of Asia Pacific, would have a positive impact on the coal fired power generation market.Rapid industrialization, especially in Latin America and Asia Pacific, has led to more electricity demand. This has raised the sales of coal fired power generation in housing, and business applications. Business applications contributed more than half of the coal fired power generation market.
They are likely to dominate the market over the forecast period. Swift urbanization in emerging regions has furthered business applications. Housing applications are also likely to experience positive growth in the years ahead. Enhanced demand for this specific power generation across the aforementioned applications would also propel market revenue.
With respect to technologies, the worldwide coal fired power generation market was dominated by pulverized coal firing. However, in the past few years, nearly half of the total share was occupied by cyclone furnaces. Cyclone furnaces were the second-most utilized market technology.
The global installed capacity of this segment would surpass 600 GW by 2020. It is estimated to grow at more than 2% percent CAGR from 2014 to 2020. Fluidized bed combustion, and coal gasification are the other technologies. These segments are also anticipated to observe rapid growth in the future.
This is because of their lower emission standards in comparison to others. Asia Pacific is likely to witness a CAGR of over 3.1 % from 2014 to2020. It has been dominating the coal fired power generation market since few years. China and India would witness significant growth in the coming years.
Europe and North America are expected to grow moderately. This is due to their stringent regulatory measures.
Information Source: Grand View Research