The worldwide coal fired power plants market is anticipated to reach an installed capacity around 2,073 GW by 2020. The global market stood at approximately 1,709 GW in 2013. Surging energy consumption and easy availability of coal at inexpensive rates are two key factors that propel demand. Rapid urban & industrial development across emerging regions like Asia Pacific & Latin America and volatile prices of alternative fuels are other crucial factors that can positively impact demand during the forecast period (2014 to 2020).
Being easily available and inexpensive, coal is the most popular source of energy generation. Coal fired power plants are a widely utilized energy generation method worldwide. Fluctuating prices of alternative sources like natural gas & oil may contribute to the adoption of coal as a primary source of energy. Developing regions are witnessing revolutionary expansions in industrial and urban set-ups, thus resulting in escalated energy consumption. Moreover, research & development initiatives to restructure logistics, reduce operational expenditure, and improve energy efficiency may create profitable business opportunities in the overall coal fired power generation market.
However, governments and environment conservation bodies are increasingly concerned about the mounting environmental impact of coal energy. Stringent rules & regulations toward energy production and awareness regarding alternative & clean energy are anticipated to hinder the overall market for coal fired power generation. Technological advancements in alternative energy production are also expected to deter growth of coal fired power plants during the forecast period.
In-depth research report on global coal fired power plants market - http://www.grandviewresearch.com/industry-analysis/coal-fired-power-generation-industry
The worldwide market for coal fired power plants is segmented on the basis of technologies, applications, and geographies. Key market technologies are cyclone furnace, pulverized coal systems, and others. Pulverized coal firing technology held the largest share in the global market in 2013. These boilers generate thermal energy using powdered coal to increase boiler volume capacity. Cyclone furnace is anticipated to be the second largest segment followed by other technologies like fluidized bed combustion and coal gasification.
According to applications, the coal fired power generation market is bifurcated into commercial and residential applications. Commercial applications are expected to grow at a CAGR around 3% from 2014 to 2020. This can be attributed to demand from emerging regions owing to rapid urbanization. Residential applications are also expected to grow favorably over the forecast period.
Geographically, the market for coal fired power plants is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). Asia Pacific may continue dominating the global market at a CAGR more than 3% till 2020 due to stringent regulatory norms. Countries like India and China are anticipated to drive the region during the forecast period.
Key companies operating in the worldwide coal fired power plants market are China Datang Corporation; China Huaneng Group; Korea Electric Corporation; American Electric Power Company Inc.; and Shenhua Group Corporation Limited. These players focus greatly on innovation. Nowadays, most of these players direct their efforts toward reducing emissions, operational costs, and environmental costs. They are keen on improving operational efficiencies to gain traction across various regional markets.
In early 2017, the Japanese government announced its plan to build around 45 new energy generation stations to diversify fuel resources. This project was initiated mainly because coal is by far the most cost effective energy source unlike liquefied natural gas (LNG). These coal fired power plants will run on high energy low emission (HELE) technology that utilizes high-quality black coal. HELE is a group of clean coal technologies that increase efficiency of coal fired power generation. They reduce greenhouse gas & non-greenhouse gas emissions. Advanced ultra-supercritical and ultra-supercritical are some of the best examples of the most efficient HELE technologies.