China Power Market - Growth, Trends, and Forecast (2020-2025)

The market is segmented by Fuel Type (Thermal, Hydropower, Non-hydropower Renewables, and Others) and Transmission & Distribution

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

CAGR:

4 %

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Market Overview

The China power market is expected to register a CAGR of over 4% during the forecast period, 2020-2025. Factors, such as the increasing industrialization and urbanization, along with the growing manufacturing sector, are likely to drive the Chinese power market. However, the less private companies in the power sector create dominance of government companies in the country, which is expected to slow down the Chinese power market.

  • The conventional thermal segment due to the increasing installation of new coal-based power plants was expected to dominate the market studied, in 2019.
  • The Chinese government has announced to increase its renewable contribution in the power sector to 35% by installing more hydro, solar, and wind power by 2030. This is likely to create several opportunities for the Chinese power market in the forecast period.
  • China, due to its increasing population and energy demand, has several upcoming and ongoing power projects that are likely to drive the Chinese power market.

Scope of the Report

The China power market report include:

Fuel Type
Thermal
Hydropower
Non-hydropower Renewables
Others

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Key Market Trends

Conventional Thermal to Dominate the Market

  • Conventional thermal power has been derived through various sources, such as coal, natural gas, and oil. In 2018, approximately more than 69% of the electricity generated in China was from conventional thermal power.
  • Out of the various sources of generating conventional thermal power, the majority of energy came from coal, in 2018. Coal contributed to approximately 95% of the traditional thermal power electricity generation, producing 4732 terawatt-hours (TWh) of electricity in 2018.
  • Shandong Shengli Coal-Fired Power Project in China can produce 4000 megawatts (MW) of energy. Its first phase had been completed in 2019, and the second phase was expected to start in 2020. Shengli Power Company has been building the project as a part of the Shanghai Temple Coal Power Support Base Demonstration Project.
  • As per the construction Leizhou Thermal Power Project in China, 2017, it has power installed capacity of 6000 megawatts (MW) and is expected to be completed by 2022. The coal-fired power plant consists of six ultra-supercritical coal-fired units rated at 1,000 megawatts (MW) each.
  • Therefore, from the above points, conventional thermal power is likely to dominate the Chinese power market during the forecast period.

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Increasing Upcoming Investment Plans to Drive the Market

  • In 2018, the total electricity generation from the various sources in the power sector in China was 7111.8 terawatt-hours (TWh). Energy sources contributing to the country's energy generation include coal, natural gas, nuclear, wind, hydro, biofuels, and solar energy. Since China has the largest population in the world, the energy demand in the country has been rising continuously.
  • As of 2019, China had 45 operational nuclear power reactors, and 12 that are either under construction or in the development phase. Due to the excessive use of coal-fired power plants and the pollution it causes, the Chinese government has a long term target to use more of closed-cycle nuclear power to satisfy its energy demand.
  • The Baihetan hydropower project has been under construction on the Jinsha River, China. China Yangtze Power Corporation has been developing the plan, while Dongfang Electric Machinery supplied the turbine generators in a joint venture with China Three Gorges Corporation (CTG). The megaproject features the world's first 1000 megawatts (MW) turbine generator rotor, which was installed at the site in January 2019. The project is expected to be completely functional by December 2022.
  • Moreover, the renewable sector in China has witnessed a decrease in investment, China still holds the most significant single share of investment in the globe, with USD 91.2 billion in 2018.
  • The dip in investment in 2018 can be partly attributed to falling technology costs in solar photovoltaics and was mostly due to a mid-year change in the government's feed-in tariff policy, which halved investment in solar power (to USD 40.2 billion, down from USD 89 billion in 2017).
  • During 2018, the country has six active renewable projects, funded by the World Bank, which is likely to have an investment of around USD 321 million.
  • Moreover, the Distributed Renewable Energy Scale-Up Project, with an investment of USD 7.3 million and Developing Market-Energy Efficiency Program with an investment of around USD 17.8 million are few investment plans in 2018 that are likely to expand the China power market in China during the forecast period.

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Competitive Landscape

The China power market is fragmented. The major companies include Datang International Power Generation Company Limited, China National Electric Wire & Cable I/E Corp., China National Electric Engineering Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, Sinohydro Corporation, Sinovel Wind Group Co., and Others.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 China Power Generation and Forecast in MW, until 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Supply-Chain Analysis

    6. 4.6 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Fuel Type

      1. 5.1.1 Thermal

      2. 5.1.2 Hydropower

      3. 5.1.3 Non-hydropower Renewables

      4. 5.1.4 Others

    2. 5.2 Transmission & Distribution

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Datang International Power Generation Company Limited

      2. 6.3.2 China National Electric Wire & Cable I/E Corp.

      3. 6.3.3 China National Electric Engineering Co. Ltd

      4. 6.3.4 Xinjiang Goldwind Science Technology Co. Ltd

      5. 6.3.5 Sinohydro Corporation

      6. 6.3.6 Sinovel Wind Group Co.

      7. 6.3.7 China Petroleum Bio-Energy Company Ltd.

      8. 6.3.8 Wuxi Suntech Power Co. Ltd

      9. 6.3.9 China Yangtze Power Co. Ltd.

      10. 6.3.10 ShanDong Energy Group Co. Ltd

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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