Thermal Power Plant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Thermal Power Industry is Segmented by Fuel Type (Coal, Gas, Nuclear and Others), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa)

Thermal Power Market Size

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thermal power market analysis
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 0.58 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

thermal power market major players

*Disclaimer: Major Players sorted in no particular order


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Thermal Power Market Analysis

The thermal power market is expected to grow at a CAGR of approximately 0.58% during the forecast period of 2020 - 2025. The growth is expected to increase due to increase in electricity demand. The growth is expected to take place mainly in the natural gas-based thermal power plants, while nuclear and coal thermal plants are expected to have stagnant net growth. Global Electricity consumption in the forecast period (2020-2025) is expected mostly depend upon thermal power plants, which is expected to account for around 68% of total energy needs.

  • Natural gas power plants are going to be the fastest-growing segment. It is expected to grow due to its low carbon emission, low construction cost and highest efficiency (according to heat rate Btu/KWh) among the thermal power plants.
  • Coal thermal power plants are expected to remain the most widely used thermal power plant and are expected to have the largest share in the electricity power (global) supply, in 2025, in the world. More Efficient technologies like Ultra Supercritical Coal Technology, which also reduces the amount of Pollution (per KW), are expected to replace the aged power plants and become an opportunity in the market.
  • The Asia Pacific region is expected to dominate the market, with much of the demand coming from countries such as China and India.

Thermal Power Market Trends

This section covers the major market trends shaping the Thermal Power Market according to our research experts:

Natural Gas Power Plants to Witness Significant Growth

  • Natural gas combined-cycle plants are the most efficient among natural gas-fired power plants. They cost slightly less than gas turbine cycle plant in construction cost but can provide more energy by utilizing the heat released during the process. This can be seen in the United States, where the overnight cost (construction cost) of a natural gas combined cycle and natural gas combustion turbine (aeroderivative) is 1,079 USD/kW and 1,170 USD/kW, in 2019, respectively.
  • Renewable resources such as solar have not been able to provide electricity with storage or molten salt at the cheap rates in 2020. Till such technology becomes competitive, gas is expected to remain the preferable alternative.
  • 37% and 23.2% of electricity in the world, in the year 2018, is generated by coal and gas respectfully.
  • The natural gas combined cycle plants are going to dominate the new electricity generation in the upcoming years, especially in countries like China and India.
thermal power market trends

Asia-Pacific to Record the Highest Growth

  • Asia-Pacific is the largest market for thermal power plants and is expected to create the most significant demand for it in the forecast period.
  • As electricity demand increases per capita around the globe, planned thermal power plants like Phulari Coal Powered Plant in Bangladesh and Patratu Super-Thermal Power Plant (Coal) in India are expected to increase growth in the thermal power plant sector.
  • China is constructing the highest number of thermal power plants in the world. Ultra-supercritical coal plants like Fuyang Power Station and Huadian Laizhou Power Station are being built to match the electricity demand.
  • Many of the countries in the Asia-Pacific region are industrializing at a rapid pace and, therefore, require a lot of energy. Hence, nations are choosing the cheapest method of producing electricity by constructing coal and gas power plants. 
thermal power market report

Thermal Power Industry Overview

The market concentration is consolidated. Some of the key companies in the market include Siemens AG, National Thermal Power Corporation Limited, Chubu Electric Power Company Inc., General Electric Company and Electricite de France S.A.

Thermal Power Market Leaders

  1. Siemens AG

  2. National Thermal Power Corporation Limited

  3. Chubu Electric Power Company Inc.

  4. General Electric Company

  5. Electricite de France S.A.

*Disclaimer: Major Players sorted in no particular order

Siemens AG, National Thermal Power Corporation Limited, Chubu Electric Power Company Inc., General Electric Company
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Thermal Power Market Report - Table of Contents


    1. 1.1 Scope of the study

    2. 1.2 Market definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Thermal Plant Count & Forecast, Global, till 2025

    4. 4.4 Electricity Generation Forecast in Twh, Global, till 2025

    5. 4.5 Electricity Consumption Forecast in Twh, Global, till 2025

    6. 4.6 Recent Trends and Developments

    7. 4.7 Government Policies and Regulations

    8. 4.8 Market Dynamics

      1. 4.8.1 Drivers

      2. 4.8.2 Restraint

    9. 4.9 Supply Chain Analysis

    10. 4.10 Porter's Five Forces Analysis

      1. 4.10.1 Bargaining Power of Suppliers

      2. 4.10.2 Bargaining Power of Consumers

      3. 4.10.3 Threat of New Entrants

      4. 4.10.4 Threat of Substitutes Products and Services

      5. 4.10.5 Intensity of Competitive Rivalry


    1. 5.1 Fuel Type

      1. 5.1.1 Coal

      2. 5.1.2 Gas

      3. 5.1.3 Nuclear

      4. 5.1.4 Others

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Asia-Pacific

      3. 5.2.3 Europe

      4. 5.2.4 South America

      5. 5.2.5 Middle-East and Africa


    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 Electricite de France S.A.

      2. 6.3.2 Chubu Electric Power Co., Inc.

      3. 6.3.3 Siemens AG

      4. 6.3.4 General Electric Company

      5. 6.3.5 Iberdrola, S.A.

      6. 6.3.6 ENGIE

      7. 6.3.7 National Thermal Power Corporation Limited

      8. 6.3.8 Tokyo Electric Power Company

    4. *List Not Exhaustive

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Thermal Power Industry Segmentation

The thermal power market report includes:

Fuel Type
North America
South America
Middle-East and Africa
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Thermal Power Market Research FAQs

The Thermal Power Market is projected to register a CAGR of 0.58% during the forecast period (2024-2029)

Siemens AG, National Thermal Power Corporation Limited, Chubu Electric Power Company Inc., General Electric Company and Electricite de France S.A. are the major companies operating in the Thermal Power Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Thermal Power Market.

The report covers the Thermal Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Thermal Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Thermal Power Plant Industry Report

Statistics for the 2024 Thermal Power Plant market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermal Power Plant analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Thermal Power Plant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)