Market Size of Thermal Power Industry
| 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
*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.
