Market Size of South America Thermal Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Thermal Power Market Analysis
The South America thermal power market is expected to grow at a CAGR of more than 1% during the forecast period of 2020-2025. Factors such as increasing population and power consumption are resulting in the growth of the thermal power market. With growing power demand, upcoming thermal power projects are expected to further drive the market significantly. On the other hand, the phasing out of oil and coal-based power plants in few countries in the region and increasing competition from renewable energy sources are expected to restrain the market growth of thermal power during the forecast period.
- With the largest share in electricity generation, natural gas is leading the market. Due to the advantages of natural gas over other thermal energy sources, the source is expected to continue its dominance during the forecast period
- According to IRENA, total primary energy supply is expected to reach 46 EJ by 2050 from 27 EJ in 2017. The anticipated increase in energy supply is likely to create ample opportunities for thermal energy in the future.
- Brazil is anticipated to dominate the market in the upcoming period. With future projects and with the highest energy demand in the region, the nation is driving the market.
