Yahoo Finance Coal Power Generation Market Was 1,961 Gw in 2020 | CAGR of 1.7% from 2021-2028 Reports Says By Acumen Research and Consulting
Acumen Research and Consulting announced latest market research study on “Coal Power Generation Market - Industry Analysis, Market Size, Opportunities and Forecast 2021-2028”
TOKYO, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The global coal power generation market demand for 2020 was 1,961.6 Gw and is anticipated to register CAGR of 1.7% from 2021-2028.
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Energy demand from various industry verticals is increasing day by day. Rapid industrialization and urbanization taking place in countries across the globe is the ultimate reason for energy surge. Coal is easily available and tends to be better & low cost as compared to other energy generation technologies. In 2019, the US generated 966,000 gigawatt-hours (GWh) of energy by firing up coal. With the abundant availability of coal deposits, the generation of the required energy is easily achieved. According to BP statistics, the US accounted for 24% of the global share in the availability of coal reserves. The total coal reserve the country holds is 249 billion tons. Increasing investment in the development of infrastructure and rapid advancements in various end-use industries is increasing the demand for energy.
A high amount of coal is burnt in order to regulate & maintain the constant supply of the growing energy demand. In 2020, the US generated 4,009 billion kilowatt-hours (kWh) from utility-scale generators. This high scale power generation and availability of advanced technology are capable to cater the rising energy demand further augmenting the coal power generation market.
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Chemical, Metals, and Cement are some major industries consuming large amounts of energy. China is a major hub for these industries. The country surpasses all other nations combined in the chemical industry sale. China accounts for 37% share in the global chemical sale in the global market. There is a large presence of manufacturers operating in the country. Favorable business policies, high consumer base followed by high investment for innovation are aspects augmenting the industry growth. In addition, easy availability of raw material, low-cost labor, and relaxed environment laws by the government is supporting growth of the chemical industry. This high growth is ultimately increasing the demand for energy at the production site.
The government is focused on establishing new coal plants in order to cater to the rising power demand. In 2021, the Chinese government planned to establish 43 new coal-fired power plants and 18 new blast furnaces. The country is planning to develop 247 gigawatts of power coal generation plants. In 2019, countries total power consumption from coal accounted for 58%. This step was taken considering the rising energy demand. These factors are responsible to augment the growth of the regional market.
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Coal power is still the largest source of energy generation on a global level. In the US coal account for 19% of the energy generation in 2020. Rising energy demand from various end-use industries is augmenting the global market growth. Rapid urbanization in developing countries and increasing focus on the development of smart cities is increasing demand for electricity. In order to cater the rising demand, the governments are highly reliable on coal due to availability in large quantity. Stringent government regulations related to environmental pollution, and efforts towards lowering the dependency on coal through the adoption of green energy are aspects lowering the coal energy demand. In addition, unstable economic conditions and supply chain disruption due to the shutdown of production facilities are impacting the supply of coal; further challenging the market growth. However, increasing investment by the government for the establishment of new coal mines and focus on developing efficient energy production processes are factors explicitly showing opportunities for players. In addition, a collaborative approach among players in order to ramp up production is expected to support the market growth transaction.
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The global market is segmented into technology and application. The technology segment is bifurcated into pulverized coal systems, cyclone furnaces, and others. Among technology, the pulverized coal systems segment is expected to account for major share in the target market. The pulverized coal system is widely accepted in energy production due to its higher efficiency and fewer pollution benefits as compared to other segments. The application segment is bifurcated into residential and commercial & industrial. Players operating in the target market are Uniper SE, NTPC Ltd., KEPCO Engineering & Construction Company, Inc., China Shenhua, China Huadian Corporation Ltd. (CHD), Dominion Energy, Steag GmbH, and Duke Energy Corp.
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