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Coal Power Generation
WILMINGTON, DE , UNITED STATES, March 22, 2024 /EINPresswire / -- The coal power generation market was valued at $361.1 billion in 2022 and is estimated to reach $440.5 billion by 2032 growing at a CAGR of 2.1% from 2023 to 2032.
Coal is predominantly utilized as a source of energy for the purpose of electricity generation. A coal-fired power station, often known as a coal power plant, refers to a thermal power plant that utilizes the combustion of coal as its primary fuel source for electricity generation. Globally, there are over 2,400 coal-fired power plants with a combined capacity of over 2,000 gigawatts. They generate approximately one-third of the world's electricity. Coal is the most extensively used source for generating power worldwide since it is readily available and affordable.
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Compared to nuclear power plants, coal-fired power plants are more dependable and secure. Coal-fired power plants are an example of fossil fuel power plants. Typically, pulverized coal is burnt in pulverized coal-fired boilers. The furnace's heat converts boiler water to steam, which is used to drive turbines that turn generators. Therefore, coal's chemical energy is successfully converted into thermal, mechanical, and electrical energy.
Coal Power Generation Market Report Highlights
By Technology
Cyclone Furnaces
Others
Pulverized
By Application
Residential
Commercial
Industrial
Significant Availability of Raw Material
Raw material availability is a critical element that impacts all production processes, manages their setup, and contributes to market expansion. In the case of coal-fired power generation, coal is used as an energy source and is a significant basic material in producing electricity. China, India, Indonesia, and Australia are the leading coal producers in the Asia-Pacific region. In 2020, the Asia-Pacific region alone contributed approximately two-thirds of the global coal production. This readily available raw material lowers production costs and makes coal the most reliable resource for power generation, even during periods of peak demand.
In 2019, China emerged as the leading global coal producer, contributing to 46.6% of the overall coal consumption worldwide. This significant share has spurred the initiation of new ventures aimed at expanding coal-fired power generation. As a result, the Asia-Pacific region is anticipated to be the market's main growth driver for coal-fired power generation.
Transmission Infrastructure and Grid Connections
Infrastructure and grid connections play a crucial role in developing the power infrastructure and heavily impact the contribution of different sources in the overall energy mix. Various countries in the Asia-Pacific region lack grid connections and transmission infrastructure, restricting the growth of renewable energy sources. Developing transmission infrastructure is costly and requires technical capability, limiting the growth prospects of renewable resource-based power generation.
Lack of proper transmission infrastructure, consistency in coal supply, and technological developments in coal-based plants are the factors projected to ensure stable coal-based power production over the coming years. Trends signify that the dominance of coal in the Asia-Pacific power sector is projected to limit the growth of the gas turbine industry in this region and across the globe over the next seven years, fueling the coal power generation market.
Key Findings of the Study:
By technology, the pulverized segment is projected to grow at the highest CAGR of approximately 2.1%, in terms of during the coal power generation market forecast period.
The Asia-Pacific region dominated the coal power generation market share growing at a CAGR of 2.2% in 2021.
By application, the industrial segment dominated the coal power generation market during the forecast period
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Recently developed ultra-supercritical and supercritical technologies are enabling coal-fired plants to achieve higher efficiencies and significantly reduce emissions. With the assistance of these innovative technologies, coal-based power plants can significantly increase efficiency. Such technological developments by the key players are expected to offer tremendous opportunities for the market players.
Technological advancements in fly ash handling are expected to fuel the coal power generation market growth. Fly ash is a residue created upon coal burning in coal-fired power plants. Various government agencies around the world are implementing measures to control air pollution. In order to meet this requirement, manufacturers are developing ash removal systems that work well. Favorable government initiatives, such as measures to control air pollution, are anticipated to create growth opportunities for the coal power generation market over the forecast period.
The global coal power generation market is analyzed based on technology, application, and region. On the basis of technology, the market is divided into pulverized, cyclone furnaces, and others. The pulverized segment dominated the coal power generation market share for 2022 and is expected to maintain its domination throughout the forecast period. This is attributed to the fact that before subjecting coal to the furnace, it needs to be broken down into smaller pieces for uniformity and proper combustion.
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The coal power generation market is witnessing a paradigm shift in its strategic focus, with a growing emphasis on sustainability and efficiency. Industry players are investing in research and development to enhance the efficiency and environmental performance of coal-fired power plants, exploring technologies like ultra-supercritical steam cycles and integrated gasification combined cycle (IGCC) systems. These innovations aim to improve the efficiency of coal combustion, reduce emissions, and ensure the long-term viability of coal power generation in a carbon-constrained world.
Key Market Players:
Siemens AG
General Electric Company
Schneider Electric SE
NextEra Energy, Inc.
Eaton Corporation
State Grid Corporation of China
Mitsubishi Electric Corporation
National Grid plc
Toshiba Corporation
ABB Ltd.
David Correa
Allied Market Research
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