What is the current Thermal Power Market size?

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

Who are the key players in Thermal Power Market?

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. Read More

Which is the fastest growing region in Thermal Power Market?

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

Which region has the biggest share in Thermal Power Market?

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

What years does this Thermal Power Market cover?

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. Read More

Thermal Power Market Trends

Statistics for the 2023 & 2024 Thermal Power market trends, created by Mordor Intelligence™ Industry Reports. Thermal Power trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Thermal Power Industry

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.

Understand The Key Trends Shaping This Market

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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.