THERMAL POWER PLANT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Thermal Power Plant Market, By Fuel Type (Coal, Natural Gas, and Others), By Capacity (400 MW, 400-800 MW, and More than 800 MW), By Turbine Type (Simple Cycle, and Combined Cycle), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024
Code : CMI6731
Pages :144
Formats :
Excel and PDF
Industry : Energy

Market Challenges: Stringent environmental regulations

The thermal power plant market faces several challenges. Stringent environmental regulations around the world are pushing these plants to reduce their carbon emissions. This requires significant capital investments in carbon capture technologies, which puts pressure on margins. Additionally, the rising demand for renewable energy is increasing competition from wind and solar power. Thermal plants must now offer competitively priced electricity to counter cheaper alternatives. An aging infrastructure in several developed markets needs modernization as well, incurring heavy maintenance and upgrade costs.

Market Opportunities: Emerging economies

Emerging economies continue to experience rapid industrialization and urbanization, fueling the electricity demand growth. Thermal plants remain the most reliable solution for providing base load power needs at scale. Their modular design allows for convenient capacity expansion. The adoption of supercritical and ultra-supercritical technologies also enhances efficiency. The integration of AI and IoT can optimize plant performance.