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

Regional Analysis

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North America continues to dominate the global thermal power plant market with 42.4% share owing to a strong presence of key industry players and sizable demand in the U.S. The region houses many large utilities as well as engineering, procurement, and construction firms with expertise in setting up thermal power assets. States, such as Texas and Florida, rely heavily on fossil fuel-based power generation, sustaining demand. Furthermore, periodic maintenance and upgrades of aging infrastructure reinforce the aftermarket. However, the North American market has matured over the years with incremental demand expected in future. Stringent environmental norms might also impact capacity additions going ahead.

The Asia Pacific region has emerged as the fastest growing market for thermal power equipment and services. Developing economies across South East Asia, South Asia, and China are witnessing phenomenal industrialization and urbanization. This translates to exponential growth in power demand which domestic players alone cannot satisfy. Countries like India, Indonesia, and Vietnam have liberalized their power sectors inviting foreign investment. Local constructors continue undertaking massive capacity addition programs backed by public sector undertakings and private developers. Their inherent cost competitiveness combined with demand uptick makes the APAC region highly attractive. Local manufacturers are enhancing their portfolio through collaborations for advanced technologies too. While import dependency exists for certain high-end components, localizing the supply chain has become a priority. This presents opportunities for technology transfer and component manufacturing by overseas firms. Additionally, the operational requirements of the fast expanding asset base will progressively augment the aftermarket business over the coming decade. Adequate fuel availability along with emphasis on energy security also drives the expansion of domestic coal resources and import infrastructure in major APAC economies.