Market Challenges And Opportunities

Drivers:

Easy availability of raw materials across the Asia Pacific region is primarily fueling the market growth of the coal-fired power generation. Coal is a major source of power generation and Coal-fired power generation. China, India, Indonesia, and Australia are the major producers of coal. Thus, the ready availability of the coal in Asia Pacific region is fueling the market growth of the coal fired power generation.

Rising demand for electricity is expected to augment the market growth of coal-fired power generation. This is attributed to the increasing population which is creating demand for the residential sector. Rapid industrialization and urbanization along with the need for the energy in heavy industries is again expected to propel the market growth of the coal fire power generation. Thus, the growing demand for electricity is projected to propel the market growth.

Market Restraints

The advent of environmentally friendly technologies is expected to hamper the market growth of coal-fired power generation. Strict regulations regarding greenhouse gas emissions are encouraging manufacturers to launch green technologies. This is expected to hinder the market growth of coal-fired power generation.

The health issues associated with the coal-fired power generation as they release harmful gases which lead to various respiratory problems such as asthma. This is expected to hamper the market growth of coal-fired power generation.

Market Opportunities

Advancement in combustion technologies is expected to provide potential opportunities over the forecast period. This is attributed to growing awareness regarding greenhouse emissions. Moreover, the growth in the residential sector coupled with the increasing R & D to enhance the efficiency and lower operating costs is again expected to augment the market growth of the coal-fired power generation over the forecast period.

An increase in the number of coal-fired power generation plants around the globe is expected to offer profitable market opportunities over the forecast period. For instance, in February 2020, Japan announced that it is planning to build up to 22 new coal power plants at 17 different sites in the next five years. Thus, an increasing number of coal-fired power generation plants is expected to bolster the market growth of the coal-fired power.