Global coal fired power generation market size was 1,708.5 GW in 2013. Strong energy demand is expected to drive the overall market over the forecast period. There are several technologies that are used for such power generation such as pulverized coal firing, cyclone furnace, coal gasification and fluidized bed combustion. Coal is a major source for power generation owing to its abundant availability and lower cost compared to other power generation methods. Nearly half the global electricity demand is met by generating power using coal.
Rapid industrialization and urbanization, particularly in the developing regions such as Asia Pacific and Latin America have resulted in rapid electricity demand growth over the years for both commercial as well as residential applications. Volatile price for other power generation fuel substitutes such as oil and natural gas is another factor that inclines electricity producing companies to adopt coal as a major power generating source.
Growing environmental concerns have resulted in multiple regulations being issued by governments and environment protection agencies. Technological innovation has led to several alternative power generation technologies being developed that are cleaner and have lower emissions. Governments across the globe have taken several initiatives to encourage alternative cleaner electricity generation sources. Such stringent regulatory framework coupled with the advent of cleaner alternative methods is anticipated to hamper the global market.
R&D initiatives to increase efficiency, lower operating cost, and streamline logistical procedures offer ample opportunities for the industry participants. Rapid demand growth in regions such as Asia Pacific also promises abundant opportunities for new as well as existing industry participants.
North America coal fired power generation market installed capacities by technology, 2012-2020, (USD Million)
Pulverized coal firing technology dominated the global coal fired power generation scenario in the recent years with nearly half the market share followed by cyclone furnace technology. Pulverized coal fired boilers use powdered coal to generate thermal energy in an attempt to efficiently use the entire boiler volume for combustion. Cyclone furnace technology is the second most widely used method for power generation.
Other technologies such as coal gasification and fluidized bed combustion are expected to witness rapid growth over the forecast period owing to their comparatively lower emission standards. Such novel technologies are projected to witness a CAGR of 3.9% over the forecast period.
Commercial applications accounted for more than half of the coal fire power generation market share in the recent past and are expected to continue this dominance in the future. Such a trend can be attributed to factors such as rapid industrialization, especially in the developing regions. Commercial applications are presumed to experience a CAGR of 3% from 2014 to 2020. Residential applications are expected to witness a positive growth over the forecast period.
Asia Pacific dominated the global coal fired power generation market in the recent past with 55% of the market share and is expected to witness a CAGR of 3.2% from 2014 to 2020. Economies such as China and India are expected to aid the regional market over the forecast period.
Western markets such as North America and Europe are anticipated to witness slightly slower growth rate as compared to Asia Pacific owing to stringent regulatory measures. Growing environmental concerns have resulted in increasing acceptance of alternative power generation sources, particularly in the European region. Such advent of alternative sources is anticipated to hamper growth in certain regional markets.
China Huaneng Group emerged as the leading company operating in the global coal fired power generation market. China Huaneng Group along with other prominent industry participants such as China Datang Corporation, Shenhua Group Corporation Limited, and Korea Electric Corporation accounted for one-fifth of the market share in 2013.
Industry participants have taken several ardent steps and invested in R&D initiatives to reduce their operating cost, minimize emissions, and increase operating efficiencies. Other key industry participants include Duke Energy, E.ON SE, National Thermal Power Corporation Limited, and American Electric Power Company Inc.
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