Coal Fired Power Generation Market size was 1,708.5 GW in the year 2013. This growth can be attributed to rising power demand across the globe. Several technologies like cyclone furnace, the firing of pulverized coal and coal gasification are being implemented for power generation. Moreover, low cost of coal coupled with its abundant availability across the globe is expected to fuel up the market in the upcoming years. Moreover, half of the power requirement of world is being catered by such coal-fired power plants.
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The key driving factors responsible for the growth of Coal Fired Power Generation market :
The prices of other power generation sources like natural gas and oil are changing continuously. Thus, manufacturers have started using such cost-effective sources like coal for catering to their increasing demand.
Various governmental agencies and environmental protection organizations are imposing several restrictions on usage of such power sources. Thus, the key players have started developing various cleaner sources for power generation. Moreover, various governments have started promoting the usage of these sources thereby driving the market growth.
The segment of pulverized coal held the largest share across the global market in 2013, followed by the technology of cyclone furnace. This is being used for generating thermal energy through boilers owing to its feature of adjusting the combustion rate. Moreover, it can also give out instant response to the change in load, thereby driving the market growth in the upcoming years.
The rest of technologies like combustion of fluidized bed and coal gasification are also expected to drive the coal-fired power generation industry growth in the upcoming years. These technologies are expected to register a CAGR of 3.9% during the forecasted years. Strict rules being imposed by governing authorities regarding the power generation have paved the way for usage of eco-friendly power generation technologies like coal gasification.
The commercial segment of application held the largest share exceeding half the global market in 2013. It is expected to continue its dominance over the forecasted years owing to rapid industrialization. This segment is expected to register a CAGR of 3.0% during the forecasted years.
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