Market Research Report
Coal Fired Power Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||967697|
|Published||Content info||138 Pages
Delivery time: 2-3 business days
|Coal Fired Power Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: December 5, 2020||Content info: 138 Pages||
The global coal fired power generation market experienced moderate growth during 2014-2019. A coal fired power station is a type of thermal plant that utilizes the combustion of sub-bituminous and lower volatile coal to generate electricity. It functions by burning coal to generate thermal, mechanical, and electrical energy using various technologies. As coal is easily available and highly cost effective, it represents the most widely used source for electricity production across the globe. Coal fired power plants are also more reliable and safer than their nuclear counterparts.
The escalating demand for energy on account of rapid industrialization and the increasing dependence on electrification across the globe represents one of the key factors bolstering the market growth. However, coal fired power generation produces huge amounts of polluting gases, including carbon dioxide (CO2) sulfur dioxide (SO2) and nitrogen oxides (NOx). Due to the rising environmental concerns, governing agencies of various counties, along with several energy companies, are investing heavily in research and development (R&D) projects to introduce clean coal technologies. For instance, researchers are developing power plants with carbon capture and storage (CCS) capabilities that offer a flexible and cost-effective solution to decarbonize the energy production process. Furthermore, the demand for power has declined due to the coronavirus disease (COVID-19) outbreak and consequent lockdowns imposed by governments of various countries, which has further resulted in the temporary closure of a number of coal fired power plants. The market is expected to grow once normalcy is regained. Looking forward, IMARC Group expects the global coal fired power generation market to continue its moderate growth during the next five years.