The global coal fired power generation installed capacity is expected to reach 2,072.8 GW by 2020, according to a new study by Grand View Research, Inc. Availability of coal at cheap prices mainly in coal rich Asian countries is expected to remain a key driving factor for the market. In addition, rising electricity consumption on account of growing energy need, especially from emerging markets, is also expected to have a positive impact on market demand. However, stringent regulatory outlook mainly in Europe and North America along with a definitive push for clean or sustainable energy may hinder market growth over the next six years.
Commercial applications dominated coal fired power generation demand, accounting for 55.7% of total market in 2013. In addition to being the largest application segment, commercial applications are also expected to be the fastest growing application segment, at an estimated CAGR of 3% from 2014 to 2020.
Further key findings from the study suggest:
- Pulverized coal systems dominated the technology market for coal fired power generation and accounted for over half of the total capacity installed in 2013. Global installed capacity for cyclone furnaces based coal fired power generation is expected to reach 614.7 GW in 2020, growing at a CAGR of 2.6% from 2014 to 2020.
- Asia Pacific emerged as the largest regional market and accounted for just over 55% of total installed capacity in 2013. Asia Pacific along with being the largest market is also expected to be the fastest growing market for coal fired power generation at an estimated CAGR of 3.2% from 2014 to 2020.
- Some of the leading companies operating in the global market include China Huaneng Group, China Datang Corporation, Korea Electric Power Corporation, Shenhua Group Corporation Limited, Duke Energy Corporation, National Thermal Power Corporation Limited, E.ON SE and American Electric Power Company Inc.