Global Thermal Power Market is valued at approximately USD xxx billion in 2022 and is anticipated to grow with a healthy growth rate of more than xxx over the forecast period 2023-2030. Thermal Power is the rate at which fuel is converted into heat in most energy systems. These heat engines produce heat in order to do meaningful work. Thermal power is the heat supplied to a boiler in a power plant to create electricity. The growth is expected to increase due to an increase in electricity demand, rapid industrialization, urbanization, and heavy industry energy requirements also it takes place mainly in the natural gas-based thermal power plants.

The worldwide thermal power plant market is largely driven by increased energy consumption and demand from households and businesses throughout the world. The growing number of industrial and residential units is predicted to increase the need for efficient power supply, propelling the worldwide thermal power plant market forward. According to the United Nations, in November 2022, the global population will increase by 2 billion by 2050, from 7.7 billion to 9.7 billion. An increase of 2 billion in 30 years (2020-2050) is predicted, which would greatly enhance energy consumption, and therefore the worldwide thermal power plant market is expected to develop significantly in the near future. Growing population, increased electrification, and per-capita demand will give further impetus. According to IBEF, in December 2022, India’s power consumption increased by 11% to 121.19 billion units. Additionally, more efficient technologies, such as Ultra Supercritical Coal Technology, which also decreases pollution (per KW), are likely to replace ageing power plants and represent a market opportunity. However, the introduction of environmentally friendly technologies stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Thermal Power Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to Rising government investments in urbanisation and industrialization are predicted to considerably enhance market growth over the forecast period, as is the abundance of coal in the Asia Pacific area, which has resulted in the availability of affordable coal. North America is expected to grow significantly during the forecast period, due to the presence of a well-established and powerful thermal power plant infrastructure which is a primary driver of the thermal power plant market. growing investment in the United States to build thermal power capacity, as well as growing electricity demand, is likely to fuel the expansion of the North American thermal power plant market in the coming years.

Major market player included in this report are:
Electricite de France S.A.
Chubu Electric Power Co., Inc.
Siemens AG
General Electric Company
Iberdrola, S.A.
ENGIE
National Thermal Power Corporation Limited
Tokyo Electric Power Company Holdings
China Huaneng Group Co. Ltd.
American Electric Power Company Inc.

Recent Developments in the Market:
? In October 2021, American Electric Power agreed to sell its Kentucky assets, including Kentucky Power and AEP Kentucky Transco, to Liberty, the regulated utility unit of parent firm Algonquin Power & Utilities Corp, for a total enterprise value of US$ 2.846 billion.
? In January 2021 Huaneng said that it will build more than 80GW of clean energy power capacity, boosting clean energy capacity to more than half of the company’s entire installed generation capacity by 2020.
Global Thermal Power Market Report Scope:
? Historical Data – 2020 - 2021
? Base Year for Estimation – 2022
? Forecast period - 2023-2030
? Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
? Segments Covered – Technology, Storage Material, Application, , Region
? Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
? Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Sensible
Latent
Thermochemical
Others
By Storage Material
Water
Molten Salts
PCM
Others
By Application:
Power Generation
District Heating and cooling
Process heating and cooling
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa