Technavio: coal power generation market to register a CAGR of over 1% by 2023
Published by Claire Cuddihy,
Assistant Editor
World Coal,
Technological advances in ash handling are predicted to drive market growth. Coal ash, also known as coal combustion residuals, is produced mainly by the combustion of coal in coal-fired power plants. Governments across the world are implementing various measures to control pollution. Efficient ash-handling systems are being developed to comply with such regulations. For instance, MAGALDI offers MAGALDI Ash Recycling (MAR), which is an improvement over the MAGALDI ash cooler (MAC) system for dry extraction, cooling and handling of bottom ash from solid fuel-fired boilers. This innovative process is used to recycle both dry bottom ash and economiser (ECO) ash in the combustion chamber and converts them into fly ash. Technavio's analysts have predicted that the coal-fired power generation market will register a compound annual growth rate (CAGR) of over 1% by 2023.
Market overview
Rising urbanisation
With the growth in the urban population, the need for basic facilities such as commercial and residential infrastructures is increasing. Urbanisation directly boosts activities in industries such as construction and automotive, thus increasing the demand for power. The increase in urbanisation is expected to drive the demand for electricity, thus propelling the growth of the global coal-fired power generation market during the forecast period.
Competition from other energy sources
Coal faces competition from other sources of energy such as renewables, oil, gas, and nuclear energy. According to the lEA. in 2017, renewables and natural gas contributed 25% and 23% to the total electricity generation, respectively. Renewables gained high popularity. This has affected the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the coal-fired power generation market during the 2019 - 2023, view our report.
Competitive landscape
The market appears to be fragmented and with the presence of several companies including Southern Company and Uniper the competitive environment is quite intense. Factors such as the rising urbanisation and the technological advances in ash handling, will provide considerable growth opportunities to coal-fired power generation manufactures. China Huadian, CHINA SHENHUA, NTPC, Southern Company, and Uniper are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05729143
Read the article online at: https://www.worldcoal.com/coal/30012019/technavio-coal-power-generation-market-to-register-a-cagr-of-over-1-by-2023/
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