The global coal-fired power generation market is expected to post a CAGR of over 1% during the period 2019 - 2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising urbanisation. This is due to the rise in population, improved standards of living, and the availability of better infrastructure and facilities in urban areas compared with rural areas. The growth in urban population is driven by emerging economies such as China, India, and Nigeria due to their rapid economic development. 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, in turn, propelling the growth of the global coal-fired power generation market during the forecast period.
As per Technavio, the increasing focus on clean coal technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global coal-fired power generation market 2019 - 2023 research report also analyses other important trends and market drivers that will affect market growth over 2019 - 2023.
Global coal-fired power generation market: increasing focus on clean coal technologies
Clean coal technologies aim to reduce the environmental impact of coal-fired power generation and mitigate the global climate change. To reduce the number of pollutants generated, investments are being directed toward the deployment of more efficient supercritical and ultra-supercritical coal-fired power generation technologies. Several innovative approaches such as direct coal fuel cells, integrated gasification fuel cells, and supercritical CO2 are being explored. These technologies promise ultra-high efficiencies and are at different stages of development. The development of clean coal technologies is expected to reduce the amount of pollution from coal-fired power generation plants. This will boost the growth of the global coal-fired power generation market during the forecast period.
“Apart from the increasing focus on clean coal technologies, the growing popularity of hybrid power projects, the technological advances in ash handling, and the availability of coal at low prices and rising urbanisation are some major aspects that are expected to boost the growth of the global market during the forecast period,” says a senior analyst at Technavio.
Global coal-fired power generation market: segmentation analysis
This market research report segments the global coal-fired power generation market by technology (subcritical, CHP, supercritical, and ultra-supercritical) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 67%, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to continue dominating as well as register the highest incremental growth of close to 5%.
View the full report here.
Read the article online at: https://www.worldcoal.com/power/23012019/technavio-releases-new-report-on-global-coal-fired-power-generation-market/