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Dublin, 20 January 2022 (GLOBE NEWSWIRE) — “The Thermal Power Plant Market by Fuel Type: Global Opportunity Analysis and Industry Forecast 2021-2030” report added to ResearchAndMarkets.com’s supply.
The global thermal power plants market was valued at USD 1,345 billion in 2020 and is expected to reach USD 1,820.7 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.
Thermal power plants convert the thermal energy of primary fuels such as coal into electricity. In most thermal power plants, the combustion of primary fuel heats water and converts it into steam. The steam drives a steam turbine, which ultimately produces electricity. Subsequently, the steam is condensed and recycled back into the system. Thermal power plants may use several different types of heat sources, including fossil fuels, nuclear energy, biomass and waste.
The global thermal power plants market is mainly driven by the surge in electricity demand, which is expected to boost the growth of the coal-fired power generation market. This is attributed to the growing population, which is creating demand for the residential sector. Rapid industrialization and urbanization along with heavy industry demand for energy is expected to drive the growth of the thermal power plant market again. Hence, surging electricity demand is expected to drive the market growth.
However, advent of environmentally friendly technologies, stringent regulations regarding greenhouse gas emissions, and health concerns associated with coal-fired power generation are expected to hinder the growth of the thermal power plants market over the forecast period. Furthermore, advancements in combustion technology are expected to provide growth opportunities for the thermal power plant market over the forecast period.
Thermal Power Plant market size is segmented on the basis of…
The full story is available on Benzinga.com
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