Thermal Power Plant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F- Product Image

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Thermal Power Plant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F

Report
180 Pages
April 2025
Region: Global
TechSci Research
ID: 6075227

The Thermal Power Plant Market was valued at USD 1.94 Trillion in 2024, and is expected to reach USD 2.45 Trillion by 2030, rising at a CAGR of 3.84%. This market comprises the worldwide activities related to building, operating, maintaining, and modernizing thermal power plants, which produce electricity by converting heat energy - typically from coal, natural gas, oil, nuclear sources, and biomass - into mechanical and then electrical energy. Despite the growing momentum toward renewable sources, thermal power continues to play a vital role in the global energy mix due to its ability to ensure reliable base-load power, swift adaptability to demand shifts, and its critical role in supporting energy infrastructure in emerging economies.

Key Market Drivers

Growing Electricity Demand in Emerging Economies

The increasing demand for electricity in emerging countries such as India, China, Indonesia, Vietnam, and many African nations is a key factor driving the thermal power plant market. These nations are experiencing rapid industrial growth and urban development, which requires a steady and scalable energy supply to sustain infrastructure and economic progress. Coal- and gas-powered thermal plants provide dependable base-load energy, especially where renewable infrastructure remains underdeveloped. Furthermore, renewables often involve longer setup times and are weather-dependent, while thermal power offers quicker deployment and cost-effective scalability.

Many governments support thermal projects through subsidies or favorable policies to meet growing demand. Industries like cement, steel, textiles, and chemicals rely heavily on stable thermal energy. In addition, rural electrification initiatives are expanding grid networks, boosting thermal demand. Though clean energy initiatives are advancing globally, thermal power continues to serve as a transitional solution, with hybrid integration and grid stability support enhancing its relevance. According to the IEA, global electricity demand rose by 2.2% in 2023, with about 95% of the growth coming from emerging and developing economies, reaching nearly 29,000 TWh.

Key Market Challenges

Environmental Regulations and Carbon Emission Constraints

A major challenge for the thermal power plant sector is the increasing stringency of environmental regulations aimed at curbing carbon emissions. Thermal plants, particularly those using coal, are leading sources of greenhouse gases, and governments are enforcing measures such as flue gas desulfurization, carbon capture and storage (CCS), and other emission-control technologies. These upgrades significantly elevate both capital and operational expenditures. Moreover, carbon pricing and emission trading systems are placing added financial strain on operators.

The global shift toward net-zero goals, including commitments under the Paris Agreement, is reducing the appeal of thermal energy, while investors are pulling back from fossil fuel projects. Public opposition and demand for cleaner energy alternatives are also rising, prompting utilities to either diversify into cleaner fuels like natural gas or invest in modernization - changes that often require significant infrastructure and funding, making profitability more uncertain. Consequently, stringent environmental standards are both limiting growth and forcing expensive retrofitting for existing thermal plants.

Key Market Trends

Transition Towards Cleaner Thermal Technologies Through Retrofitting and Efficiency Upgrades

A prominent trend in the thermal power plant market is the focus on modernizing existing facilities to enhance efficiency and reduce emissions. With escalating power needs in industrializing regions such as Southeast Asia, India, and China, governments and utilities are pushing for cleaner operations through retrofitting initiatives. Upgrades like advanced boilers, flue gas desulfurization systems, low NOx burners, and CCS technologies are being implemented to improve performance and cut pollution.

These efforts are bolstered by supportive policies and incentives promoting decarbonization. For example, China is enforcing ultra-low emission standards for coal plants, and India’s PAT scheme promotes energy efficiency. Simultaneously, digital tools like AI-driven monitoring, predictive maintenance, and IoT solutions are helping to reduce costs and downtime. These innovations are enhancing the cost competitiveness of retrofitted thermal plants relative to renewable energy, reinforcing their role in the global push for cleaner yet reliable energy.

Key Market Players

Nuclear Power Corporation of India (NPCIL)
India Power Corporation Ltd
NTPC Limited
Adani Power Limited
Maharashtra State Power Generation Co. Ltd
Duke Energy Corporation
American Electric Power Company, Inc.
Siemens AG
General Electric Company
Chubu Electric Power Co. Inc.

Report Scope:

In this report, the Global Thermal Power Plant Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below.

Thermal Power Plant Market, By Fuel Type:

Coal
Natural Gas
Nuclear
Others

Thermal Power Plant Market, By Capacity:

400 MW
400-800 MW
More than 800 MW

Thermal Power Plant Market, By Turbine Type:

Simple Cycle
Combined Cycle

Thermal Power Plant Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia-Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Thermal Power Plant Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report.

Company Information

Detailed analysis and profiling of additional Market players (up to five).

This product will be delivered within 1-3 business days.

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Thermal Power Plant Market Outlook

5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Fuel Type (Coal, Natural Gas, Nuclear, and Others)
5.2.2. By Capacity (400 MW, 400-800 MW, More than 800 MW)
5.2.3. By Turbine Type (Simple Cycle, Combined Cycle)
5.2.4. By Region
5.3. By Company (2024)
5.4. Market Map

6. North America Thermal Power Plant Market Outlook

6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Fuel Type
6.2.2. By Capacity
6.2.3. By Turbine Type
6.2.4. By Country
6.3. North America: Country Analysis
6.3.1. United States Thermal Power Plant Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Fuel Type
6.3.1.2.2. By Capacity
6.3.1.2.3. By Turbine Type
6.3.2. Canada Thermal Power Plant Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Fuel Type
6.3.2.2.2. By Capacity
6.3.2.2.3. By Turbine Type
6.3.3. Mexico Thermal Power Plant Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Fuel Type
6.3.3.2.2. By Capacity
6.3.3.2.3. By Turbine Type

7. Europe Thermal Power Plant Market Outlook

7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Fuel Type
7.2.2. By Capacity
7.2.3. By Turbine Type
7.2.4. By Country
7.3. Europe: Country Analysis
7.3.1. Germany Thermal Power Plant Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Fuel Type
7.3.1.2.2. By Capacity
7.3.1.2.3. By Turbine Type
7.3.2. United Kingdom Thermal Power Plant Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Fuel Type
7.3.2.2.2. By Capacity
7.3.2.2.3. By Turbine Type
7.3.3. Italy Thermal Power Plant Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Fuel Type
7.3.3.2.2. By Capacity
7.3.3.2.3. By Turbine Type
7.3.4. France Thermal Power Plant Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Fuel Type
7.3.4.2.2. By Capacity
7.3.4.2.3. By Turbine Type
7.3.5. Spain Thermal Power Plant Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Fuel Type
7.3.5.2.2. By Capacity
7.3.5.2.3. By Turbine Type

8. Asia-Pacific Thermal Power Plant Market Outlook

8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Fuel Type
8.2.2. By Capacity
8.2.3. By Turbine Type
8.2.4. By Country
8.3. Asia-Pacific: Country Analysis
8.3.1. China Thermal Power Plant Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Fuel Type
8.3.1.2.2. By Capacity
8.3.1.2.3. By Turbine Type
8.3.2. India Thermal Power Plant Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Fuel Type
8.3.2.2.2. By Capacity
8.3.2.2.3. By Turbine Type
8.3.3. Japan Thermal Power Plant Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Fuel Type
8.3.3.2.2. By Capacity
8.3.3.2.3. By Turbine Type
8.3.4. South Korea Thermal Power Plant Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Fuel Type
8.3.4.2.2. By Capacity
8.3.4.2.3. By Turbine Type
8.3.5. Australia Thermal Power Plant Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Fuel Type
8.3.5.2.2. By Capacity
8.3.5.2.3. By Turbine Type

9. South America Thermal Power Plant Market Outlook

9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Fuel Type
9.2.2. By Capacity
9.2.3. By Turbine Type
9.2.4. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Thermal Power Plant Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Fuel Type
9.3.1.2.2. By Capacity
9.3.1.2.3. By Turbine Type
9.3.2. Argentina Thermal Power Plant Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Fuel Type
9.3.2.2.2. By Capacity
9.3.2.2.3. By Turbine Type
9.3.3. Colombia Thermal Power Plant Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Fuel Type
9.3.3.2.2. By Capacity
9.3.3.2.3. By Turbine Type

10. Middle East and Africa Thermal Power Plant Market Outlook

10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Fuel Type
10.2.2. By Capacity
10.2.3. By Turbine Type
10.2.4. By Country
10.3. Middle East and Africa: Country Analysis
10.3.1. South Africa Thermal Power Plant Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Fuel Type
10.3.1.2.2. By Capacity
10.3.1.2.3. By Turbine Type
10.3.2. Saudi Arabia Thermal Power Plant Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Fuel Type
10.3.2.2.2. By Capacity
10.3.2.2.3. By Turbine Type
10.3.3. UAE Thermal Power Plant Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Fuel Type
10.3.3.2.2. By Capacity
10.3.3.2.3. By Turbine Type
10.3.4. Kuwait Thermal Power Plant Market Outlook
10.3.4.1. Market Size & Forecast
10.3.4.1.1. By Value
10.3.4.2. Market Share & Forecast
10.3.4.2.1. By Fuel Type
10.3.4.2.2. By Capacity
10.3.4.2.3. By Turbine Type
10.3.5. Turkey Thermal Power Plant Market Outlook
10.3.5.1. Market Size & Forecast
10.3.5.1.1. By Value
10.3.5.2. Market Share & Forecast
10.3.5.2.1. By Fuel Type
10.3.5.2.2. By Capacity
10.3.5.2.3. By Turbine Type

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. Nuclear Power Corporation of India (NPCIL)
13.1.1. Business Overview
13.1.2. Key Revenue and Financials
13.1.3. Recent Developments
13.1.4. Key Personnel/Key Contact Person
13.1.5. Key Product/Services Offered
13.2. India Power Corporation Ltd
13.3. NTPC Limited
13.4. Adani Power Limited
13.5. Maharashtra State Power Generation Co. Ltd
13.6. Duke Energy Corporation
13.7. American Electric Power Company, Inc.
13.8. Siemens AG
13.9. General Electric Company
13.10. Chubu Electric Power Co. Inc.,

14. Strategic Recommendations15. About the Publisher & Disclaimer

Companies Mentioned

Nuclear Power Corporation of India (NPCIL)
India Power Corporation Ltd
NTPC Limited
Adani Power Limited
Maharashtra State Power Generation Co. Ltd
Duke Energy Corporation
American Electric Power Company, Inc.
Siemens AG
General Electric Company
Chubu Electric Power Co. Inc.,

Table Information

Report Attribute	Details
No. of Pages	180
Published	April 2025
Forecast Period	2024 - 2030
Estimated Market Value ( USD ) in 2024	$ 1.94 Trillion
Forecasted Market Value ( USD ) by 2030	$ 2.45 Trillion
Compound Annual Growth Rate	3.8%
Regions Covered	Global
No. of Companies Mentioned	10

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