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The global power market looks up due to improving conditions of the world economy

The global thermal power market is set to witness stupendous amounts of growth, with demand likely to expand to an astounding 62% by 2030 from current levels. Asia Pacific, US and China remain the largest and fastest growing markets and are already being recognized as the major producers of thermal power worldwide.

This report: Thermal Power in China, Market Outlook to 2025, Update 2014 - Capacity, Generation, Power Plants, Regulations and Company Profiles provides detailed market analysis, information and insights into this industry. The report provides in depth analysis on global thermal power market with forecasts up to 2025. The report analyzes the power market scenario globally and specifically in China including thermal, nuclear, large hydro, pumped storage and renewable energy sources and provides insights on the market outlook with forecasts up to 2025.

 

Global trends and prospects

Several countries across the world have already reviewed or are currently in the process of reviewing their power markets. Opening up of wholesale markets alongside the expansion of the retail power markets has been driving up the demand for energy, consequently increasing the demand for thermal power. Deployment of resources from private sector for development and expansion activities is driving the liberalization process which also forms one of the key reasons for the growth of this industry.

Coal continues to be a dominant fuel source in worldwide electricity generation, consequently leading the demand for thermal power generation. However, natural gas is slowly taking over as an alternative for coal. During the economic slowdown the nuclear power plants were the worst affected - the demand fell by a staggering 40% during the period. Orders for new power plants in several economies deteriorated by close to 20% due to reduction in the global energy consumption levels. The recession also resulted in a considerable decline in prices of coal and natural gas, which had been the main sources of thermal power generation. With the economic recovery progressing gradually, the coal and natural gas-based power plants are expected to take some time to revive and witness growth. Asia Pacific and the US are currently the global leaders in power generation, though emerging economies like China and Latin America are close behind. Major markets in Latin America are diversifying their fuel sources, playing a major role in increasing the preference for thermal power on a global scale.

 

Market trends and prospects in China

China is catching up fast and is already being recognized as the world leader in thermal power production and electricity generation. To meet the energy demands of an ever increasing population base, China designated power as one of the key sectors. After a sharp rise of 111% in the energy consumption between 1990 and 2008, the country topped US to become the number one consumer of energy in 2010. As a self-sustained unit in terms of power generation and consumption, thermal power production has mostly dominated the power mix. However, with renewable energy resources quickly gaining prominence, the thermal power output grew to 20% in the latter half of 2013, but has since dropped to a mere 5%. Moreover China’s focus on the reduction of pollution and concentrating on clean energy sources has been another significant cause for the slowdown of the market. However fossil fuels like coal remain the most abundant and consequently the cheapest energy sources in China, citing which coal consumption leading to thermal power generation is expected to continue to grow though at a slow pace.

 

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SOURCE:  Researchonchina.com