Global Thermal Power Market

Global Thermal Power Market to Reach 18,273 Billion Kilowatt-Hours by 2015, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Thermal Power market. The global market for Thermal Power is forecast to reach 18,273 billion kilowatt-hours by the year 2015, driven by rising population, enhanced lifestyles and the need to upgrade/maintain present power generation capacity. Demand from developing countries, high efficiency power projects and new, environment friendly technology using solar and other renewable sources of energy auger well for rapid growth in future.

January 03, 2011 - Thermal power generation worldwide is poised for a staggering growth in the medium-to-long term, with demand likely to expand a whopping 62% by 2030 from the present level. Several countries across the world have already liberalized or are in the process of liberalizing their electric power markets through opening up of wholesale markets and also to some extent in retail markets. Effective mobilization of resources from private sector for the development and expansion of power sector drive the liberalization process in developing countries, while consistent pressures to reduce costs and prices of electricity force developed countries to deregulate their electricity markets. Coal continues its dominance as a major fuel source in the worldwide electricity generation, and hence in thermal power generation. However, natural gas is slowly making inroads at the cost of coal.

Asia-Pacific and US represent global leaders, capturing a major share of the worldwide thermal power market. China is one of the largest and fastest growing markets for electricity, and is already recognized as the largest producer of thermal power worldwide. Although Asia-Pacific represents high growth potential, scarcity of water resources in Asia-Pacific region is forcing several countries to opt for development of thermal power generation or other renewable sources of energy. The efforts of major markets in Latin America to diversify their fuel sources, which rely heavily on hydropower, plays a major role in increasing preference for thermal power generation. {continued}