Thermal Power Plant Market Report 2025 (Global Edition)

Global Thermal Power Plant Market Report 2025 Market Size Split by Type Outlook: (Biomass or Co-Fired Power Station, Combined Cycle Power Plant, Combined Heat and Power, Fossil-Fuel Power Plant), by A...

Thermal Power Plant Market Report Description

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Thermal Power Plant Market Insights Video

Competitive Landscape of the Thermal Power Plant Market

The thermal power plant market is highly competitive, with key players leading in offering advanced technologies for efficient power generation and emission control. Strategic collaborations, mergers, and acquisitions are common, with a focus on enhancing operational efficiency and meeting environmental regulations. Additionally, regional players are emerging, especially in developing markets, to address the growing energy demand. The competitive landscape is further shaped by the shift towards cleaner, more sustainable technologies.

In October 2022, a memorandum of understanding (MoU) was signed between NTPC Ltd and GE Gas Power to assess the feasibility of using hydrogen in the co-firing of natural gas and hydrogen at NTPC's Kawas combined-cycle gas power plant in Gujarat. As a result of this partnership, the two companies will jointly explore the possibilities for reducing the emissions of CO2 from the Kawas gas power plant and further implementing these solutions across NTPC's installed units in India on a large scale. (Source: https://ntpc.co.in/media/press-releases/ntpc-and-ge-gas-power-sign-mou-demonstrating-hydrogen-co-firing-gas-turbines#:~:text=Under%20this%20significant%20collaboration%2C%20the,NTPC's%20installed%20units%20in%20India.) In April 2024, EDF and Pod Point announced a new smart charging program to help balance the grid. (Source: https://www.edfenergy.com/media-centre/edf-and-pod-point-introduce-new-smart-charging-initiative-help-balance-grid)

Top Companies Market Share in Thermal Power Plant Industry: (In no particular order of Rank)

• EDF
• American Electric Power Company
• Inc.
• Siemens AG
• General Electric Company
• Chubu Electric Power Co. Inc.
• National Thermal Power Corporation Limited
• ENGIE
• Tata Power
• Duke Energy Corporation
• SSE
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Thermal Power Plant Market

Which Region Dominates the Thermal Power Plant Market in 2024?

According to Cognitive Market Research, North America currently dominates the Thermal Power Plants market, and the region is expected to have significant growth during the projected period. This is due to its advanced infrastructure, high energy demand, and established utilities.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The rapid industrialization, urbanization, and rising energy demand is driving the market.

The current report Scope analyzes Thermal Power Plant Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Thermal Power Plant

According to Cognitive Market Research, the global Thermal Power Plant market size was estimated at USD 1521451.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 608580.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Thermal Power Plant market with a market size of USD 480170.09 million in 2024 and is projected to grow at a CAGR of 2.0% during the forecast period due to the government support for clean energy transition.
• The Canada Thermal Power Plant market had a market share of USD 73029.67 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period due to technological advancements in power generation efficiency.
• The Mexico Thermal Power Plant market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 55380.83 million in 2024.

Europe Thermal Power Plant

According to Cognitive Market Research, the global Thermal Power Plant market size was estimated at USD 1521451.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 456435.45 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

• The United Kingdom Thermal Power Plant market had a market share of USD 76681.16 million in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period. In the UK, Thermal Power Plant sales witness an upswing due to the transition towards cleaner technologies.
• The France Thermal Power Plant market is projected to witness growth at a CAGR of 1.7% during the forecast period, with a market size of USD 41992.06 million in 2024.
• According to Cognitive Market Research, the German Thermal Power Plant market size was valued at USD 90374.22 million in 2024 and is projected to grow at a CAGR of 1.7% during the forecast period. In Germany, Thermal Power plants surged due to government policies and subsidies for fossil fuel-based energy.
• The Italy Thermal Power Plant market is projected to witness growth at a CAGR of 1.9% during the forecast period, with a market size of USD 39253.45 million in 2024.
• The Russia Thermal Power Plant market is projected to witness growth at a CAGR of 1.5% during the forecast period, with a market size of USD 70747.49 million in 2024.
• The Spain Thermal Power Plant market is projected to witness growth at a CAGR of 1.6% during the forecast period with a market size of USD 37427.71 million in 2024
• The Luxembourg Thermal Power Plant market is projected to witness growth at a CAGR of 2.6% during the forecast period, with a market size of USD 14149.50 million in 2024.
• The Portugal Thermal Power Plant market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 9585.14 million in 2024.
• The Greece Thermal Power Plant market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 5477.23 million in 2024.
• The Rest of Europe's Thermal Power Plant market is projected to witness growth at a CAGR of 1.2% during the forecast period, with a market size of USD 70747.49 million in 2024.

Asia Pacific Thermal Power Plant

According to Cognitive Market Research, the global Thermal Power Plant market size was estimated at USD 1521451.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 349933.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Thermal Power Plant market size was valued at USD 157470.23 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Thermal Power Plant surged in China due to the shift towards cleaner technologies.
• The Japan Thermal Power Plant market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 48290.87 million in 2024.
• The India Thermal Power Plant market had a market share of USD 41992.06 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period due to government initiatives for energy security.
• The South Korean Thermal Power Plant market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 34993.38 million in 2024.
• The Australian Thermal Power Plant market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 18196.56 million in 2024.
• The South East Asia Thermal Power Plant market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 24145.44 million in 2024.
• The Rest of Asia Pacific Thermal Power Plant market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 24845.30 million in 2024.

South America Thermal Power Plant

According to Cognitive Market Research, the global Thermal Power Plant market size was estimated at USD 1521451.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 76072.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Thermal Power Plant market size was valued at USD 32559.06 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Thermal Power Plants flourished in Brazil due to increasing reliance on coal and natural gas for energy production.
• Argentina's Thermal Power Plant market had a market share of USD 12780.19 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period due to the government investments in infrastructure .
• Colombia Thermal Power Plant market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 6770.46 million in 2024.
• Peru Thermal Power Plant market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 6237.95 million in 2024.
• Chile's Thermal Power Plant market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 5477.23 million in 2024.
• The Rest of Latin America's Thermal Power Plant market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 12247.68 million in 2024.

Middle East Thermal Power Plant

According to Cognitive Market Research, the global Thermal Power Plant market size was estimated at USD 1521451.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 30429.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031..

• The GCC Countries Thermal Power Plant market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 13023.62 million in 2024. Thermal Power Plant sales flourish due to the presence of major market players.
• The Egypt Thermal Power Plant market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 3195.05 million in 2024.
• The South Africa Thermal Power Plant market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 4807.79 million in 2024. Thermal Power Plant sales flourished in South Africa due to increasing demand and regulatory support.
• The Turkey Thermal Power Plant market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 2616.90 million in 2024.
• The Nigeria Thermal Power Plant market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 3195.05 million in 2024.
• The Rest of the MEA Thermal Power Plant market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 3590.63 million in 2024.

Thermal Power Plant Market Analysis

How are Segments Performing in the Global Thermal Power Plant Market?

Thermal Power Plant Market Type Segment Analysis

According to Cognitive Market Research, fossil-fuel power plants are likely to dominate the Thermal Power Plant Market over the forecast period due to their established infrastructure, reliability, and ability to provide consistent, baseload power. They are widely used globally for large-scale electricity generation, especially in regions with abundant coal, natural gas, or oil resources, despite the growing shift to renewables.

The combined cycle power plants are the fastest-growing segment in the Thermal Power Plant Market due to their higher efficiency and lower emissions compared to conventional thermal plants. By utilizing both gas and steam turbines, they maximize energy output while reducing fuel consumption, making them a preferred choice for energy generation.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Thermal Power Plant Industry. Request a Free Sample PDF!

Thermal Power Plant Market Application Segment Analysis

According to Cognitive Market Research, the thermal power generation segment holds the largest share of the market due to its ability to provide reliable, continuous electricity. It serves as the backbone of many energy grids, especially in regions with limited renewable resources, offering stable baseload power generation, which is crucial for meeting consistent energy demand.

In the thermal power plant market, the thermal power generation sector has been expanding at a rapid pace due to increasing global energy demand, especially in emerging economies. Advancements in efficiency technologies, like supercritical and ultra-supercritical boilers, and the need for stable, baseload power generation ensure its continued growth despite the rise of renewable energy sources.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Thermal Power Plant Capacity Outlook: Segment Analysis

Thermal Power Plant Market Capacity Segment Analysis

According to Cognitive Market Research, the more than 800 MW segment holds the largest market share due to its ability to generate large-scale, stable electricity to meet growing industrial and urban demands. These high-capacity plants offer improved operational efficiency, economies of scale, and reduced per-unit electricity generation costs, making them more competitive in energy markets.

In the Thermal Power Plant market, the rapidly growing sector is the 400-800 MW category due to its optimal size for balancing efficiency and cost-effectiveness. These plants are ideal for providing reliable baseload power while minimizing operational costs, making them attractive for both emerging and developed markets seeking energy security.

• 400 MW
• 400-800 MW
• More than 800 MW

Thermal Power Plant Turbine Type Outlook: Segment Analysis

Thermal Power Plant Market Turbine Type Segment Analysis

According to Cognitive Market Research, the combined cycle segment dominates the market due to its higher efficiency and lower emissions compared to conventional plants. By utilizing both gas and steam turbines, they optimize energy use, reduce fuel consumption, and provide more environmentally friendly and cost-effective electricity generation.

Combined cycle is projected to be the fastest-growing segment in the Thermal Power Plant market due to their high efficiency and lower emissions compared to traditional plants. By utilizing both gas and steam turbines, they maximize energy output from fuel, reducing operational costs and improving environmental performance, making them increasingly popular globally.

• Simple Cycle
• Combined Cycle

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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