The Global Coal Fired Power Generation Market Is Witnessing High Demand Owing To the Rise of the Population All Across the Globe and Increase in Power Consumption

 

Coal fired power generation plant or coal power station is a huge thermal energy station that burns coal to produce electricity. Coal fired power generation plants generate more than a third of the world's electrical energy but still cause tens of thousands of premature deaths every year, primarily from air pollution. Coal fired power generation plants also contribute to the greenhouse effect, the accumulation of carbon dioxide and methane in the atmosphere, and the destruction of the environment. Power generated at a coal fired power generation plant releases more pollutants into the atmosphere than all the cars on the road put together. It is believed that the amount of pollution produced by coal power plants may soon equal the amount of pollution produced by all the vehicles on the roads. The only way to stop this is to move toward clean energy resources such as solar and wind power.

The main factor driving the growth of the global coal fired power generation market is the easy availability of raw materials from the Asia Pacific regions. For instance, according to a report by Coal India Limited, the company has generated around 602 million metric tons of coal in 2020. Coal is the main source of generating power in nations such as India, China, Australia, and Indonesia. Hence the easy availability of coal in these regions is fueling the growth of the global market Moreover, the increasing requirement for electricity worldwide is also propelling the growth of the global coal fired power generation.

Another major benefit of using coal is that it is a readily available energy source, unlike most of the other energy sources available today. Coal is a natural resource, so it can be found anywhere in the world. Although the price of coal has recently increased slightly, it is still widely available and affordable. It is thought that the world will run out of coal in the foreseeable future. Coal has been used for heating and other uses for thousands of years. However, the emergence of other environment-friendly power generation technologies is the main restraining factor to the growth of the global coal fired power generation market. Moreover, the health issues related to coal-fired power generation since they release harmful gases that can lead to various severe respiratory problems is another major challenge of the market.

Owing to the huge production of coal in Asia-Pacific, the region is witnessing very high demand in the global coal fired power generation market. For instance, according to Worldometers, Australia produces around 554,763,963 tons of coal per year and is ranked 4th in the world. Moreover, lesser labor costs in the developing nations is another major factor driving the market. Owing to such factors, there have been significant developments in the global coal fired power generation market. For instance, in February 2020, Japan declared that it has decided to build around 2 2new coal power plants in 17 sites in the upcoming 5 years.