November 12, 2014 | By Barbara Vergetis Lundin

Thermal energy is an important component of the energy mix in both developed and developing countries that depend upon processing large quantities of fossil fuels to meet growing demand for power. Global Industry Analysts Inc. (GIA) predicts that fossil fuels will account for about 83 percent of the global energy market by 2030 while global electricity demand is expected to increase by around 62 percent by the same year.

Heavy dependence on coal-fired power plants is driving growth in the thermal energy market, according to GIA, as the United States and China with significant coal deposits and relatively lower petrochemical resources continue to rely on coal-fired power generation plants to meet domestic electricity demand. Although coal is expected to continue as a major fuel source in thermal power generation, natural gas is making inroads.

The development of new power plants, the refurbishment of existing plants, and migration to energy-efficient models are also driving thermal power, according to GIA.

Thermal power equipment will be impacted by factors such as fuel price differential, forward pricing for power, impact of new environmental legislation and regulations, and global pressure to reduce CO2 emissions, according to GIA, with such energy-efficient thermal power technologies as circulated fluidized bed combustion (CFBC), atmospheric fluidized bed combustion (AFBC), sub-critical boilers, and supercritical technology ready to increase in popularity over the near term..

According to GIA, Asia-Pacific represents the largest and the fastest growing global thermal power market with a projected CAGR of 5.8 percent through 2030; China and India are at the forefront of this growth with the two countries expected to install 165 and 50 new coal-fired power generation plants translating into 250 GW and 70 GW of incremental power, respectively, through 2015.

GIA expects India, a country dependent on coal for more than 65 percent of its energy needs, to step up coal imports to bridge the growing internal energy deficit. Availability of vast coal resources, increasing public and private investment in infrastructure projects, continuous industrial development, improving living standards, steady economic growth, rapid industrialization and urbanization, and expanding population, will also drive growth in the region.

For more:
- see this fact sheet 

 

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