Coal Power Decommissioning market is projected to grow at a CAGR of 7.6% by 2033: Visiongain
Visiongain has published a new report entitled *Coal Power Decommissioning Market Report 2023-2033**: Forecasts by Type (Plant Retirement without Decommissioning, Re-purposing with Fuel Switch, Redevelopment to Handle Load Pockets or Remote Transmission, Re-purposing with Other Commercial Activity) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis*.
The coal power decommissioning market was valued at US$15,866 million in 2023 and is projected to grow at a CAGR of 7.6% during the forecast period 2023-2033.
*Coal Plant Repurposing for Ageing Coal Fleets in Developing Countries*
South Africa, Chile, and India are studying coal plant retirement by repurposing them for productive purposes such as renewable energy generation, storage, and support services. However, no framework is currently in place to demonstrate the economic rationale for repurposing. a detailed cost-benefit framework for investigating the value proposition of repurposing for three applications – solar energy generation, battery energy storage, and synchronous condenser (which produces fast reactive power required for system security) – and applies it to a representative 1,000 Mega Watt coal plant in India The report's findings reveal a sound economic foundation for repurposing, with the critical caveat that this complicated issue need a larger assessment of a variety of economic and socio-political aspects, including ramifications.
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*How has COVID-19 had a Significant Negative Impact on the Coal Power Decommissioning Market?*
COVID-19 has not only caused a temporary drop in global CO2 emissions, it has also reduced the share of power generated by burning coal. If demand for electricity drops, coal plants are usually switched off first. This is because the process of burning fuels constantly runs up costs. The plant operators have to pay for each single ton of coal. In contrast, renewable power sources such as wind and solar plants, once built, have significantly lower running costs—and keep on operating even if the demand is reduced.
*How will this Report Benefit you?*
Visiongain’s 273-page report provides 120 tables and 105 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the coal power decommissioning market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for coal power decommissioning. Get financial analysis of the overall market and different segments including type, region, and company profiles. We believe that there are strong opportunities in this fast-growing coal power decommissioning market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
*What are the Current Market Drivers?*
*Low Economic Growth and Poor Growth in Power Demand Ended Up Bankrupting the Sector*
For coal-fired power generation, it was a "lost decade." At the start of the decade, there was a lot of promise, and generation capacity was being built at a fast speed. Low economic growth and slow rise in electricity consumption eventually bankrupted a sector that was already on the verge of collapse. Non-performing assets (NPAs) exist in the industry today, and dues collection is a concern throughout the value chain. Right now, the world is at a crossroads as it considers its net-zero emissions deadlines, but the sole plan proposed thus far has been to increase the installed capacity base of renewable energy (RE).
*Corporate Emissions Goals*
According to the Smart Electric Power Alliance, as of 2020, 69 electric utilities had publicly stated carbon emission reduction targets. Usually, these targets signal a change in portfolio generating sources from higher carbon-emitting sources like coal power4 to lower carbon emitting sources like natural gas, wind, or solar power. For example, Southern Company, Duke Energy, and Tennessee Valley Authority have all stated plans to decommission some portion of coal-fired capacity in order to meet carbon emission or sustainability goals. In addition, the Sierra Club published a report in 2021 analysing climate pledges from 79 operating utilities. The utilities studied accounted for 68 percent of remaining coal generation and have already publicly committed to retire 25 percent of that coal-fired generation by 2030, and have plans to replace that capacity with new natural gas, wind, and solar plants.
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*https://www.visiongain.com/report/coal-power-decommissioning-market-2023/*
*Where are the Market Opportunities?*
*A Wide Range of Technology Options Available for Repurposing*
There are several technology choices for repurposing, including solar PV, concentrated solar power, biomass, BESS, offshore wind, SynCON, and so on. Among them, the selection of repurposing possibilities necessitates careful assessment of a number of aspects, including resource availability, power system demands, and country-specific RE objectives.
For example, large-scale variable RE penetration in India, driven by the country's ambitious RE targets and low solar PV rates, would need around 27 gigatonnes (GW) of BESS as well as major ancillary services from SynCON by 2030.
Repurposed coal projects would often eliminate significant operating and maintenance expenses of the old plant, improving the utility's financial condition. Such repurposed projects may also provide a channel for bringing in the private sector through a public-private partnership (PPP) structure, reducing capital expenditure (CAPEX) needs for repurposing, lowering total debt, and creating an extra revenue stream for the public utility.
*Competitive Landscape*
The major players operating in the coal power decommissioning market are AECOM, AF Gruppen ASA Company, AFRY Company, Arup Group, Aurecon, D.H. Griffin Companies, Jacobs Engineering Group, Keltbray Group (Holdings) Limited, Mott MacDonald, SNC-Lavalin Group Inc, TRC Company Inc, Veolia Company, Worley Engineering services company, WSP Global Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
*Recent Developments*
· On 6^th June 2023, TRC Companies, Inc. (TRC) announced the acquisition of Gladstein, Neandross & Associates (GNA), the leading North American consulting firm specializing in low- and zero-emission transportation technologies, infrastructure, and ultra-low carbon fuels for commercial transportation.
· On 3^rd November 2022, Keltbray announced the acquisition of IDEC Group Limited, a high voltage power engineering business.
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*To find more Visiongain research reports on the **energy** sector, click on the following links:*
· Coal Gasification Market Report 2023-2033
· Clean Coal Technologies (CCT) Market Report 2022-2032
· Virtual Power Plant (VPP) Market Report 2023-2033
· Carbon Capture & Storage (CCS) Market Report 2023-2033
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*About Visiongain*
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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