Increasing Upcoming Investment Plans to Drive the Market – In 2018, the total electricity generation from the various sources in the power sector in China was 7111.8 terawatt-hours (TWh). – Therefore, from the above points, conventional thermal power is likely to dominate the Chinese power market during the forecast period. The coal-fired power plant consists of six ultra-supercritical coal-fired units rated at 1,000 megawatts (MW) each.
– As per the construction Leizhou Thermal Power Project in China, 2017, it has power installed capacity of 6000 megawatts (MW) and is expected to be completed by 2022. Shengli Power Company has been building the project as a part of the Shanghai Temple Coal Power Support Base Demonstration Project.
Its first phase had been completed in 2019, and the second phase was expected to start in 2020. – Shandong Shengli Coal-Fired Power Project in China can produce 4000 megawatts (MW) of energy. Coal contributed to approximately 95% of the traditional thermal power electricity generation, producing 4732 terawatt-hours (TWh) of electricity in 2018. – Out of the various sources of generating conventional thermal power, the majority of energy came from coal, in 2018. In 2018, approximately more than 69% of the electricity generated in China was from conventional thermal power. Get a Sample Copy of this Report with Graphs and Charts: Key Market Trends Conventional Thermal to Dominate the Market – Conventional thermal power has been derived through various sources, such as coal, natural gas, and oil. – China, due to its increasing population and energy demand, has several upcoming and ongoing power projects that are likely to drive the Chinese power market. This is likely to create several opportunities for the Chinese power market in the forecast period. – The Chinese government has announced to increase its renewable contribution in the power sector to 35% by installing more hydro, solar, and wind power by 2030. – The conventional thermal segment due to the increasing installation of new coal-based power plants was expected to dominate the market studied, in 2019. However, the less private companies in the power sector create dominance of government companies in the country, which is expected to slow down the Chinese power market.
Factors, such as the increasing industrialization and urbanization, along with the growing manufacturing sector, are likely to drive the Chinese power market. The China power market is expected to register a CAGR of over 4% during the forecast period. The MarketWatch News Department was not involved in the creation of this content.
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