26 May 2022
Visiongain has published a new report entitled the Coal Power Decommissioning Market Report 2022-2032: 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 Recovery Scenarios.
The global coal power decommissioning market was valued at US$7,087 million in 2021 and is projected to grow at a CAGR of 6.9% during the forecast period 2022-2032.
How has COVID-19 had a Significant Negative Impact on the Coal Power Decommissioning Market?
COVID-19 has adversely impacted many businesses and just like few industries, the mining sector has recovered financially and operationally from the worst COVID-19 economic disaster. Commodity prices rose considerably in 2021, with power fuels leading the way thanks to restricted supply and a robust economic rebound, while COVID-19 vaccinations prevented widespread lockdowns. Commodity demand is expected to continue firm in 2022, sustaining prices as the global economy improves, although significant price rises are not likely. Record coal and natural gas prices in 2021 have resulted in a serious power crisis across Europe, India, and China. The price of Asian LNG surged by more than 200 percent, while the price of Asia's benchmark coal doubled. China's coal prices have dropped by more than half since October, when the world's largest producer and consumer expanded supplies and reduced costs.
How this Report Will Benefit you?
Visiongain’s 483-page report provides 346 tables and 338 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global 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 the financial analysis of the overall market and different segments including value, volume, type and capture higher market share. We believe that high opportunity remains 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 would 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 Market Drivers?
Restrictions on the Coal Trade Has Resulted in the Decommissioning of Power Stations
The coal trade regulations can significantly alter the composition of the worldwide steam coal trade. However, under low-coal post-COVID-19 scenarios, even drastically decreased coal consumption levels will be insufficient to meet global climate commitments. This highlights the significance of targeted policy measures in the aftermath of the pandemic to manage a coal decrease compatible with global climate objectives while advancing fair transitions initiatives, particularly in vulnerable coal-dependent nations and areas.
Cost of Violations of Environmental Compliance and Other Regulations During Coal Power Decommissioning is Very High
Decommissioning coal power plants comes with a slew of costs. To obtain approval from national regulatory bodies, the decommissioning company must spend a significant amount of money. The corporation must adhere to the Clean Air Act, which establishes limits for mercury, acid gas, heavy metals, and carbon dioxide emissions. Decommissioning sites are periodically inspected by national and local environmental regulatory organisations to ensure that decommissioning activities are proceeding as planned. Any infringement of national or local regulations results in hefty fines for the corporation, raising the cost of coal power decommissioning. The market for coal power decommissioning is hampered by such external issues.
Where are the Market Opportunities?
Low Economic Growth and Weak Growth in Power Demand Led to the Coal Sector's Demise
It was a "lost decade" for coal-fired power generation. There was much potential at the start of the decade, and generation capacity was being developed rapidly. Low economic development and a gradual increase in power demand bankrupted the coal power generation companies those were already on the point of bankruptcy. Non-performing assets (NPAs) exist in the sector today, and dues collection is an issue that affects the whole value chain. The world is currently at a crossroads as it approaches its net-zero emissions targets, yet the only solution offered thus far has been to expand the installed capacity base of renewable energy (RE).
European Countries are Mobilizing to Close Coal-Fired Power Plants
Coal-burning has become more expensive, thanks in part to the emissions trading scheme (ETS), which has raised the cost of emitting CO2 from USD 5.26 to more than USD 42.11/t since 2016. Furthermore, approximately 40 coal-restricting legislations were enacted by EU financial institutions in 2020 alone, and some commercial banks have stated plans to stop supporting new coal projects around the world. The United Kingdom was the first to declare that coal would be phased out by 2025. The following year, France would follow, with a target date of 2023. Belgium was the first member of the European Union to phase out coal.
The major players operating in the coal power decommissioning market are AF Gruppen ASA Company, D.H. Griffin Companies, Keltbray Group (Holdings) Limited, Mott MacDonald, AFRY Company, Arup Group, TRC Company Inc, Veolia Company, Jacobs Engineering Group, WSP Global Company, Aurecon, SNC-Lavalin Group Inc, Worley Engineering services company, AECOM. 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.
• WSP acquired Englekirk Structural Engineers, a 90-employee consultancy business located in California that serves both the commercial and governmental sectors, on October 7, 2021. This deal offers critical structural engineering skills for the construction industry, including experience designing structures in high seismic locations while also expanding WSP's structural engineering business on the West Coast.
• Keltbray Holdings Limited inked an agreement with administrators Grant Thornton UK LLP on October 11, 2021, to purchase a portfolio of infrastructure contracts and related assets from NMCN PLC. This is completely in line with the organization's core objective of rethinking how sustainable development is delivered.
Notes for Editors
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