세계의 기존 발전 시장 예측(-2032년) : 연료 유형, 운영 역할, 전개 방식, 기술, 최종사용자, 지역별 분석

According to Stratistics MRC, the Global Traditional Power Generation Market is accounted for $1268.08 billion in 2025 and is expected to reach $1760.66 billion by 2032 growing at a CAGR of 4.8% during the forecast period. Conventional power generation depends largely on fossil fuels, including coal, oil, and natural gas, to create electricity. This process typically involves combusting fuels to produce heat, generate steam, and rotate turbines that drive electricity generators. Although these systems are capable of supporting high electricity demands and have long-standing infrastructure, they are major sources of environmental pollution, releasing greenhouse gases and other pollutants. Traditional plants also involve significant operational expenses and require stable fuel availability. While advances in technology have enhanced their efficiency, growing concerns over environmental impact, climate change, and finite fuel reserves are driving a gradual transition toward renewable and cleaner energy solutions.

According to the U.S. Energy Information Administration (EIA), in 2023, fossil fuels (coal, natural gas, petroleum) accounted for approximately 60% of total electricity generation in the United States.

Market Dynamics:

Driver:

High energy demand

Rising worldwide electricity consumption is a major driver for the traditional power generation sector. Expanding industries, urban areas, and advancing technologies have increased energy needs in households, businesses, and factories. Nations with growing populations require dependable electricity to sustain economic development and essential services. Conventional power plants, using fossil fuels such as coal, oil, and natural gas, remain crucial due to their proven infrastructure and ability to produce large energy outputs. Even with the expansion of renewable energy sources, the consistent and high-capacity electricity demands of many regions maintain the relevance and continued operation of traditional power generation systems globally.

Restraint:

High operational costs

The traditional power generation market faces limitations due to high operational expenses. Fossil fuel plants rely on continuous supply of coal, natural gas, or oil, whose prices fluctuate frequently in global markets. Maintenance, equipment upgrades, and workforce costs further add to operational expenditure. Adhering to environmental regulations, installing emission control systems, and paying carbon taxes also create additional financial strain. As a result, conventional power may become less economically competitive than renewable alternatives, which generally have lower long-term operating costs. These financial challenges often discourage utilities and investors from expanding or modernizing existing conventional power plants, limiting growth and slowing the adoption of new traditional generation infrastructure.

Opportunity:

Increasing hybrid and co-generation systems

The integration of hybrid and co-generation technologies offers significant opportunities for conventional power plants. Co-generation enables the simultaneous production of electricity and heat from a single fuel source, improving overall energy efficiency and reducing operational expenses. Hybrid systems, which combine fossil fuel-based plants with renewable energy sources like wind or solar, provide more stable and environmentally friendly electricity supply. Implementing these technologies helps conventional plants meet stricter environmental standards while optimizing energy output. By leveraging co-generation and hybrid solutions, utilities can enhance profitability, improve fuel efficiency, and advance sustainability initiatives. This approach strengthens the adaptability and long-term viability of traditional power generation in a transitioning energy landscape.

Threat:

Increasing competition from renewable energy

Renewable energy expansion, including solar, wind, and hydropower, threatens the conventional power generation sector. These sources provide cost-effective, eco-friendly, and government-supported alternatives, appealing to both investors and consumers. As nations implement policies to reduce carbon emissions and increase sustainability, fossil fuel-based plants face declining market relevance. Falling costs of renewable technologies, coupled with improvements in energy storage, intensify the competitive pressure. Conventional power operators must adapt to maintain their market position or risk obsolescence. The global shift toward cleaner energy emphasizes efficiency and environmental responsibility, challenging traditional power generation to modernize and compete against rapidly growing renewable energy alternatives.

Covid-19 Impact:

The COVID-19 outbreak had a major effect on the conventional power generation sector. Global lockdowns and decreased industrial and commercial activity caused electricity demand to drop significantly. Many fossil fuel-based plants operated below full capacity, reducing profitability and operational efficiency. Supply chain interruptions delayed fuel supplies, maintenance, and equipment upgrades, creating additional operational challenges. Economic uncertainty also slowed investments in new traditional power projects. Residential electricity consumption partially mitigated the impact, while utilities focused on optimizing operations and ensuring essential services. The pandemic emphasized the importance of resilient energy systems and encouraged accelerated planning for a diversified energy mix, including cleaner and more adaptable power generation solutions.

The coal segment is expected to be the largest during the forecast period

The coal segment is expected to account for the largest market share during the forecast period due to its accessibility, proven infrastructure, and high electricity output. Many nations depend on coal-fired plants as a key source of energy, particularly where coal is abundant. Its capacity to provide consistent base-load power and meet substantial industrial and residential demands makes it a favored option for utilities. Although environmental issues and renewable energy competition pose challenges, coal's cost-effectiveness, operational reliability, and well-established global presence maintain its leading role in the traditional power sector. In numerous regions, coal continues to be a cornerstone of energy production and a critical component of national electricity strategies.

The utility-scale segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the utility-scale segment is predicted to witness the highest growth rate. Large power plants serving regional or national grids are attracting increased investment as energy demand rises with industrial and urban expansion. These projects provide cost efficiency, dependable electricity output, and the capability to serve vast populations, making them appealing to both governments and private stakeholders. Their potential for technological upgrades and base-load energy provision further enhances growth opportunities. Even with the rise of renewable energy, large conventional plants continue to grow, supported by the necessity for stable, high-capacity power solutions across emerging and established markets worldwide.

Region with largest share:

During the forecast period, the Asia Pacific region is expected to hold the largest market share, fueled by strong industrial growth, urban expansion, and rising electricity requirements in nations such as China and India. Extensive coal reserves and established power infrastructure make coal-based plants a key source of energy. Governments in the region continue to back large conventional power projects to ensure industrial development, economic progress, and steady electricity for homes and businesses. While renewable energy adoption is increasing, the demand for dependable, high-capacity electricity maintains reliance on conventional power generation. Population growth, industrialization, and government initiatives collectively reinforce Asia-Pacific's dominant role in the worldwide traditional power sector.

Region with highest CAGR:

Over the forecast period, the Middle East & Africa region is anticipated to exhibit the highest CAGR. Rising population, industrialization, and urban development are boosting electricity consumption across homes, businesses, and industries. Abundant fossil fuel reserves, particularly oil and natural gas, facilitate the expansion of conventional power plants. Regional governments are investing heavily in large-scale electricity infrastructure to provide consistent and dependable power. Although renewable energy adoption is gradually increasing, the demand for stable, high-output electricity to support economic growth and urbanization drives the accelerated development of traditional power generation. This combination positions the Middle East & Africa as the region with the highest growth momentum globally.

Key players in the market

Some of the key players in Traditional Power Generation Market include NTPC Limited, Adani Power, Reliance Power, Gujarat Industries Power Company Ltd (GIPCL), Power Grid Corporation of India Ltd (PGCIL), RattanIndia Power, Tata Power (Tata Group), Maharashtra State Power Generation Co. Ltd, Nuclear Power Corporation of India Limited (NPCIL), India Power Corporation Ltd, Jindal Steel & Power Limited, Amalgamated Electricity Company Ltd, Reliance Infrastructure, Vedanta Limited (Talwandi Sabo Power Limited) and Maharashtra State Power Generation Company Limited.

Key Developments:

In October 2025, NTPC Green Energy Limited (NGEL), through its subsidiary NTPC Renewable Energy Limited (NTPC REL), has signed an agreement with the Gujarat Government to develop 15 GW of renewable energy projects. The plan includes 10 GW of solar and 5 GW of wind energy capacity. The Memorandum of Understanding was exchanged during the Vibrant Gujarat Regional Conference in Mehsana, Gujarat.

In October 2025, Adani Power Limited and Bhutan's state-owned Druk Green Power Corporation Limited have signed an agreement to jointly develop the 570 MW Wangchhu hydroelectric project. Adani Power and Druk Green will incorporate a public company in Bhutan with a 49:51 shareholding structure to implement the project.

In May 2025, Reliance Power has signed a 25-year power purchase agreement with the public sector enterprise Solar Energy Corporation of India (SECI) to supply solar power backed by battery storage. Reliance NU Suntech, a wholly owned subsidiary of Reliance Power, will develop Asia's largest single-site integrated solar and battery energy storage system (BESS) project.

Fuel Types Covered:

• Coal
• Natural Gas
• Oil
• Nuclear
• Large Hydro

Operational Roles Covered:

• Base Load Generation
• Intermediate Load Generation
• Peaking Power Generation
• Backup & Emergency Power

Deployment Types Covered:

• Centralized Grid-Connected Plants
• Captive Power Plants
• Mobile/Temporary Power Units
• Islanded Microgrids

Technologies Covered:

• Steam Turbine
• Gas Turbine
• Combined Cycle
• Internal Combustion Engine
• Hydroelectric Turbine
• Nuclear Reactor

End Users Covered:

• Residential
• Commercial
• Industrial
• Utility-Scale

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Technology Analysis
• 3.7 End User Analysis
• 3.8 Emerging Markets
• 3.9 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Traditional Power Generation Market, By Fuel Type

• 5.1 Introduction
• 5.2 Coal
• 5.3 Natural Gas
• 5.4 Oil
• 5.5 Nuclear
• 5.6 Large Hydro

6 Global Traditional Power Generation Market, By Operational Role

• 6.1 Introduction
• 6.2 Base Load Generation
• 6.3 Intermediate Load Generation
• 6.4 Peaking Power Generation
• 6.5 Backup & Emergency Power

7 Global Traditional Power Generation Market, By Deployment Type

• 7.1 Introduction
• 7.2 Centralized Grid-Connected Plants
• 7.3 Captive Power Plants
• 7.4 Mobile/Temporary Power Units
• 7.5 Islanded Microgrids

8 Global Traditional Power Generation Market, By Technology

• 8.1 Introduction
• 8.2 Steam Turbine
• 8.3 Gas Turbine
• 8.4 Combined Cycle
• 8.5 Internal Combustion Engine
• 8.6 Hydroelectric Turbine
• 8.7 Nuclear Reactor

9 Global Traditional Power Generation Market, By End User

• 9.1 Introduction
• 9.2 Residential
• 9.3 Commercial
• 9.4 Industrial
• 9.5 Utility-Scale

10 Global Traditional Power Generation Market, By Geography

• 10.1 Introduction
• 10.2 North America
  • 10.2.1 US
  • 10.2.2 Canada
  • 10.2.3 Mexico
• 10.3 Europe
  • 10.3.1 Germany
  • 10.3.2 UK
  • 10.3.3 Italy
  • 10.3.4 France
  • 10.3.5 Spain
  • 10.3.6 Rest of Europe
• 10.4 Asia Pacific
  • 10.4.1 Japan
  • 10.4.2 China
  • 10.4.3 India
  • 10.4.4 Australia
  • 10.4.5 New Zealand
  • 10.4.6 South Korea
  • 10.4.7 Rest of Asia Pacific
• 10.5 South America
  • 10.5.1 Argentina
  • 10.5.2 Brazil
  • 10.5.3 Chile
  • 10.5.4 Rest of South America
• 10.6 Middle East & Africa
  • 10.6.1 Saudi Arabia
  • 10.6.2 UAE
  • 10.6.3 Qatar
  • 10.6.4 South Africa
  • 10.6.5 Rest of Middle East & Africa

11 Key Developments

• 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 11.2 Acquisitions & Mergers
• 11.3 New Product Launch
• 11.4 Expansions
• 11.5 Other Key Strategies

12 Company Profiling

• 12.1 NTPC Limited
• 12.2 Adani Power
• 12.3 Reliance Power
• 12.4 Gujarat Industries Power Company Ltd (GIPCL)
• 12.5 Power Grid Corporation of India Ltd (PGCIL)
• 12.6 RattanIndia Power
• 12.7 Tata Power (Tata Group)
• 12.8 Maharashtra State Power Generation Co. Ltd
• 12.9 Nuclear Power Corporation of India Limited (NPCIL)
• 12.10 India Power Corporation Ltd
• 12.11 Jindal Steel & Power Limited
• 12.12 Amalgamated Electricity Company Ltd
• 12.13 Reliance Infrastructure
• 12.14 Vedanta Limited (Talwandi Sabo Power Limited)
• 12.15 Maharashtra State Power Generation Company Limited