Thermal Power Plant Market Analysis 2026

Top Manufacturing Companies of Thermal Power Plant:

China Huaneng Group Co. Ltd., Duke Energy Corporation, Tenaga Nasional Berhad, Eskom Holdings SOC Ltd., and Dominion Energy Solutions Inc. are the key players in the Thermal Power Plant Market

China Huaneng Group Co. Ltd.

China Huaneng Group Co. Ltd. leads the global thermal power plant market, commanding a 14.2% market share. As China’s largest power generation company, it plays a crucial role in meeting the country’s massive energy demands. The company operates coal-fired, gas-fired, and combined-cycle thermal power plants, with an installed capacity exceeding 220 GW. In 2023, China Huaneng generated an estimated USD 63.5 billion in revenue from its thermal power operations, underscoring its dominance in the sector. A significant factor behind China Huaneng’s leadership is its continuous investment in technological advancements and efficiency upgrades. The company has introduced ultra-supercritical (USC) coal-fired plants, reducing carbon emissions while improving thermal efficiency. Additionally, it is actively exploring carbon capture and storage (CCS) solutions, aligning with China’s long-term carbon neutrality goals. Despite the global shift toward renewables, China Huaneng remains a key player in thermal power generation, leveraging government support, robust infrastructure, and advanced operational capabilities to maintain its market position.

Duke Energy Corporation

Duke Energy Corporation, a major U.S.-based power company, holds a 12.5% market share in the global thermal power plant sector. The company operates coal, gas, and oil-fired power plants, with a total generation capacity of approximately 58 GW across the United States. In 2023, Duke Energy’s thermal power segment contributed approximately USD 27.4 billion in revenue, making it one of the largest power producers in North America. Duke Energy has focused on modernizing its thermal power fleet to enhance efficiency and reduce greenhouse gas emissions. The company is gradually phasing out older coal-fired plants and replacing them with advanced combined-cycle natural gas plants, which offer higher energy efficiency and lower emissions. Additionally, Duke Energy has integrated digital technologies such as AI-driven predictive maintenance and smart grid solutions, ensuring operational reliability and cost optimization. By balancing fossil fuel generation with an increasing share of renewable energy, Duke Energy continues to play a pivotal role in North America’s evolving energy landscape.

Tenaga Nasional Berhad (TNB)

Malaysia’s Tenaga Nasional Berhad (TNB) is a leading player in the thermal power plant market, holding a 10.8% share. As Malaysia’s largest electricity utility, TNB operates a diverse portfolio of coal, natural gas, and oil-fired power plants, with a total installed capacity of over 33 GW. In 2023, TNB’s thermal power business generated approximately USD 18.2 billion in revenue, reinforcing its position as a dominant force in Southeast Asia’s power sector. TNB has undertaken significant initiatives to enhance plant efficiency and reduce emissions, aligning with Malaysia’s energy transition goals. The company has invested in high-efficiency, low-emission (HELE) coal plants, as well as gas-fired cogeneration facilities, to improve power output and lower environmental impact. Furthermore, TNB is leveraging smart grid technologies and automation, ensuring operational efficiency and grid stability. While expanding its renewable energy portfolio, TNB continues to maintain a strong presence in the thermal power sector, catering to Malaysia’s growing electricity demand.

Eskom Holdings SOC Ltd.

Eskom Holdings SOC Ltd., South Africa’s state-owned power utility, holds a 9.7% share of the global thermal power market, primarily through its extensive fleet of coal-fired power stations. The company accounts for over 80% of South Africa’s electricity generation, with an installed thermal capacity exceeding 45 GW. In 2023, Eskom’s thermal power operations generated an estimated USD 14.6 billion in revenue, despite operational challenges and ongoing financial constraints. Eskom has faced significant grid reliability and power supply issues, leading to nationwide rolling blackouts (load shedding). In response, the company has focused on modernizing its aging coal power plants, improving maintenance practices, and implementing clean coal technologies to enhance efficiency. Additionally, Eskom is working on gas-fired power expansion projects and exploring public-private partnerships to stabilize power generation. Despite financial and infrastructure hurdles, Eskom remains a critical player in Africa’s thermal power sector, supplying energy to millions while navigating the continent’s evolving energy landscape.

Dominion Energy Solutions Inc.

Dominion Energy Solutions Inc., a leading U.S. power utility, commands an 8.4% share of the thermal power plant market. The company operates coal, oil, and natural gas-fired power plants, with a total capacity of approximately 30 GW across the United States. In 2023, Dominion Energy’s thermal power division contributed around USD 11.9 billion in revenue, reinforcing its strong market position. Dominion Energy has been transitioning away from coal-based power generation, focusing on modern natural gas plants and hybrid energy solutions. The company has invested in high-efficiency combined-cycle plants, which offer lower emissions and improved thermal performance. Additionally, Dominion Energy is integrating battery storage and smart grid technologies, ensuring a resilient and reliable energy supply. As the company balances fossil fuel reliance with renewable energy expansion, it remains a key player in North America’s thermal power generation industry, adapting to shifting regulatory and environmental frameworks.

What Growth Strategies Can Help New Entrants Succeed in the Thermal Power Plant Market?

Advanced Efficiency Technologies and Carbon Capture Solutions are Key Focus Areas for New Entrants in the Thermal Power Plant Market
For new entrants to gain a foothold in the thermal power plant market, they must focus on innovation, regulatory compliance, and sustainability. As global energy policies shift toward reducing carbon footprints, companies investing in cleaner coal technologies, carbon capture, and hybrid energy integration will gain a competitive edge. Additionally, strategic partnerships with governments and private entities can help secure long-term power purchase agreements (PPAs), ensuring stable revenue streams. Investing in digital solutions such as real-time monitoring, predictive maintenance, and AI-driven optimization can enhance operational efficiency, reduce downtime, and improve cost-effectiveness. Emerging players must also focus on regional expansion, targeting developing markets in Asia, Africa, and Latin America, where demand for reliable energy sources remains high.
The global shift toward sustainability has made efficiency and emission control the primary concerns in thermal power generation. New players looking to establish themselves in the market should prioritize the development and adoption of ultra-supercritical (USC) and advanced gas-fired technologies to improve energy efficiency while reducing carbon emissions. Companies investing in carbon capture and storage (CCS) solutions can also gain regulatory approvals and government incentives, providing a competitive advantage. Moreover, integrating digital transformation strategies such as AI-driven predictive analytics, smart grid connectivity, and blockchain-based energy trading can optimize plant operations and enhance profitability. Collaborating with technology providers and research institutions can further accelerate innovation, allowing new entrants to differentiate themselves in a market that is becoming increasingly stringent in terms of environmental regulations.

KR

Kalyani Raje Verified Analyst

Senior Research Analyst at Cognitive Market Research · Cognitive Market Research

Kalyani Raje is a distinguished research leader and the Co-Founder & Chief Research Officer at Cognitive Market Research and Consulting, a global market research and consulting firm specializing in data-driven intelligence and strategic business insights. With over a decade of experience in market research, competitive intelligence, and analytical consulting, she has played a pivotal role in helping organizations understand evolving market landscapes and make informed strategic decisions across industries including FMCG, IT, Telecom, Automotive, Electronics, Healthcare, and Consumer Goods.

As a research professional, Kalyani is recognized for her expertise in developing rigorous research methodologies, interpreting complex market data, and transforming insights into actionable business strategies. Her analytical approach, combined with a strong understanding of global industry trends and consumer behavior, has enabled enterprises, manufacturers, investors, and business leaders to navigate competitive environments with greater confidence and clarity.

Kalyani is an active member of ESOMAR and the Market Research Society of India (MRSI), reflecting her commitment to maintaining ethical, transparent, and internationally recognized research standards. She strongly advocates adherence to the ICC/ESOMAR International Code on Market and Social Research, reinforcing her dedication to research integrity, data quality, and responsible business practices within the global insights industry.

In 2026, Kalyani was invited as a Speaker at ESOMAR Africa 2026, where she shared her expertise on Africa’s Youthquake: Decoding the Continent’s Largest Generation and Its Transformative Impact. Her participation highlighted her thought leadership in understanding demographic shifts, emerging markets, and the evolving role of data and analytics in shaping future business opportunities.

Throughout her professional journey, Kalyani has been instrumental in driving research excellence, mentoring analytical teams, and building scalable research frameworks that deliver high-value intelligence to global clients. Her passion for innovation, strategic thinking, and evidence-based decision-making continues to strengthen Cognitive Market Research’s position as a trusted global insights partner for businesses worldwide.

Read more

LinkedIn Profile Book Appointment