The analysis states that although countries are shifting towards renewable resources, thermal capacity is expected to increase from current levels of 3628 GW to 5833 GW by 2030.
Last year, coal accounted for around 70 per cent of India’s power generation, while in China the figure was 78 per cent.
The report, by research firm GlobalData, also states that the global surge in gas production ” particularly shale gas ” has served to keep power producers and governments looking at gas rather than renewables in the long term.
According to the study, natural gas capacity is expected to rise from approximately 1416 GW in 2012 to 1861 GW in 2020.
Sayani Roy Nath, GlobalData’s power analyst, said: “The increasing use of gas as a source of power generation has positively affected the power sector worldwide.
“This discovery has not only helped reduce the import dependency of various countries, but also promoted project finance. This is thanks to countries shifting away from coal towards natural gas for power generation, and therefore requiring financing to support the development of natural gas-fired power plants.”
He added that in order to transmit the energy produced, countries are also investing in smart grid technologies. In 2012, the global expenditure in smart grids reached $13.9bn, with the US and China leading the way in the number of installations.
à‚ “Because of the growth of renewable sources in the power mix and the existing concerns regarding energy efficiency, there is an urgent need to update the aging infrastructure and introduce efficient integration of power demand and supply,” concludes Nath.