The Global Power Generation Market Is Forecasted To Grow To USD 1.76 Tn. With a CAGR Of 3.5 % By 2027.
Electricity is a necessary commodity in modern economies, and it provides an increasing percentage of energy services. Electricity demand is expected to rise further as a result of rising family incomes, electrification of transportation and heating, and increased demand for digitally linked gadgets and air conditioning. The Global Power Generation Market was worth USD 1.43 Tn. in 2021 and is expected to grow to USD 1.76 Tn. by 2027, with a CAGR of 3.5 % over the forecast period.
According to the World Energy Outlook 2019, global electricity consumption would grow at a rate of 2.1 percent per year until 2027, which is double the rate of primary energy demand under the Stated Policies Scenario. Furthermore, electrification is a key end-use sector that is expected to more than double power consumption over the forecast period.
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Global Power Generation Market Scope and Dynamics:
The growing worldwide population followed by fast urbanization in emerging countries has resulted in a constant rise in power consumption which is a critical element driving the growth of the Global Power Generation Market globally. The increasing need for smart grids is going to be another key feature of the worldwide Global Power Generation Market’s development in the coming years. Smart grid technologies are becoming increasingly popular throughout the world as a result of the significant benefits they give in terms of efficiency and dependability. Furthermore, rising government expenditure on developing and maintaining a reliable energy infrastructure fueled the demand for power generation systems.
Power generation is one of the most critical aspects of any modern community. The Global Power Generation Market is likely to increase rapidly in the next years. This rise is attributed to an increase in global electricity consumption. Power is generated using both conventional/non-renewable and renewable energy sources. Fossil fuels dominated worldwide energy generation, but alternative energy sources have seen remarkable growth in recent years.
As technology advances, an increasing number of countries, businesses, and regions are adopting sustainable energy. The merging of machine learning capabilities of Artificial Intelligence (AI) with microgrid controllers is one such example, and such improvements will fuel demand for power generation throughout the forecast period.
However, outdated power generation infrastructure and rising interest rates are the primary issues limiting the market’s growth.
Global Power Generation Market Insights:
In the next few years, Asia Pacific is expected to be the leading contributor to the worldwide Global Power Generation Market. The rising adoption of advanced power generation and distribution infrastructure in Southeast Asian countries as well as proactive government support for improvements in power generation and distribution networks in dynamic economies such as India and China are major drivers of the Asia Pacific Global Power Generation Market. Because the Asia Pacific is north of the equator than North America or Europe, it offers tremendous potential for wind and solar power generation.
Power Generation Market Segmentation:
- Conventional/Non-renewable Sources
- Fossil Fuels
- Nuclear Power
- Renewable Sources
- Traditional biomass
- North America
- the Asia Pacific
- South America
- the Middle East and Africa
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Key Players in Global Power Generation Market:
- John Wood Group plc
- Alstom SA
- Siemens AG
- ON SE
- Huaneng Power International Inc.
- Southern Company
- Sinohydro Corporation
- Suzlon Group
- United Power
- Datang International Power
- State Grid Corporation of China
- Électricité de France S.A.
About Maximize Market Research:
Maximize market research, a global market research firm with a dedicated team of specialists and data, has carried out extensive research on the Global Power Generation Market. Maximize Market Research is well-positioned to estimate and predict market size while taking into account the competitive landscape of the sectors. Maximize Market Research has a strong unified team of industry professionals and analysts across sectors to guarantee that the whole Industry ecosystem is considered, taking into account all current developments, newest trends, and futuristic – the technology influence of distinctively specific industries. The company’s technique is specifically customised and in accordance with the agreed-upon scope and purpose of the study.
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