The Power Generation by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Power Generation, The power generation market size has grown strongly in recent years. It will grow from $1913.99 billion in 2023 to $2054.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise in power consumption, government initiatives for energy infrastructure, emerging economies, technology advancements, and market liberalization.
The power generation market size is expected to see strong growth in the next few years. It will grow to $2683.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to growth in industrial sector, increasing demand for electricity, an increase in investments and growing use of electricity in transportation. Major trends in the forecast period include changing business models of electric utilities, adoption of batteries to store energy, digital technologies in power generation, nuclear power generation, development of solar tracking mounts technology, deployment of advanced ultra-supercritical (ausc) solutions, power plant transmissions, and innovations in waste-to-energy technologies.
The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries; the setting up of public transportation networks such as rapid metro transit systems; and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. For instance, to attain net-zero carbon emissions, the Office of Rail and Road (ORR) estimates that 13,000 track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK, and 179 km kilometers were electrified between 2020 and 2021. According to the Edison Electric Institute (EEI), annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050.
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The power generation market covered in this report is segmented –
1) By Type: Hydroelectricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
2) By Type Of Grid: Off Grid, On Grid
3) By Source Of Energy: Conventional/Non-Renewable Source, Renewable Source
4) By End-User: Industrial, Commercial, Residential, Transportation
Electric power generation companies are using batteries to store solar energy during daylight hours. The energy storage sites consist of large lithium-ion batteries. Storage of energy in batteries is also getting more popular in other types of power generation. These batteries store enough energy to serve as a backup in case of a power shortage due to disruptions in fuel supply. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital-intensive power generation plants, enhance transmission and distribution efficiencies, and reduce operational costs. By 2025, the World Bank Group aims to fund 17.5-gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations.
The power generation market report table of contents includes:
- Executive Summary
- Power Generation Market Characteristics
- Power Generation Market Trends And Strategies
- Power Generation Market – Macro Economic Scenario
- Global Power Generation Market Size and Growth
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- Global Power Generation Market Competitive Benchmarking
- Global Power Generation Market Competitive Dashboard
- Key Mergers And Acquisitions In Power Generation Market
- Power Generation Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Electricite De France SA
- Enel SpA
- Tokyo Electric Power Co Holdings Incorporated
- ON SE
- Korea Electric Power Corporation
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