Research Nester published a report titled “Power Generation Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global power generation market in terms of market segmentation by source, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global power generation market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The market is divided on the basis of source into renewable and non-renewable. Out of this, the renewable segment is anticipated to attain highest growth over the forecast period, owing to the increasing environmental awareness amongst people, and increasing investment in the commercial development of renewable sources of energy. According to the data by the International Energy Agency (IEA), the annual renewable capacity additions increased by 45% in 2020, which accounted for almost 280 GW.
The globalpower generation market is estimated to grow on the back of rising demand for energy for the sustenance of the ever-increasing global population. The high dependence of livelihood on electricity, such as, usage of electric appliances, electric heating and cooling system, and others, are estimated to boost the market growth. Major companies are investing in utility scale generation of electricity, which is also estimated to boost the market growth. Moreover, adoption of smart grids and electric meters is estimated to boost the market growth.
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On the basis of geographical analysis, the global power generation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the large population, growing energy demand and highest adoption of renewable in the region. The APAC region has highest solar and hydro power generation, along with large number of thermal power plants, which is estimated to boost the market growth.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Dependance on Electricity and Growing Population to Boost the Market Growth
According to the World Bank data, the global population crossed 7.753 billion in 2020, and is estimated to reach 10 billion by 2050.
The modern lifestyle of people is highly dependent on electricity, as appliances of daily use, such as, refrigerator, air conditioner, water heater, fan and lights, are powered by electricity. This high dependance on electricity is estimated to boost the demand for power in the upcoming years. The growing population is also bound to increase the demand for electricity, which is estimated to boost the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, slow adoption of renewable sources of power is expected to operate as key restraint to the growth of the global power generation market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global power generation market which includes company profiling of General Electric Company, Tokyo Electric Power Company Holdings (TEPCO), ExxonMobil, Électricité de France S.A., ABB Ltd., SunPower Corporation, First Solar, Inc., Toshiba Energy Systems & Solutions Corporation, Siemens AG, ANDRITZ Hydro, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global power generation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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