Power Generation Global Market To Reach Value Of About $1.5 Trillion In 2025
24 Jun, 2021
The power generation market consists of sales of electric power by entities (organizations, sole traders and partnerships) that operate electric power generation facilities. These facilities generate electric power using various forms of energy, such as fossil fuels, nuclear, solar, wind and water. The establishments in this industry produce electrical energy and provide electricity to electric power transmission and distribution systems.
Global Power Generation Market Size And Drivers:
The global power generation market is expected to grow from $1123.99 billion in 2020 to $1168.3 billion in 2021 at a compound annual growth rate (CAGR) of 3.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1484.01 billion in 2025 at a CAGR of 6%. The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market.
Request For A Sample For The Global Power Generation Market Report:
Trends In The Global Power Generation Market
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 prominent in other types of power generation. These batteries store enough energy to serve as a backup in case of 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. The World Bank Group is planning to invest $1 billion for a new global program to accelerate investments in battery storage for energy systems.
Global Power Generation Market Segments:
The global power generation market is further segmented based on type, end user, sources of energy, type of grid and geography.
By Type: Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
By End-User: Residential, Commercial, Industrial
By Sources Of Energy: Conventional/Non-Renewable Source, Renewable Source
By Type of Grid: Off Grid, On Grid
By Geography: The global power generation market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global power generation market, accounting for 42% of the market in 2020.
Read More On The Report For The Global Power Generation Market At:https://www.thebusinessresearchcompany.com/report/power-generation-global-market-report
Power Generation Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides power generation market overviews, analyzes and forecasts market size and growth for the global power generation market, power generation market share, power generation market players, power generation market segments and geographies, power generation market’s leading competitors’ revenues, profiles and market shares. The power generation market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.