Power Generation Global Market Sees Growth Rate Of 9% Through 2022
10 Jan, 2022
The global power generation market size is expected to grow from $1.61 trillion in 2021 to $1.76 trillion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The growth in the power generation market 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 power generation market is expected to reach $2.46 trillion in 2026 at a CAGR of 8.7%.
What is the Global Power Generation Market?
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.
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What drives the Global Power Generation Market?
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. Electric vehicles are expected to account for 9% of the global electricity demand by 2050.
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https://www.thebusinessresearchcompany.com/report/power-generation-global-market-reportGlobal Power Generation Market Segments
The global power generation market is segmented:
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 regions covered in the power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global power generation market.
Power Generation Global Market Report 2022 provides market size and growth forecasts for the global power generation market, global power generation market share, power generation market segments and geographies, power generation market competitive landscape including 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.
Global Power Generation Industry Playersinclude Enel SpA, Electricite De France SA, State Power Investment Corporation, E. ON SE, Engie, Huaneng Power International, Inc., Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, and Inter RAO UES. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.