Global Reciprocating Power Generating Engine Market

The engine, turbine, and power transmission equipment market consists of sales of engine, turbine, and power transmission equipment by entities (organizations, sole traders, or partnerships) that produce turbines, power transmission equipment, and internal combustion engines (except automotive gasoline and aircraft). The main types of engine, turbine and power transmission equipment are commercial internal combustion engines, turbine and turbine generator set units, mechanical power transmission equipment, speed changer, industrial high-speed drive, and gear. Internal combustion engines refer to the internal combustion engines that generate motive power and produce hot gas to drive a piston. The various capacity includes small, medium, and large. The various end-users involved are automotive, manufacturing, industrial, and other end-users. The global engine, turbine, and power transmission equipment market size is expected to grow from $513.1 billion in 2021 to $571.66 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global engine, turbine, power transmission equipment market size is then expected to grow to $847.08 billion in 2026 at a CAGR of 10.3%. The engine, turbine, and power transmission equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the engine, turbine, and power transmission equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the engine, turbine, and power transmission equipment manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Gas turbine and power generation equipment manufacturers are adopting modular turbine designs to reduce onsite works and offer short installation times. The modular turbine design is prefabricated electricity-generating equipment in a factory, packaged to reduce the timeline to construct a power plant. They are reliable and low-cost equipment to reduce construction, design, installation, and delivery times. These modular designs can be prefabricated and delivered not only in gas turbines, but also in other components of power plants such as engine modules, fuel delivery systems, emissions control equipment, heat recovery steam generator (HRSG) modules, generators, pipe racks, and other auxiliary systems. Major companies providing modular turbine designs are VESTAS, ENERCON, and GE. In 2019, Vestas introduced EnVentus, a modular wind-turbine platform based on an advanced modular design. Major companies in the engine, turbine, and power transmission equipment market include Caterpillar Inc, Vestas Wind Systems A/S, Mitsubishi Heavy Industries Ltd, Siemens AG, Goldwind, Doosan Heavy Industries & Construction Co. Ltd, SKF Group, Baker Hughes Co, Cummins Inc, and Nordex SE. Asia Pacific was the largest region in the engine, turbine, and power transmission equipment market in 2021. Western Europe was the second largest region in the global engine, turbine, and power transmission market. The regions covered in the global engine, turbine, and power transmission equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in engine, turbine, and power transmission equipment market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global engine, turbine, and power transmission equipment market is segmented - 1) By Type: Commercial Internal Combustion Engines, Turbine and Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, and Gear 2) By Capacity: Small, Medium, Large 3) By End-User: Automotive, Manufacturing, Industrial, Others Subsegments Covered: Diesel Powered Internal Combustion Engines, Gasoline Powered Internal Combustion Engines, Natural Gas Powered Internal Combustion Engines, Other Powered Internal Combustion Engines, Steam and Gas Turbine, Wind Turbine, Hydro Turbine, Plain Bearings, Joints, Clutches, Couplings, Pulleys, Chains and Sprockets, Other Mechanical Power Transmission Equipment

The aircraft engines market consists of sales of aircraft engines and related services by entities (organizations, sole traders, or partnerships) that produce aircraft engines. An aircraft engine is a component of a propulsion system that generates mechanical power to run the aircraft. Only goods and services traded between entities or sold to end consumers are included. The main types of aircraft engines market are turboprop, turboshaft, turbofan, and piston engine. A turboshaft engine is a type of jet engine that has been optimized to produce shaft power to drive machinery instead of producing thrust. The technology deployed includes conventional engine, electric/hybrid and are used in fixed-wing, rotary-wing, and by application into general aviation, business aviation, recreational aviation, and others. The global aircraft engines market size is expected to grow from $36.04 billion in 2021 to $37.70 billion in 2022 at a compound annual growth rate (CAGR) of 4.6%. The growth in the 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 aircraft engine market is expected to reach $51.71 billion in 2026 at a CAGR of 6.5%. The growing air passenger traffic is expected to propel the growth of the aircraft engine market over the coming years. In 2020, total air passenger traffic increased by 19% until 31 August, with carriers flying more than 70 lakh passengers during the period following a two-month pause from 25 May after the re-opening of domestic airline facilities in a graded manner. In order to meet the increasing air traffic, the number of airlines is revamping their fleet by purchasing new aircraft that create demand for new engines. The International Air Transport Association (IATA) has disclosed that the number of passengers could double in 2037 to 8.2 billion. Therefore, the growing air passenger traffic drives the growth of the aircraft engine market. The high maintenance cost of the aircraft engines is expected to restrict the growth of the aircraft engines market in the coming years. Maintenance of aircraft engines is a step-by-step process consisting of washing and drying components of the jet engine, quality checks of the interiors and exteriors, disassembling of the engine, repair, and replacement of any portions, and then reassembly and testing of the engine. Throughout the process, multiple devices are used to assist trained inspectors and other creative methods, such as robots, can be implemented for maintenance. Small jet engine revamps costs around $200-$300 thousand per engine. Larger engines will hit $3 million. Therefore, the high maintenance cost of the aircraft engines restraints the growth of the aircraft engines market. The integration of 3D printed parts in aircraft engines is a key trend gaining popularity in the aircraft engines market. Companies are increasingly using 3D printing technology in aircraft engines as 3D printing-based production for aviation to reduce fuel usage and material costs. In January 2020, GE Aviation has revealed that the first aircraft of its 777X jet, operated by twin GE9X engines, was finished by the American multinational aerospace giant Boeing. More than 300 3D printed components are fitted in GE9X engines. According to General Electric (GE), 3D printing has enabled to creation of the GE9X engine 10% more fuel-efficient than the GE90 engine. Market intelligence company Netscribes estimates that additive manufacturing (AM) techniques will produce global annual revenue of $8.7 billion in 2020. In October 2019, Rolls-Royce, a UK-based aircraft engine manufacturing company, acquired Siemens's electric Aircraft business (electric and hybrid-electric aerospace propulsion) unit of Siemens conglomerate for an undisclosed amount. The acquisition is intended to boost Rolls-Royce efforts in aircraft electrification, including a hybrid eVTOL concept announced in 2018. Siemens is a Germany-based conglomerate company. Major players in the aircraft engines market are General Electric Company, Rolls Royce, Honeywell International, United Technologies Corporation, Safran, International Aero Engines, MTU Aero Engines, Textron, Hindustan Aeronautics, Klimov, Continental Motors Group, United Engine, Motor Sich, AVIC Aircraft, Aero Engine Corporation of China and Barnes Group. North America was the largest region in the aircraft engine market in 2021. North America is expected to be the fastest growing region in the forecast period. The regions covered in the aircraft engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the aircraft engines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global aircraft engines market is segmented - 1) By Type: Turboprop, Turboshaft, Turbofan, Piston Engine 2) By Technology: Conventional Engine, Electric/Hybrid 3) By Platform: Fixed Wing, Rotary Wing 4) By Application: General Aviation, Business Aviation, Recreational Aviation, Others

The power generation, transmission and control equipment market consists of sales of power generation, transmission and control equipment by entities (organizations, sole traders and partnerships) that produce power, distribution, and specialty transformers, electric motors, generators, and motor generator sets, switchgear and switchboard apparatus, relays, and industrial controls. The main types of power generation, transmission and control equipment are transformer, electric motor and generator, switchgear and switchboard apparatus, relay and industrial controls. A transformer is a device that converts electric energy from one alternating-current circuit to one or more other circuits by increasing (stepping up) or decreasing (stepping down) the voltage. The equipment are used for residential, commercial, automotive and other applications by private and public end use sectors. The global power generation, transmission and control equipment market size is expected to grow from $484.33 billion in 2021 to $538.91 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The growth in the 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, transmission, control equipment market is expected to reach $794.67 billion in 2026 at a CAGR of 10.2%. The relay and industrial control industry is increasingly adopting SCADA (Supervisory control and data acquisition) systems to enhance process efficiency and productivity. SCADA systems are used to remotely control industrial processes such as power generation, fabrication and refining through coded signals over cloud channels. The applications of these SCADA systems is expected to rise mainly due to their scalability, ease of upgrading, emergence of global smart grid projects and increased use of cloud technologies. The power generation, transmission and control equipment market is also benefitting from high demand for energy and renewable resource projects. The SCADA systems market grew at a CAGR of 7.2% in 2020. Major companies in the power generation, transmission and control equipment market include Siemens AG, Schneider Electric SE, ABB Ltd, Nidec Corp, General Electric Company, Mitsubishi Electric Corp, Amphenol Corp, Legrand S.A., Toshiba Corporation and Hanwha. Asia Pacific was the largest region in the power generation, transmission and control equipment market in 2021. Western Europe was the second largest region in the power generation, transmission and control equipment market. The regions covered in the power generation, transmission and control equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the power generation, transmission and control equipment market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The global power generation, transmission and control equipment market is segmented - 1) By Type: Transformer, Electric Motor and Generator, Switchgear and Switchboard Apparatus, Relay and Industrial Controls 2) By Application: Residential, Commercial, Automotive, Others 3) By End-User Sector: Private, Public Subsegments Covered: Low Power Transformers (100 MVA to 500 MVA), Medium Power Transformers (501 MVA to 800 MVA), High Power Transformers (801 MVA to 1200 MVA), Electric Motors, Electric Generators, Switchboard, Switchgear, Relays, Industrial Controls

The power generator manufacturing market consists of sales of generators which are machines that convert mechanical energy into electrical energy for applications in external circuits. A generator uses mechanical energy such as steam, gas, water to convert it into electrical energy for an uninterrupted power supply. The main types of power generator manufacturing market are the gas generator, diesel generator, CKD generator. The gas generator is an apparatus for generating gas. The capacity used is below 75kva, 75-375 kva, 375-750 kva, above 750 kva. The applications are standby, peak shaving, continuous. The various end-users are mining, oil & gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and others. The global power generators market size is expected to grow from $17.67 billion in 2021 to $19.72 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while 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 generator market is expected to reach $26.65 billion in 2026 at a CAGR of 7.8%. The generator manufacturing market covered in this report is segmented by type into the gas generator, diesel generator, and CKD generator. The generator manufacturing market in this report is segmented by capacity into below 75kva, 75-375 kva, 375-750 kva, and above 750 kva. The generator manufacturing market in this report is segmented by application into standby, peak shaving, and continuous. The generator manufacturing market in this report is segmented by end-user into mining, oil & gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and others. Increasing demand from several industries such as mining, oil and gas, and pharmaceuticals is expected to contribute to the growth of the generator manufacturing market in the forecast period. Generators are used as a source of power backup in many industrial activities. However, in cases where grid infrastructure is absent, generators are used as the only source of power. For example, the majority of the mining sites are located in remote locations and require generators for their day-to-day power requirements. For instance, the mining market in India is expected to increase to $126 billion in 2022 at a CAGR of 4.63%. Economic growth in emerging markets is increasing the industrial activity which in turn will drive the market for generators in the forecast period. Government initiatives to promote building and maintaining a robust energy infrastructure will drive the demand for power generation systems which in turn is expected to restrain the market for generators in the forecast period. According to the International Energy Agency (IEA), in 2020, the global electricity industry attracted capital investments at below USD 760 billion in 2019. Asia Pacific investments in renewable energy generation by 2030 will double to $1.3 trillion from the previous decade, dwarfing fossil fuel power expenditures. Pipeline power generation projects in Europe and the Americas were valued at $921 billion and $931 billion, respectively. Governments in both developed and developing countries are focusing on building and maintaining robust energy infrastructure, and it is expected to limit the growth of the generator manufacturing market. Generator manufacturing companies are increasingly manufacturing portable generators. A Portable generator provides electricity by running a gas-powered/diesel-powered engine that turns an on-board alternator to generate electrical power. Rising demand for uninterrupted and reliable power supply is increasing the demand for portable generators. Portable generators offer several advantages such as flexibility and increased ease of use. The global portable generators market is expected to reach $2.5 billion by 2024 growing at a CAGR of 4.1% through 2019. In March 2021, Albion Acquisitions, London-based Private equity acquired Aggreko for the amount of $2.3 billion. This acquisition of Agrreko will deal with I Squared Capital and TDR Capital. Aggreko is a UK-based company that provides rental power, temperature control, and compressed air systems. Major players in the power generator manufacturing market are Aggreko, Atlas Copco, Caterpillar Inc, FG Wilson, Kirloskar Electric Co. Ltd, Cummins Inc, Rolls-Royce, Wärtsilä, Yanmar Co. Ltd, and Briggs & Stratton. The regions covered in the power generators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the power generator manufacturing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global power generators market is segmented - 1) By Type: Gas Generator, Diesel Generator, CKD Generator 2) By Capacity: Below 75 kva, 75-375 kva, 375-750 kva, Above 750 kva 3) By Application: Stand By, Peak Shaving, Continuous 4) By End-User: Mining, Oil and Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Others

The biogas market consists of sales of biogas by entities (organizations, sole traders, and partnerships) that are engaged in the production of biogas. Biogas is a form of biofuel that is created spontaneously when organic waste decomposes. Biogas generation is also known as anaerobic digestion since it occurs in the absence of oxygen. It can be used for a range of purposes including automotive fuel, cooking, and power generation. The main sources of biogas are municipal waste, industrial waste, agricultural waste, and others. Municipal waste is waste that is collected and processed by or for municipalities. It includes household waste, including bulky waste, waste from commerce and trade, office buildings, institutions, and small enterprises, as well as yard and garden waste, street sweepings, litter container contents, and market cleansing waste if managed as household waste. The different applications of biogas include residential, commercial, industrial and it is implemented in various areas such as power generation, heat generation, cogeneration and others. The global biogas market size is expected to grow from $64.14 billion in 2021 to $71.20 billion in 2022 at a compound annual growth rate (CAGR) of 11%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while 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 biogas market is expected to reach $94.66 billion in 2026 at a CAGR of 7.4%. The rising shift towards renewable sources of energy is expected to propel the growth of the biogas market in the coming years. Renewable energy, often known as clean energy, is derived from natural sources or procedures that are renewed regularly. Biogas is also referred to as renewable natural gas produced by the breakdown of organic matter such as animal waste and food scraps. According to International Energy Agency (IEA) global energy review 2020, renewable energy is expected to be the fastest-growing energy source in the future. In comparison to Q1 2019, global renewable energy usage in all industries rose by around 1.5% in Q1 2020 and a 1% increase in the use of renewables in the end of 2020. Therefore, the shift toward renewable sources of energy drives the growth of the biogas market. The expansion of production facilities is a key trend gaining popularity in the biogas market. Major companies operating in the biogas sector are focusing on expanding their production facilities to meet the increasing demand for renewable energy and are replacing chemical fertilizers with recycled nutrients in the production of biogas. For instance, in April 2020, Ductor, a Finnish-Swiss biotech company, is constructing three combined biofertilizer-biogas facilities in northern Poland. The facilities will generate renewable electricity and organic nitrogen fertilizer entirely from poultry waste, lowering greenhouse gas (GHG) pollution dramatically. Two of the proposed facilities will have a 0.5MW installed capacity, while the third will have a 1MW capacity. In January 2021, Total SE, a French oil and gas company that manufactures and sells gasoline, natural gas, and electricity acquired Fonroche Biogaz for an undisclosed amount. With this acquisition, Total SE becomes a major player in renewable gas in France and Europe and significantly strengthens its presence in the sector. Fonroche Biogaz is a company within Groupe Fonroche that designs, builds, and operates anaerobic digestion (AD) plants in France. Major players in the biogas market are PlanET Biogas Global GmbH, Scandinavian Biogas, EnviTec Biogas AG, IES BIOGAS srl, Air Liquide, Weltec Biopower GmbH, Biofrigas Sweden AB, Ameresco Inc., Wartsila, Engie SA, Bio-En Power Inc., Swedish Biogas International, CH4 Biogas, SP Renewable Energy Sources Pvt. Ltd, Beijing Sanyi Green Energy Development Co. Ltd, Biofuel USA Corporation, Quadrogen, Viessmann, BTS-biogas, Agraferm, Gasum, Xergi A/S, Zorg Biogas, Future Biogas Limited, and AAT Biogas Technology. Europe was the largest region in the biogas market in 2021. Asia Pacific is expected to record the fastest growth in the market over the forecast period. The regions covered in the biogas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the biogas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global biogas market is segmented - 1) By Source: Municipal Waste, Industrial Waste, Agricultural Waste, Others 2) By Application: Residential, Commercial, Industrial 3) By End-User: Power Generation, Heat Generation, Cogeneration, Others

The biomass electric power generation market consists of sales of electricity generated using biomass and related services for household and commercial purposes. Biomass gasification refers to a process that involves the burning of biomass for the generation of producer gas or syngas for production of electricity. Producer gas is a combustible gas mixture of carbon monoxide, hydrogen, carbon dioxide, methane, and nitrogen. The gasification process uses heat, pressure and partial combustion which takes place when the air supply (o2) is inadequate for the combustion of biomass.

The biomass electric power generation market consists of sales of electricity generated using biomass and related services for household and commercial purposes. Biomass gasification refers to a process that involves the burning of biomass for the generation of producer gas or syngas for production of electricity. Producer gas is a combustible gas mixture of carbon monoxide, hydrogen, carbon dioxide, methane, and nitrogen. The gasification process uses heat, pressure and partial combustion which takes place when the air supply (o2) is inadequate for the combustion of biomass. The main types of feedstock in biomass electric power generation are solid biomass, biogas, municipal solid waste and liquid biomass. Solid Biomass, also known as feedstock, consists of solid or compacted organic materials in the format of pellets which discharge stored energy through combustion and burning. The different technologies include anaerobic digestion, combustion, co-firing, gasification, landfill gas and is used by various sectors such as households, industrial sector, government sector, others. The global biomass electricity market size is expected to grow from $33.62 in billion 2021 to $36.99 billion in 2022 at a compound annual growth rate (CAGR) of 10%. The growth in the biomass electricity 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 biomass electricity market is expected to reach $52.55 billion in 2026 at a CAGR of 9.2%. The increasing government support through various government subsidies and policies drives the growth of the biomass electric power generation market. Due to the growing concerns about climate change and rising levels of greenhouse gases in the atmosphere resulting from the burning of fossil fuels such as coal and oil, new government policies are being framed to encourage sustainable power generation. For instance, In India, the Ministry of new and renewable energy under its National Biogas and Manure Management Programme (NBMMP) provides subsidies for setting up a family type biogas plants mainly for rural and semi-urban/households. The programme is implemented by the State Nodal Departments/State Nodal Agencies and Khadi and Village Industries Commission (KVIC), Biogas Development and Training Centers (BDTCs) and involves subsidies up to Rs.17,000 ($230) for setting up biogas plants. The growing competition from alternative energy sources such as solar, wind, geothermal is expected to limit the biomass electric power generation market. Unlike, wind power plants, biogas plants are affected by cold climates. The digesters in a biogas plant requires heat energy to maintain a constant biogas supply. The optimal temperature for bacteria to digest the waste product is around 37°C.In temperatures below 37°C, the digesters require additional heat energy to maintain a constant biogas supply. Also, the solar and wind energy plants use raw resources which are available in abundance whereas biogas production is only possible in rural areas where raw materials such as agricultural waste, manure, green waste or food waste are in constant supply. Thus, the popularity and ease of maintaining alternative energy sources such as solar, wind, geothermal restraints the growth of the biomass electric power generation market. The companies in the biomass electric power generation market are developing new methods to produce electric power through new hybrid biogas plants by combining biogas with other forms of renewable energy sources such as solar energy. The combination of solar energy with biogas reduces the operating cost and efforts required to deal with the waste products from the farms. Following the trend, U.K based Bioplex and Controllis, in 2019, together developed an onsite-electric power generator system including a high output system to convert grass, animal and food waste into biogas, biogas powered 12kW DC Genset generator, solar power arrays, battery bank and 75kW AC Mains Inverters. This onsite-electric power generator system also provides cloud-based remote management and data analytics to optimize system performance. The system generates electricity more efficiently than conventional biogas power plants as the production of electricity is supported by solar energy when biogas is not available. The generation of electric power by using a mix of solar power and biogas forms the latest trend in the biomass electric power generation market. In 2019, Prospect Co., Ltd., a Japanese seller of condominiums and owner of few solar power generation facilities, acquired an aggregate of 18,000 common shares of Pinnacle Renewable Energy Inc. Through the acquisition, Prospect owns and controls an aggregate of 3,348,600 Common Shares and plans to use the acquired common shares for further investment strategy. Pinnacle Renewable Energy Inc. is a Canada based manufacturer and distributor of industrial wood pellets, which are used by large-scale thermal power generators as to produce reliable baseload renewable power. Major players in the biomass electricity market are Enviva, Pinnacle Renewable Energy Group, Pacific BioEnergy Corporation, Acciona Sa, Dong Energy A/S, Acciona Sa, Ameresco Inc., E.On Se, Graanul Invest Group, RWE Innogy, Lignetics, Orsted A/S, Oulun Energia Oy, NTPC, Skive Fiernvarme, and Babcock & Wilcox Enterprises Inc. Western Europe was the largest region in the biomass electricity market in 2021. Asia pacific was the second largest region in the biomass electricity market. The regions covered in the biomass electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the global biomass electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global biomass electricity market is segmented - 1) By Feedstock: Solid Biomass, Biogas, Municipal Solid Waste, Liquid Biomass 2) By End-User: Households, Industrial Sectors, Government Sectors, Others 3) By Technology: Anaerobic Digestion, Combustion, Co-Firing, Gasification, Landfill Gas.

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. The main types of power generation are hydroelectricity, fossil fuel electricity, nuclear electricity, solar electricity, wind electricity, geothermal electricity, biomass electricity, and other electricity. Hydro electricity, also known as hydroelectric power or hydroelectric energy, is a type of energy that generates electricity by harnessing the power of moving water, such as water running over a waterfall. The power generation energy is sourced from conventional/non-renewable sources and renewable sources. The different types of grids include off grid, on grid is used by residential, commercial, and industrial sectors. The global power generation market size is expected to grow from $1,614.03 billion in 2021 to $1,763.21 billion 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 $2,462.37 billion in 2026 at a CAGR of 8.7%. 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, Network Rail estimates that 13,000 single track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK and around 251 kilometers were electrified between 2019 and 2020. According to the Edison Electric Institute (EEI), the 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. The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the power generation market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally. Many manufacturing facilities globally halted operations to contain the spread of virus among its workforce, thereby limiting the need for utility services such as electricity and wastewater treatment. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the power generation market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy 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. 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. Major companies in the power generation market include 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. Asia Pacific was the largest region in the power generation market in 2021. Western Europe was the second largest region in the power generation market. The regions covered in the power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the power generation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global power generation market is segmented - 1) By Type: Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity 2) By End-User: Residential, Commercial, Industrial 3) By Sources Of Energy: Conventional/Non-Renewable Source, Renewable Source 4) By Type of Grid: Off Grid, On Grid