Dubai, UAE, Oct. 05, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Kings Research, the global Power Generation Market was worth USD 1.67 trillion in 2022 and is projected to reach USD 2.48 trillion in revenue by 2030, growing at a CAGR of 5.05% from 2023 to 2030. Major factors driving industry growth are the burgeoning energy demand, rapid industrialization & urbanization, and a shift in inclination towards cleaner energy sources globally. Traditionally dominated by fossil fuels, the market is now propelled by growing environmental concerns and supportive government incentives, fostering the rapid expansion of renewable energy sources like solar and wind power installations.
Furthermore, the market's trajectory is fueled by technological advancements, notably in smart grids and energy storage solutions. Key industry stakeholders, including power generation firms, equipment manufacturers, and utility providers, are actively contributing to the growth of this transformative landscape.
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Trending Now: GE and Svante Collaborate to Develop Carbon Capture Technology for Power Generation
In 2023, GE and Svante announced a collaboration to develop carbon capture technology for power generation. This technology helps to reduce emissions from natural gas power plants, making them cleaner and more sustainable.
GE and Svante are both leaders in their respective fields, and this collaboration is a major step forward in climate change mitigation.
Competitive Landscape
Leading companies in the global power generation market are implementing various business strategies to increase their market share and broaden their product portfolios in different regions. These strategies include forming partnerships, mergers & acquisitions, developing innovative products, and entering into joint ventures. To achieve these goals, companies are investing in research and development, establishing new manufacturing facilities, and improving their supply chain management. Such strategic initiatives are playing a crucial role in shaping the competitive scenario of the industry.
Major manufacturers in the global power generation market include:
- General Electric (GE)
- Siemens AG
- Mitsubishi Hitachi Power Systems (MHPS)
- China National Nuclear Corporation (CNNC)
- NextEra Energy
- Enel S.p.A
- Duke Energy
- Tata Power
- Orsted
- ON SE
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Predominant Application of Non-Renewable Energy Sources to Drive Power Generation Market Growth
The power generation industry is bifurcated based on source into non-renewable and renewable sources.
The non-renewable source segment is dominating the global industry due to its predominant application in multiple nations for energy generation. However, environmental concerns and the requirement for reducing greenhouse gas emissions have led to a shift in favor of renewable energy sources in recent years. Renewable energy sources are likely to constitute a larger portion of the power generation market revenue in the upcoming years as they are emerging as a more cost-competitive alternative to non-renewables.
Non-renewable sources have dominated the market in recent years and are anticipated to retain their position in the industry through the projected period. However, due to rising environmental concerns, the generation of electricity from renewable sources has increased exponentially.
Growing Power Demand Across Industrial Sector to Spur Market Development
Based on end-users, the power generation market is categorized into industrial, commercial, and residential.
The industrial segment is expected to dominate the market due to the increasing industrial infrastructure in both developed and emerging countries. About 37% of all power produced in 2022 was consumed by the industrial sector, including that from both renewable and non-renewable sources.
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Burgeoning Global Population to Augment Power Generation Market Progress
The growth of the power generation market is propelled by the expanding global population and fast-paced urbanization, which is impelling electricity consumption. Concurrently, escalating industrial activities and extensive infrastructural projects are intensifying the demand for power generation. Furthermore, the imperative to reduce carbon emissions and combat climate change is facilitating the widespread adoption of renewable energy sources. Government incentives, regulations, and initiatives championing clean energy have become instrumental drivers for market expansion.
Advances in energy storage tech are making the grid more stable and helping incorporate renewable energy. Moreover, the need for energy security and diverse energy sources is driving investments in power generation. Additionally, improvements in technology, including better solar panels, wind turbines, and energy storage, create more efficient and affordable renewable power options. The focus on decentralized solutions is bolstering the use of renewable energy in remote areas, thereby boosting market growth.
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Rapid Economic Growth in APAC to Foster Power Generation Market Outlook
The Asia-Pacific region emerged as the dominant force in the global market in 2022, and this dominance is expected to continue through 2030. It is the fastest-growing sector in the global power generation market due to factors such as rapid economic expansion and urbanization. This has led to increased energy demand for industrialization, infrastructure projects, and urban centers in the region.
The Asia-Pacific region has a large and growing population, which is leading to increased electricity consumption. Rising incomes and improved living standards in several Asian countries have also resulted in an increase in energy-intensive activities like air conditioning, electronic device usage, and transportation. The International Energy Agency (IEA) predicts that China, India, and Southeast Asia will account for over 70% of global electricity demand growth by 2025.
Well-Established Energy Infrastructure in North America to Aid Power Generation Market Expansion
North America is poised to contribute to the second-largest share of the global market revenue by the end of the forecast period due to a variety of factors. The region has a well-established and mature energy infrastructure that has been developing over many years of industrialization and economic growth. Moreover, North America houses a rich and diverse energy resource base, including substantial reserves of fossil fuels like coal, natural gas, and oil, which have been the primary sources of power generation in the area. The advent of shale gas has revolutionized the natural gas industry, making it a more cost-effective and cleaner option for power generation.
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Key Points from TOC:
Chapter 1 Introduction of the Global Power Generation Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Power Generation Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Power Generation Market, By Source
Chapter 7 Global Power Generation Market, By End-Use Sector
Chapter 8 Global Power Generation Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Power Generation Market Competitive Landscape
Chapter 15 Company Profiles
Continued…..
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