Business Research Company Power Generation Market Outlook
LONDON, April 28, 2022 /PRNewswire/ — Asia-Pacific was the largest region in the power generation marketaccounting for 48.5% of the global market in 2021. It was followed by Western Europe, North America and other regions. In the future, the fastest growing regions in the power generation market will be Africa and the South Americawhere growth will be at CAGRs of 14.1% and 11.1% respectively from 2021 to 2026.
the size of the global power generation market should go from $1,614.03 billion in 2021 for $1,763.21 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The growth of the market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational challenges. The power generation equipment market is expected to reach $2,462.37 billion in 2026 at a CAGR of 8.7%.
Power Generation Industry Trends
The companies of power generation market are investing in growing innovations in various waste-to-energy technologies. These technologies are any waste treatment process that creates energy in the form of electricity, heat, or transportation fuels from a waste source and can be applied to multiple types of waste. For example, the new Dendro Liquid Energy (DLE) technology from Germany is a new nearly zero-waste waste-to-energy innovation that helps in the treatment of biological waste and has great potential in the field of bioenergy. DLE is a much more efficient way to generate electricity from biomass and involves mixed waste, including plastics and large wood logs, processed in a reactor to produce carbon dioxide and oxygen to generate electrical energy, reduce emissions, effluents and nuisances.
What is the electricity generation market?
Electricity generation refers to the creation of energy using many types of technologies, some of which are over a century old, such as steam boilers, and others that are newer, such as wind turbines. Steam boilers and windmills, on the other hand, are much older. They were originally designed to move machinery and crush grain, and they still do so today, but are now primarily used to generate power. It is the process of generating electricity or the amount of electricity generated by converting various types of energy into electricity; often expressed in kilowatt hours (kWh) or megawatt hours (MWh). The power generation market consists of electricity sales by entities (organizations, sole proprietorships and partnerships) that operate electricity generating facilities.
The main types of electricity generation are hydroelectricity, electricity from fossil fuels, nuclear electricity, solar electricity, wind electricity, geothermal electricity, electricity from biomass and other types of electricity. Power generation energy comes from conventional/non-renewable and renewable sources. The different types of grids include off-grid, on-grid, and electricity is used by residential, commercial, and industrial sectors.
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