Global Power Generation Market Report 2022

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New York, 30 Dec. 2021 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Power Generation Global Market Report 2022” – https://www.reportlinker.com/p06193685/?utm_source=GNW

The global power generation market 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 is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $2,462.37 billion in 2026 with a CAGR of 8.7%.

The power generation market includes sales of electricity by entities (organizations, sole proprietorships and partnerships) that operate power generation facilities. These facilities generate electricity using various forms of energy, such as fossil fuels, nuclear, solar, wind and water. .

Establishments in this industry produce electrical energy and supply electricity to the transmission and distribution networks.

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. Hydroelectricity, also called hydroelectric power or hydroelectric power, is a type of energy that generates electricity by harnessing the power of moving water, such as water flowing over a waterfall.

Power generation energy comes from conventional/non-renewable and renewable sources. The different types of networks include off-grid, the network is used by residential, commercial and industrial sectors.

Asia Pacific was the largest power generation market region in 2021. Western Europe was the second largest power generation market region.

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Growing 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 establishment of public transport networks such as rapid metro systems and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market.

For example, to achieve net zero carbon emissions, Network Rail estimates that 13,000 single track kilometers – or around 450km per year – of track will need to be electrified by 2050 in the UK and around 251 kilometers have been electrified between 2019 and 2020. According to the Edison Electric Institute (EEI), annual sales of electric vehicles in the United States are expected to exceed 1.2 million by 2025. Electric vehicles are expected to account for 9% of global electricity demand by 2050.

Power generation companies use batteries to store solar energy during the day. Energy storage sites consist of large lithium-ion batteries.

Energy storage in batteries is also gaining importance in other types of power generation. These batteries store enough energy to act as a back-up in the event of a power shortage due to fuel supply interruptions.

They are designed to absorb solar energy and feed it back into the grid. These systems minimize the need for capital-intensive power generation plants, improve transmission and distribution efficiency, and reduce operating costs.

By 2025, the World Bank Group aims to finance 17.5 gigawatt hours (GWh) of battery storage, more than tripling the 4-5 GWh currently installed in all developing countries.

The coronavirus disease (COVID-19) outbreak acted as a significant constraint in the power generation market in 2020 as demand for utilities from industrial and commercial establishments declined due to trade restrictions and restrictions. lockdowns imposed by governments around the world. operations to contain the spread of the virus among its staff, thereby limiting the need for utilities such as electricity and sewage treatment.

COVID-19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province in the People’s Republic from China, and has spread all over the world, especially in Western Europe, North America and Asia.

Measures taken by national governments to contain transmission have led to a decline in economic activity as countries enter a state of ‘lockdown’ and the outbreak has negatively impacted businesses throughout 2020 and into ‘ in 2021. However, the power generation market is expected to recover from the shock throughout the forecast period as it is a ‘black swan’ event and not related to continuing or fundamental weaknesses in the market or the global economy.

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, United Arab Emirates, United Kingdom, United States , Venezuela and Vietnam.

Read the full report: https://www.reportlinker.com/p06193685/?utm_source=GNW

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