Commercial Research Company Global Power Generation Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, February 7, 2022 /EINPresswire.com/ — The Global Power generation market rebounded from the impact of COVID-19 and reflects the economic fortunes of different regions. In 2021, the global market was dominated by the Asia-Pacific region. Rising demand for power generation in emerging markets, due to economic growth, coupled with the impact of positive societal pressure, increased technological innovation and growing adoption of electric vehicles, is expected to drive the growth of the power generation market, with greater emphasis on renewable energy. energy over the next 5 years and beyond.
The power generation market includes sales of electricity by entities that operate power generation facilities. These facilities generate electricity using various forms of energy, such as fossil fuels, nuclear, solar, wind and water.
The global power generation market grew from $1.124 billion in 2020 to $1.168 billion in 2021 at a compound annual growth rate (CAGR) of 3.9%. 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. Electricity from fossil fuels remains the dominant segment, accounting for 71.4% ($834 billion) of electricity generation revenues in 2021. Hydropower, wind power and nuclear power are the second largest segments, accounting for 9.2, 5.9 and 5.7% of power generation revenues respectively. . According to data from Global market model, the market is expected to reach $1.484 billion in 2025 at a CAGR of 6.2%, with growth expected to be highest in wind power and solar power revenue with a CAGR of 12.9 and 11.8%, respectively. Hydropower is expected to continue its slow decline, with annual revenues falling from $107 billion in 2021 to $101 billion in 2025.
Asia-Pacific is the largest region in the global power generation market, accounting for 41.5% of the market in 2021. Western Europe and North America were the second and third largest regions, accounting for respectively 23.2% and 15.2% of the market. Africa was the smallest region in the global power generation market. Over the period 2021 to 2025, revenue growth is expected to be highest in emerging markets. For example, the Middle East power generation market is expected to see a CAGR of 11% over the period, while Western Europe and North America are expected to show modest growth with CAGRs of 3.2 and 3.7%, respectively.
Increasing economic growth in emerging markets remains a major driver of the global power generation market. Due to societal concerns about global warming, there is a growing desire to switch from fossil fuel-based electricity to sustainable energy generation, especially using solar and wind electricity. As these methods are susceptible to disruptions due to local weather conditions, power generation companies are increasingly using batteries to store solar energy during the day. Energy storage sites consist of large lithium-ion batteries. Energy storage in batteries is also becoming important in other types of power generation. These batteries store excess electricity production, to feed it back into the grid in the event of a power outage due to fuel supply disruptions. These systems minimize the need for capital-intensive power generation plants, improve transmission and distribution efficiency, and reduce operating costs. The World Bank Group plans to invest $1 billion in a new global program to accelerate investment in battery storage for energy systems.
Growing applications of electricity in the transportation industry are also 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.
Digital technologies are increasingly making their way into the power distribution industry. Digital technologies such as smart grids, sensors and smart meters provide businesses and customers with an accurate, real-time account of energy consumption. These technologies, when implemented, will help improve the productivity, efficiency, safety, compliance and reliability of power generation.
The Global Power Generation Market report is part of a series of new reports from The Business Research Company that provides Power Generation market overviews, analysis and forecasts of size, share, Power Generation market players, Power Generation market segments and geographies, revenue, profiles and market shares of key competitors.
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