Rising demand for smart grids is expected to be a major factor influencing the growth of the global power generation market in the coming years.
PORTLAND, OREGON, USA, March 14, 2022 /EINPresswire.com/ — Rising demand for electricity has increased power generation activities across the world. Conventional biomass burning is expected to cause various environmental pollutions and is mainly used in rural areas of developing countries for purposes such as cooking and small-scale agricultural activities. Electricity generation from fossil fuels has been the main contributor to the power generation market growth. The solar electric power generation market is also expected to be the fastest growing segment during the forecast period. Government initiatives and policies to control non-renewable energy consumption are expected to drive demand for alternative sources. Similarly, industrial power generation was the biggest market influence for power generation by end user. However, various market restraints such as air pollution and excessive drinking water consumption by various power generation industries are expected to hamper the market growth over the forecast period.
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The rapid increase in population is the main driver of the power generation market. The economic growth observed in developing countries, such as India, China, Brazil, Thailand, Taiwan, South Korea, Indonesia, Argentina, South Africa, Russia and the Mexico, has created lucrative opportunities for future players in the power generation market. Marlet. Additionally, increasing urbanization in developing countries has led to a gradual increase in the demand for electricity. This has compelled governments around the world to take various initiatives to ensure adequate power supply in their countries. Consequently, this has led to a rapid increase in investment in the power generation industry. This is expected to be a major factor driving the power generation market over the forecast period.
Smart grid technologies are gaining popularity around the world due to their significant advantages in efficiency and reliability. Rising demand for smart grids is expected to be a major factor influencing the growth of the global power generation market in the coming years.
Major companies covered in the power generation market are Abu Dhabi National Energy Company PJSC (TAQA), Abu Dhabi Water and Electricity Authority (ADWEA), Adani Power, AES Gener, AGL Energy, American Electric, Amu Power Company, Areva, BioTherm Energy, Centrica, China Datang Corporation, China Guodian Corporation and China Huaneng Group
Analysis of the COVID-19 scenario
The lockdown has forced governments to impose several regulations to restrict travel, and economic activities have come to a halt, except for activities associated with essential goods and services. These factors mainly affect power generation due to lack of manpower and government regulations to shut down all industries to prevent the spread of the virus. However, governments are supporting the power generation industry as electricity is now seen as a basic necessity.
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Key benefits of the report:
This study presents the analytical description of the Electric Power Generation market along with current trends and future estimations to determine impending investment pockets.
The report presents information related to key drivers, restraints, and opportunities, along with a detailed analysis of the power generation market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario of the power generation market.
The report provides a detailed analysis based on the competitive intensity and how the competition will take shape in the coming years.
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