The power generation market is growing at a relatively constant rate of around 9% both currently and over the forecast period, “fueled” by market technology trends.
LONDON, April 13, 2022 /PRNewswire/ — The size of the global power generation market should go from $1.61 trillion in 2021 for $1.76 trillion 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 market is expected to reach $2.46 trillion in 2026 at a CAGR of 8.7%.
the power generation market consists of electricity sales by entities (organizations, sole proprietorships and partnerships) that operate electricity generating 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.
Thermal power generation companies are investing in advanced ultra-supercritical pulverized coal (AUSC) technology to increase plant operational efficiency and reduce carbon emissions. AUSC operates with temperatures in the range of about 700 to 750°C. This technology also operates with over 50% efficiency and significantly reduces carbon emissions at source. Many public and private power producers are investing in these technologies to improve power plant efficiency and reduce carbon emissions. For example, in September 2019the UNITED STATES The Department of Energy has invested $56 million in coal technology projects; out of it $56 million $5 million was allocated to advanced ultra-supercritical power plants. These investments are focused on using advanced materials-based power generation activities to increase plant efficiency and environmental performance.
The main growth potential of the electricity generation market by type will be in the electricity from fossil fuels segment, which will gain $365.2 billion of global annual sales by 2026. The main growth potential of the power generation equipment market by end-user will occur in the transportation segment, by energy source in the conventional/non-renewable sources segment, by network type in the -grid segment. The size of the power generation market will grow the most India to $150.1 billion.
Asia Pacific has the largest power generation market sharerepresenting 48.5% of the global market in 2021. It is followed by Western Europe, North America and other regions. Going forward, 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.
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