Power Generation Market to Grow with a CAGR of 35.19% through 2028
Increasing global electricity demand and technological
advancements in power generation technologies are likely to drive the market in
the forecast period.
According to TechSci Research report, “Power
Generation Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Power Generation Market
stood at USD 2.08 Trillion in 2022 and is anticipated to grow with a CAGR of 35.19%
in the forecast period. One of the primary drivers fueling the global Power
Generation market is the relentless growth in energy demand and the global
trend toward electrification. As the world's population expands, urbanizes, and
industrializes, the need for electricity has surged exponentially. This
heightened demand is evident in various sectors, from residential and
commercial spaces to industries and transportation. Electrification, in
particular, has become a pivotal driver. Governments and industries are
transitioning from traditional energy sources like coal, oil, and gas to electricity
for a multitude of applications. Electric vehicles (EVs), for example, are
becoming increasingly prevalent as countries worldwide promote greener
transportation alternatives. Furthermore, the electrification of heating,
cooling, and various industrial processes is gaining traction to reduce
greenhouse gas emissions and enhance energy efficiency.This burgeoning demand
for electricity necessitates the expansion and diversification of the power
generation sector. As a result, there is an intensified focus on adopting
cleaner and more sustainable energy sources, such as wind, solar,
hydroelectric, and nuclear power, to meet the evolving needs of our electrified
world. The integration
of renewable energy sources into the global Power Generation market stands as
another significant driver reshaping the industry. This driver is propelled by
mounting environmental concerns, including climate change and air pollution,
along with the imperative to reduce greenhouse gas emissions. Renewable energy
technologies, including wind, solar, and hydroelectric power, have witnessed
remarkable advancements in efficiency and cost-effectiveness. As a result, they
have become increasingly competitive with traditional fossil fuels. Governments
and industries worldwide are recognizing the environmental and economic
advantages of transitioning toward these clean energy sources. To combat
climate change, many nations have established renewable energy targets and
incentives to encourage the deployment of renewable energy projects. These
incentives often take the form of subsidies, tax credits, and feed-in tariffs,
making it financially appealing for power generators to invest in renewables.
Moreover, international agreements like the Paris Agreement have further
propelled the adoption of renewable energy sources, cementing their role as
drivers in the global Power Generation market.
This driver not
only contributes to a more sustainable and eco-friendly power generation
landscape but also aligns with global efforts to reduce carbon emissions and
combat the adverse impacts of climate change. Consequently, the integration of
renewables continues to shape the future of power generation on a global scale.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Power Generation Market.”
The Global Power Generation Market is segmented into type,
end user, source, grid and region. Based on type, The Fossil Fuel electricity segment had
the largest market share in 2022 & expected to maintain it in the forecast
period. Fossil fuel-based power generation provides a reliable and consistent
energy supply. Unlike some renewable sources that are intermittent (e.g., wind
and solar), fossil fuel power plants can operate continuously, ensuring a
stable supply of electricity to meet the demands of consumers and industries.
Many countries already have well-established infrastructure for fossil
fuel-based power generation. This includes a network of coal-fired, natural
gas, and oil power plants, as well as associated distribution and transmission
systems. This existing infrastructure is often more cost-effective to maintain
and operate than building entirely new facilities. Fossil fuels have a high
energy density, which means they can produce a significant amount of energy
from a relatively small amount of fuel. This characteristic makes them
particularly suitable for large-scale power generation, where high energy
output is required. Fossil fuel power plants are often used to provide
"base load" power, which is the continuous supply of electricity
needed to meet the minimum demand. They are well-suited for this role because
they can operate steadily and are easily adjustable to meet changes in demand.
Based on application, The On Grid segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. On-grid power generation systems are highly reliable and
provide a consistent supply of electricity. They are directly connected to the
utility grid, which is designed to deliver uninterrupted power to consumers.
This reliability is critical for meeting the electricity needs of homes,
businesses, industries, and essential services such as hospitals and schools.
In many developed and urbanized regions, a well-established and extensive
electricity grid infrastructure is already in place. This infrastructure
includes power plants, substations, transmission lines, and distribution
networks. Leveraging this existing infrastructure for on-grid power generation
is cost-effective and efficient, making it the preferred choice for electricity
delivery. Large-scale power plants, whether they are conventional fossil
fuel-based or renewable energy installations, are often connected to the grid.
These centralized power generation facilities benefit from economies of scale,
which means that they can produce electricity at a lower cost per unit compared
to smaller, isolated systems. This cost-effectiveness is advantageous for both
producers and consumers. On-grid systems facilitate efficient energy demand
management. Grid operators can balance supply and demand in real time, ensuring
that electricity generation matches consumption. This capability becomes
increasingly important as the share of intermittent renewable energy sources
(such as wind and solar) grows in the energy mix, as grid-connected systems can
compensate for fluctuations in renewable power generation. The grid enables
energy exchange and trading. Excess electricity generated by one entity or
region can be transmitted through the grid to areas with higher demand. This
fosters energy market competition, price stability, and the efficient use of
resources. On-grid systems are often viewed as more secure and stable sources
of electricity. They are less susceptible to local disruptions and are better
equipped to handle emergency situations, such as natural disasters. This is
particularly important for maintaining essential services and infrastructure
during crises.
Major companies operating in the Global Power
Generation Market are:
- China
Huadian Corporation
- State
Power Investment Corporation Limited
- China
Southern Power Grid Ltd
- China
Energy Engineering Corporation
- China National
Nuclear Power Corporation
- China
General Nuclear Power Group
- Électricité
de France S.A.
- Enel
S.p.A.
- RWE Power
AG
- E.ON SE
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global Power Generation market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. The global Power Generation market is being propelled by the
accelerating transition towards renewable energy sources. Businesses are
increasingly adopting clean energy solutions, including solar, wind, and
hydropower, driven by environmental concerns and cost efficiencies. Government
incentives and emissions reduction targets further stimulate this shift. As a
result, renewable energy projects, coupled with advancements in energy storage
and grid integration technologies, are reshaping the power generation
landscape. Embracing this driver not only aligns with sustainability goals but
also fosters resilience, cost savings, and competitiveness in the evolving
energy market. Additionally, The Asia-Pacific region is the largest market for
power generation, followed by North America and Europe. The region is expected
to continue to dominate the market in the coming years, due to its rapid
economic growth and increasing urbanization. Therefore, the market of Power
Generation is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Power Generation Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type
(Hydroelectricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity,
Wind Electricity, Geothermal Electricity, Biomass Electricity, Others), By
End-User (Industrial, Commercial, Residential, Transportation), By Source
(Non-Renewable Source, Renewable Source), By Grid (Off Grid, On Grid), By
Region, By Competition”, has evaluated the future growth potential of Global
Power Generation Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Power
Generation Market.
Contact
Mr. Ken
Mathews
708 Third
Avenue,
Manhattan, NY,
New York –
10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com