Power generation is one of the most important factors in any modern community. The power generation market is expected to witness rapid growth over the forecast years. This growth is attributed to increase in demand for electricity across the globe. Power generation is carried out by means of conventional/non-renewable and renewable sources of energy. Fossil fuels dominated the global energy generation and alternative power sources have also been witnessing rapid growth over the forecast years. The diverse types of power generation sources are hydroelectric power generation, fossil fuel electric power technology, nuclear electric power generation, solar electric power generation, wind electric power generation, geothermal electric power generation, biomass electric power generation, and other electric power technology. Increased consumption of electricity in developed and developing countries is expected to boost the global power generation market during the forecast period.
COVID-19 scenario analysis
The lockdown has forced governments to impose several regulations to restrain travel, and economic activities have come to a standstill except the activities associated with crucial goods and services. These factors majorly effect the power generation due to lack of manpower and government regulations to shut down all industries to prevent further spread of the virus. However, governments support the power generation industry as electricity is now considered to be a basic necessity.
Market scenario analysis
Increase in demand for electricity has increased the power generation activities across the globe. The conventional biomass combustion is expected to cause various environmental pollutions and is primarily used in rural areas of developing countries to serve purposes such as cooking and small-scale agricultural activities. Fossil fuel electric power generation was the largest contributor of the power generation market growth. The solar electric power generation market is also expected to be the fastest-growing segment over the forecast period. Government initiatives and policies to control non-renewable energy consumption are expected to boost the demand for alternative sources. Similarly, industrial power generation was the largest influence of the power generation market by end user. However, various market restraints, such as air pollution and excessive consumption of drinking water by various power generation industries, are expected to hinder the market growth over the forecast period.
Market drivers & trends
The rapid increase in population is the key driver for 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 Mexico, has created lucrative opportunities for the future market players of the power generation market. Moreover, rise in urbanization in developing countries has resulted in a gradual rise in demand for electricity. This has forced governments across the world to take various initiatives to ensure proper power supply in their country. Therefore, this has resulted in rapid increase in investment for the power generation industry. This is expected be a major factor that drives the power generation market over the forecast period.
Smart grid technologies are gaining popularity across the world due to significant their benefits in terms of efficiency and reliability. The rise in demand for smart grids is expected to be a major factor that influences the growth of the global power generation market in the coming years.
Key benefits of the report:
- This study presents the analytical depiction of the power generation market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the power generation market share.
- The current market is quantitatively analyzed to highlight the power generation market growth scenario.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Power Generation Market Report Highlights
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