The power generation market grows at a relatively consistent rate around 9% both currently and in the forecast period, 'powered' by technological market trends.
LONDON, April 13, 2022 /PRNewswire/ -- The global power generation market size is expected to grow from $1.61 trillion in 2021 to $1.76 trillion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that 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 sales of electric power by entities (organizations, sole traders and partnerships) that operate electric power generation facilities. These facilities generate electric power using various forms of energy, such as fossil fuels, nuclear, solar, wind and water. The establishments in this industry produce electrical energy and provide electricity to electric power transmission and distribution systems.
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Power Generation Industry Trends
Thermal power generation companies are investing in advanced ultra-supercritical (AUSC) pulverized coal technology to increase plant operating efficiency and reduce carbon emissions. AUSC operates with temperatures in the range of about 700-750°C. This technology also operates with an efficiency greater than 50% and significantly reduces carbon emissions at the source. Many government-owned and private power producers are investing in these technologies to enhance power plants efficiency and reduce carbon emissions. For instance, in September 2019, the USA Department of Energy invested $56 million in coal technology projects; out of this $ 56 million$5 million was allocated to advanced ultra-supercritical power plants. These investments are focused on using advanced materials power generation activities to increase the efficiency of the plant and its environmental performance.
Power Generation Market Outlook
The top growth potential in the power generation market by type will arise in the fossil fuel electricity segment, which will gain $365.2 billion of global annual sales by 2026. The top growth potential in the power generation equipment market by end-user will arise in transportation segment, by source of energy will arise in conventional/non-renewable source segment, by type of grid will arise in on-grid segment. The power generation market size will gain the most in India at $150.1 billion.
Regional Growth And Analysis
Asia Pacific has the largest power generation market share, accounting for 48.5% of the global market in 2021. It is followed by Western Europe, North America and the other regions. Going forward, the fastest growing regions in the power generation market will be Africa and the South America, where growth will be at CAGRs of 14.1% and 11.1% respectively from 2021-2026.
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