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Power Generation Technologies Market Segmentation by Type (Steam Turbine, Diesel Generator, Nuclear Reactor, Solar Power, Micro CHP, and Others); and by Application (Residential, Industrial, and Commercial) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Power Generation Technologies Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Power Generation Technologies Market Highlights over 2022 – 2030

The global power generation technologies market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for electricity, along with technological advancement and introduction of new technologies for power generation. Earlier, the generation of power was highly dependent on thermal power plants, which deployed steam turbines to produce electricity. However, with the innovation in technology, various new technologies, such as, nuclear reactor and solar power. According to the data by the International Environment Agency (IEA), in 2019, electricity generation from combustible fuels accounted for 65.3% of the total global electricity production. This high dependence on coal and other fossil fuels has significant side effects, such as, environmental degradation, and rapid depletion of fossil fuels. As per the report by Energy Information Administration (EIA), coal-based power plants are responsible for 73% of the carbon dioxide emissions in the environmental annually. To combat these issues, renewable sources of energy are being used for power generation. According to other data by the IEA, the global annual renewable capacity additions increased by 45% in 2020, which accounted for almost 280 GW electricity. Solar energy is estimated to touch 162 GW by 2022, while the wind energy capacity has reached 114 GW in 2021, which is 50% more than the capacity in 2017-19. Moreover, total global hydropower capacity valued at 1308 GW in 2020.

Power Generation Technologies Market Graph

The market is segmented by type into steam turbine, diesel generator, nuclear reactor, solar power, micro-CHP, and others, out of which, the steam turbine segment holds the largest share in the global power generation technologies market currently owing to the large share of electricity generated by thermal power plants. However, this segment is anticipated to witness gradual decline over the forecast period on account of increasing adoption of renewable energy. Despite the aftereffects of COVID-19 pandemic, installed renewable power capacity experienced a raise of 6% globally, according to the data by the IEA. On the other hand, the solar power segment is estimated to gain notable market share over the forecast period, owing to the rising acceptance of solar cells and panels on a residential as well as commercial level, along with high number of operational utility-scale solar plants. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Power Generation Technologies Market Regional Synopsis

On the basis of geographical analysis, the global power generation technologies market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for power in the region, backed by the growing population, urbanization and constant industrial development in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of large number of power plants, along with rapid adoption of renewable energy. As per the report by Energy Information Administration (EIA), in 2020, over 60% of the total electricity generation in the United States, was from fossil fuels, including, coal, natural gas, and petroleum. Apart from this, about 20% electricity was generated from nuclear energy, and about 20% was from renewable energy sources.

Power Generation Technologies Market Share Graph

The global power generation technologies market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global power generation technologies market includes the following segments:

By Type

  • Steam Turbine
  • Diesel Generator
  • Nuclear Reactor
  • Solar Power
  • Micro CHP 
  • Others

By Application

  • Residential
  • Industrial
  • Commercial

Growth Drivers

  • Advancement in Power Generation Technologies
  • Increasing Adoption of Renewable Energy

Challenges

  • Slow Adoption of Renewable Energy
  • High Initial Cost

Top Featured Companies Dominating the Market

  • Cummins, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Alstom S.A.
  • General Electric Company
  • DuPont de Nemours, Inc.
  • Siemens AG
  • The Dow Chemical Company
  • Envision Group
  • Tokyo Electric Power Company Holdings (TEPCO)
  • ExxonMobil
  • ABB Ltd.

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