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.
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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.
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.
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.
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The global power generation technologies market is further classified on the basis of region as follows:
Our in-depth analysis of the global power generation technologies market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Advancement in power generation technologies is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
High investment, and slow implementation are estimated to hamper the market growth.
The market in Asia Pacific is estimated to garner the largest market share owing to the large population, urbanization, and growing economic development in the region.
The major players in the market are Alstom S.A., General Electric Company, DuPont de Nemours, Inc., Siemens AG, The Dow Chemical Company, Envision Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by others.
The steam turbine segment is anticipated to hold largest market size over the forecast period owing to the high dependance on thermal power.
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