Tokyo, March 01, 2023 (GLOBE NEWSWIRE) -- The global power generation market size was accounted for USD 1.8 trillion in 2022. Electricity is one of the essential commodities of modern economies and is responsible for providing a rising share in energy services. There are three fields in power generation market viz, distribution network, transmission and generation.
Key Highlights
- By type, about 57% of the total share is held by the fossil fuel segment.
- By source, the non-renewable source segment has accounted 69% revenue share in 2022.
- The renewable source segment has captured revenue share of over 31% in 2022.
- By grid type, the on-grid segment has held revenue share of over 98% in 2022.
- Europe has accounted 23% revenue share in 2022.
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Regional snapshots
The biggest market share was held by the North America in Power generation market in the forecast period. The market for Power generation Market in North America is predicted to rise rapidly because to the rising household incomes and urbanization. The increasing industrialization and urbanization in countries like Mexico, is expected to drive the North America power market in the nearest future. The compliance and guidelines for decreasing carbon footprint by USA and Canada have given chance for the installation of renewable plants in North America creating opportunities for North American power market in the anticipated period.
In the year 2022 largest share was held by the Asia Pacific region which was about 48.5% in terms of power generation. South America and Africa are also expected to have a significant share in the market during the forecast period. And these nations are expected to register compound annual growth rates of 11% and 14% respectively.
Report Highlights
- Fossil fuel electric power generation market has dominated the market on the basis of the type of power generation. Highest compound annual growth rate will be registered by the solar electric power generation market during the forecast period. All other types of power generation will also show significant growth in the coming years.
- Residential end users are the major consumers of this product and the use power in transportation sector will also increase significantly.
- Renewable source of energy is the major energy source having a significant hold in the market. It shall register maximum growth in the coming years. This a sustainable option which is gaining popularity.
Based on the grid type the market on-grid segment will grow with the highest compound annual growth rate. Significant growth will be registered by the off-grid segment.
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Report Scope
| Report Coverage | Details |
| Market Size by 2032 | USD 3.9 Trillion |
| CAGR | 8.04% from 2023 to 2032 |
| Fossil Fuel Segment Share | 57% in 2022 |
| Renewable Source Segment Share | 31% in 2022 |
| Key Players | nel SpA, State Power Investment Corporation, E.ON SE, Electricite De France SA, Engie, Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, Inter RAO UES, Power Grid Corporation of India Limited, Huaneng Power International, Inc., NTPC Limited, Tata Power, Adani Power, NHPC Limited, Guodian Corporation, Tohoku Electric Power Co, AGL Energy, EDF Energy, Hokkaido Electric Power Company, RWE, Scottish Power and Others |
Market dynamics
Drivers
The rise in the power generation market in mainly due to the increase in population, urbanization and smart grid technologies. The past evidence of economic growth observed in various developing countries have given chance to future market players of the power generation market. The surge in urbanization in the developing countries have given the rapid increase in demand for electricity , which has eventually forced the respective governments across the world to start various initiatives to ensure adequate power supply on their country. The popularization of smart grid technologies due to the significant benefits provided due to its efficiency and reliability, and this is one of the major factors having an impact on the growth of the global power generation market during the forecast period.
The increase in demand for advance power generation and the proactive government support has improved the power generation and distribution network in countries like India and China. The growing use of electricity in transportation has given positive approach for pushing up demand of power generation market.
Restraints
The main restraint faced by the power generation market is the old infrastructure which have been giving struggles to meet the growing electricity demand. In most of the developing nations across the globe infrastructure aging issue has led to an increased need for replacement and major demand for investments. This hampers the growth of the global power generation market to a great extent. Distribution of electricity over longer distances leads to an increase in the temperature of the power line which creates energy loss. And this loss of electricity can have a negative impact on the growth of this market.
The capacity of these lines needs to be increased but the cost of installing new power lines is high and grid modernization becomes challenging. Digitalization has played a significant role in various sectors across the globe but digitalization in this field will do more harm due to an increase in the number of cyber-attacks in the recent times. Training of skilled personnel and acquiring such skilled people for performing daily activities is difficult. Training of the new people requires systematic knowledge transfer and there is a gap in demand and supply for training in this field. Compliance with the policies enacted by the regulatory bodies increases the burden of finances. This leads to a growing need of operational efficiency by the providers in order to make profits.
Opportunities
The top opportunities lying in the power generation market have been increased in the fossil fuel segment which will gains billions of global annual sales. Environmental pollution that is caused due to the combustion of biomass that is used majorly in the rural places of the developing nations will provide potential opportunities for the growth of the global power generation market. Developing nations make use of conventional biomass for agricultural activities and for the purpose of cooking.
Challenges
The decline in investment in the power sectors is the biggest challenge in the market growth. As the number of investments have reduced, initiating new projects will be difficult. Inadequate generation of electricity to meet the commercial demand will also hamper the market growth. The installed capacity for generation of power may not be utilize in the optimum way and this will hamper the market growth. Lack of subsidies and policies may have a negative impact on the growth of the market across the globe.
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Recent developments
- EDF renewables acquired ATLUS AG’ wind project pipeline which has a capacity of 300 megawatts
- MSEDCL granted LoA to TPREL a subsidiary of Tata power in 2022 for building a solar project of 150 MW in Maharashtra.
- An implemented agreement was signed between Himachal Pradesh and NHPC limited in 2022 for a hydroelectric project of capacity 500 megawatts in Himachal Pradesh’s Chamba district
- A Tata power subsidiary Tata power green energy limited commissioned a power project of the capacity 225 megawatts in Rajasthan in the year 2022 which is a hybrid power project.
By Type
- Hydroelectricity
- Fossil Fuel Electricity
- Nuclear Electricity
- Solar Electricity
- Wind Electricity
- Geothermal Electricity
- Biomass Electricity
- Other Electricity
By End-User
- Industrial
- Commercial
- Residential
- Transportation
By Source
- Conventional/Non-Renewable Source
- Renewable Source
By Grid
- Off Grid
- On Grid
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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