New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Generation Global Market Report 2022" - https://www.reportlinker.com/p06193685/?utm_source=GNW
The global power generation market is expected to grow from $1,614.03 billion in 2021 to $1,763.21 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The growth 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 market is expected to reach $2,462.37 billion 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.
The main types of power generation are hydroelectricity, fossil fuel electricity, nuclear electricity, solar electricity, wind electricity, geothermal electricity, biomass electricity, and other electricity.Hydro electricity, also known as hydroelectric power or hydroelectric energy, is a type of energy that generates electricity by harnessing the power of moving water, such as water running over a waterfall.
The power generation energy is sourced from conventional/non-renewable sources and renewable sources. The different types of grids include off grid, on grid is used by residential, commercial, and industrial sectors.
Asia Pacific was the largest region in the power generation market in 2021.Western Europe was the second largest region in the power generation market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market.The electrification of railways in underdeveloped and developing countries, the setting up of public transportation networks such as rapid metro transit systems, and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market.
For instance, to attain net-zero carbon emissions, Network Rail estimates that 13,000 single track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK and around 251 kilometers were electrified between 2019 and 2020. According to the Edison Electric Institute (EEI), the annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050.
Electric power generation companies are using batteries to store solar energy during daylight hours.The energy-storage sites consist of large lithium-ion batteries.
Storage of energy in batteries is also getting prominent in other types of power generation.These batteries store enough energy to serve as a backup in case of power shortage due to disruptions in fuel supply.
They are designed to absorb solar power and feed it back to the grid.These systems minimize the need for capital intensive power generation plants, enhance transmission and distribution efficiencies, and reduce operational costs.
By 2025, the World Bank Group aims to fund 17.5 gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the power generation market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally.Many manufacturing facilities globally halted operations to contain the spread of virus among its workforce, thereby limiting the need for utility services such as electricity and wastewater treatment.
COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.
Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the power generation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The countries covered in the power generation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193685/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
