Power Generation Market to Reach USD 2,588.8 Billion by 2032 | CAGR: 7.1% | DataHorizzon Research
Fort Collins, Colorado, Sept. 08, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Power Generation Market Size, Growth, Share, Statistics Report, By Type (Fossil Fuels, Hydroelectric, Nuclear, Solar, Electricity Based, Geothermal, and Biomass), By End Use (Industrial, Commercial, Residential), By Source (Renewable source of energy and Non-renewable source of energy), By Region Forecasts, 2023-2032.”
According to DataHorizzon Research, The power generation market size was valued at USD 1,324.0 Billion in 2022 and is expected to reach USD 2,588.8 Billion by 2032 with a CAGR of 7.1%. Rapid urbanization, surge in the population in the cities are some factors expected to drive the power generation market growth.
Sustainable energy sources are becoming popular in developing countries. Moreover, the government’s constant efforts to increase power and produce surplus electricity are done by building more grids and expanding the distribution network. Also, the investments by the private and public sector players in the developed and developing countries have created newer opportunities for market growth.
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Power Generation Market Report Highlights:
- The power generation market is projected to attain a CAGR of 7.1% by 2032.
- Fossil fuels registered positive growth in the past and remained dominant in the following years based on the type. Solar power generation is expected to have a steady growth.
- The residential sector dominates the market based on end-use because the average US electricity consumption is 886 kWh per month.
- Non-renewable energy resources account for more than 50% of the market for power generation.
- North America is a dominant power generation market because the region’s shift towards renewable energy sources. Moreover, the increasing investments, along with the availability of robust infrastructure and high spending capacity on research and development, contribute towards the market development in North America.
- The prominent players in the power generation market are Enel SpA, Engie, Abu Dhabi Water and Electricity Authority (ADWEA), ABB, Adani Power, AES Gener, AGL Energy, Centrica, American Electric, Amu Power Company, Areva, BioTherm Energy, China Datang Corporation, EOF energy, China Guodian corporation, and China Huaneng Group.
|Report Title||Power Generation Market|
|Market Size in 2022||USD 1,324.0 Billion|
|Market Size by 2032||USD 2,588.8 Billion|
|CAGR from 2023 to 2032||7.1%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors|
|By Type||Fossil Fuels, Hydroelectric, Nuclear, Solar, Electricity Based, Geothermal, and Biomass.|
|By End Use||Industrial, Commercial, Residential|
|By Source||Renewable and Non-renewable|
|Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others|
|Major Market Players||Enel SpA, Abu Dhabi National Energy Company PJSC (TAQA), Siemens AG, Engie, Abu Dhabi Water and Electricity Authority (ADWEA), ABB, Adani Power, AES Gener, AGL Energy, Centrica, American Electric, Amu Power Company, Areva, BioTherm Energy, China Datang Corporation, EDF energy, China Guodian Corporation, and China Huaneng Group, etc.|
The power generation market can be segmented into type, end-use, source, and region. Based on the type, fossil fuels hold a significant market share and dominate the market. Based on the end-use, the residential sector dominates the power generation market. With the increasing popularity of EVs in recent times, the transportation sector holds a significant market share. Based on the source, the market is dominated by non-renewable energy resources. The wide use of non-renewable energy resources is because of the capability to provide non-interrupted energy owing to the weather conditions
Geographically, North America is a dominant region in the power generation market due to increased consumption of energy in the region. The US is the world’s second-largest electricity consumer. Moreover, the growing focus on renewable energy sources and the increasing focus on solar and wind power has contributed to the growth in the sector. Canada is also a significant player in the region.
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Key Developments in the Industry:
- Researchers at Nanyang Technological University, Singapore (NTU Singapore), have developed a low-cost device that can catch and store energy from wind as gentle as a gentle breeze. When exposed to winds as low as two metres per second (m/s), the device produces a voltage of three volts and electricity power of up to 290 microwatts, which is sufficient to operate a commercial sensor device and can be used to transfer data from one device to another, such as a mobile phone or personal computer. The wind harvester, a lightweight and durable gadget, also saves unused electricity in a battery, which can be used to power the equipment when there is no wind.
- The electricity producer Entergy is building the most advanced power station in its fleet in this Texas region known as the Golden Triangle, With the construction of this power station, the region can transform the gas generation industry with a new, modern, and efficient facility which is capable to power 230,000 homes.
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Power Generation Market Report Segmentation:
Power Generation Market, By Type (2023-2032)
- Fossil Fuels
- Electricity Based
Power Generation Market, By End-use (2023-2032)
Power Generation, By Source (2023-2032)
Power Generation Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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