Published Date : 08 May 2023
The global power generation industry revenue will touch around USD 3.9 trillion by 2032 from USD 1.8 trillion in 2022 and is poised to grow at a CAGR of 8.04% between 2023 and 2032.
Due to the expanding percentage of energy services, future power consumption is anticipated to rise. A country's ability to expand economically depends on the strength of its electricity infrastructure.
The first stage in utilizing electrical power in our daily life is power generation. A little more than a century ago, practical power production technologies were created, and as a result, human society has undergone a significant transition. Our homes, buildings, and places of work all get electricity that is first created at a power plant and then transferred, sometimes over great distances.
Utilizing renewable energy resources more effectively may help countries achieve sustainable development, improve socioeconomic conditions, and attain clean food and energy security. In the current energy environment, the majority of capacity expansions in power generation utilizing renewable energy are gaining speed. The deployment of multiple plants around the nation and substantial growth in renewable energy technology for power generation have occurred in recent years.
Owing to a variety of variables, such as population growth and subsequent consumer growth owing to fast urbanization, the industry for electricity generation has seen high demand. Future growth in the percentage of energy services is anticipated to result in an increase in the growing demand for power. A country's ability to expand economically depends on how well its electrical infrastructure is developed.
The process of creating electric power from basic energy sources is known as electricity generation, and it is often the first step in the supply of electricity by utility companies to customers. The United States generated more than twice as much net power in 2021 4.1 petawatt hours as it had fifty years prior. Only after China, the North American nation is the world's second-largest generator of power. Although its yearly electricity output has been fairly consistent over the past ten years, the sources that power it has seen significant change during that time.
Europe has consistently been at the forefront of the switch to renewable energy in some fashion. The area produced the second-highest amount of renewable power worldwide in 2020, only after Asia, with more than 1,400 terawatt-hours. There is still a long way to go, though. Less than 40% of the power produced in the EU in 2021 was derived from renewable sources.
Concerns over the Asia-Pacific region's reliance on fossil fuels have been raised because it is home to half of the world's population. As a result, the area has been working to develop renewable energy sources. It's interesting to note that as a consequence of this initiative, Asia now produces more renewable energy than either North America or Europe combined. Australia, China, India, and Japan are just a few of the nations that have increased their investments in their respective renewable energy industries. It is not unexpected that the Asia-Pacific area is home to some of the world leaders in the renewable energy sector given the region's dominance in the field. China, India, and Japan are just a few countries that have launched specific initiatives to source renewable energy.
Power Generation Industry Report Scope:
|Market Revenue in 2023||USD 1.94 Trillion|
|Projected Forecast Revenue in 2032||USD 3.9 Trillion|
|Growth Rate from 2023 to 2032||CAGR of 8.04%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The following four forces will be significantly responsible for the decoupling of the rates of economic growth (rising steadily) and energy demand growth
Restraints: Lowering investment
The system and generation equipment that is now in place mostly relies on deteriorating infrastructure, making it extremely difficult to keep up with the rising demand for power. Due to the high cost of replacing aged infrastructure, emerging nations are particularly affected, which has a huge negative impact on the industry. The largest obstacle to industry expansion is the fall in investment in the electricity industries.
Opportunities: Digital transformation for power plants
An end-to-end digital transformation for power plants includes use cases that are conceived, created, tested, and implemented. However, a lot of businesses place a higher priority on use cases based only on personal interest rather than financial benefit. One European utility, for instance, gave top priority to an instrument that would assist the workers on their shift inspection cycle. Although this technology standardizes the operator round inspection procedure because of its limited application, it does not generate significant commercial value. However, after being first disregarded and given little priority, significant opportunities in the maintenance plan and its implementation are frequently left unexploited.
With the largest proportion of the money made from this kind of power generating in recent years, the fossil fuel category has dominated the industry for power generation. In the coming decade, a significant number of fossil fuel-fired plants will need to be constructed globally to satisfy the surge in future energy demand and to replace older or inefficient units. However, CO2 emissions from the production of fossil fuel-fired electricity have a significant role in climate change. As a result, new plants need to be built and run as efficiently as possible.
According to the source, the non-renewable source segment dominates the other source and accounts for 69% of the industry's overall share of power generation worldwide. Because they are affordable and require a lengthy procedure to produce, fuels made from non-renewable resources are the main sources of all the electricity produced worldwide. Non-renewable resources are often created from organic materials that have been burned and compressed for a long time to produce crude oil and natural gas. Fossil fuels, which are broken down into three niches, make up the majority of non-renewable energy. In addition to this, nuclear fuel is another non-renewable energy source.
Industrial, Commercial, Residential, and Transportation are the end-user segments of the power-generating industry. The residential segment of the power-generating industry holds the greatest share relative to all other energy end users, accounting for 36% of the industry's overall share. The transportation sector will have the quickest growth since there is a greater demand for transportation for a variety of reasons today than there was in the past.
Major Key Players:
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2626
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333