Press release
Power Generation Market Growth, Opportunities, Demand and Forecast Till 2022
Power Generation Market
The global power generation market reached a value of nearly $1,341.6 billion in 2018, having grown at a compound annual growth rate (CAGR) of 2.4% since 2014, and is expected to grow at a CAGR of 3.5% to nearly $1,537.5 billion by 2022.
The key driver of the power generation market include:
Government Initiatives For Energy Infrastructure - During the historic period, governments in both developed and developing countries were focusing on building and maintaining a robust energy infrastructure. This drove the demand for power generation systems. According to the International Energy Agency (IEA), in 2017, the global electricity industry attracted capital investments of $700 billion. As of 2017, Asia-Pacific was the leading region with $1.67 trillion worth of investments in pipeline power generation construction projects, followed by the Middle East and Africa with $1.16 trillion each. Pipeline power generation projects in Europe and the Americas were valued at $921 billion and $931 billion, respectively. Government investments in the power generation projects drove the growth of the power generation market.
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Power Generation Market Segmentation:
The power generation market is segmented by type of energy source, by end-user and by geography.
By Type Of Energy Source - The power generation market can be segmented by type of energy source into
a)Fossil Fuel Electric Power Generation
b)Hydroelectric Power Generation
c)Wind Electric Power Generation
d)Solar Electric Power Generation
e)Nuclear Electric Power Generation
f)Biomass Electric Power Generation
g)Other Electric Power Generation
h)Geothermal Electric Power Generation
Fossil fuel electric power generation was the largest segment of the power generation market by type of energy source in 2018 at 70.8%. The solar electric power generation market is expected to be the fastest-growing segment going forward at a CAGR of 9.5%.
By Type End-User - The power generation market can be segmented by type of end-user into
a)Industrial
b)Commercial
c)Residential
Growth has accelerated in all the segments of the global power generation market segmented by end-user.
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By Geography - The power generation market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in power generation market are
• EDF Group
• Enel SpA
• Engie S.A.
• E.ON SE
• Uniper SE
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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