Power Generation Technologies Market Estimated to Experience a Hike in Growth By 2032

Power generation is one of the most important utilities for modern communities. It is a method of generating power and energy from different sources. Energy and power are not freely available and need to be produced, transforming other forms of energy to electricity. Power generation technologies are produced from different sources of energy such as fossil fuels, nuclear, solar, wind, and water. Production is done in power stations (likewise called "power plants"). It is used for generating electricity and solar power. Electricity is produced at a power plant by electromechanical generators, fundamentally determined by heat engines filled by burning or nuclear generators and kinetic energy. Other energy sources include solar photovoltaic and geothermal power.

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Growing population in nations, the requirement for power & energy is on the rise. Rapid urbanization and increasing electricity consumption boost market growth. Industrialization has stoked growing ventures in various power generation technologies. There is the availability of renewable sources of power and energy such as solar energy, wind energy, and biothermal energy. The government has also provided some initiatives for power infrastructure to focus on building and maintaining the development of nations. Governments have given subsidies for electricity, which boost the market. Factors that hinder the growth of the power generation technologies market include rising interest rates, aging power generation infrastructure, and environmental regulations.

Mitsubishi Hitachi Power System (MHPS) launched a new integrated fusion of fuel cell and gas turbine hybrid power generation system. MHPS has launched a new pressurized hybrid power generation system that integrates solid oxide fuel cell stacks (SOFC) with micro gas turbines (MGT). New technologies within the launch can support the development of energy-saving and low-carbon societies. This hybrid system uses city gas as fuel, generating electricity with both ceramic SOFC stacks that operate at a high temperature of around 900℃ and MGTs. Another feature is that the fuel is not burned, rather SOFCs generate electricity, which is from chemical reactions between oxygen in the air and hydrogen and carbon monoxide extracted from reformed city gas, while MGTs generate electricity from post-process.

More urbanization in nations boosts the growth of the power generation market. The growth of the industrial sector has tremendously increased power production and consumption. Power generation technology companies focus on efficiency greater than 50% and significantly reduce carbon emissions at the source. This is creating new pathways of eco-friendly and renewable sources for power generation. Companies in the power generation industry are using hybrid wind-hydro power generation systems to improve electricity generation outputs.

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Key Power Generation Technologies Market Segments:

By Type
• Fossil Fuel Power Generation
• Hydro Power Generation
• Wind Power Generation
• Solar Power Generation
• Nuclear Power Generation
• Biomass Power Generation
• Geothermal

By Industry Vertical
• Industrial
• Commercial
• Residential

By Region
• North America (US, Canada)
• Europe (Germany, UK, France, rest of Europe)
• Asia-Pacific (China, Japan, India, rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, rest of LAMEA)

Key Market Players
• BDR Thermea Group (Netherlands)
• Harbin Electric International Company (China)
• Northern Power Systems (U.S.)
• Alstom S.A. (France)
• Mitsubishi Hitachi Power Systems (Japan)
• Wind Energy Solutions (Netherlands)
• Siemens AG (Germany)
• Dongfang Electric Corporation Ltd. (China)
• Shanghai Electric Group Co., Ltd. (China)
• Caterpillar, Inc. (U.S.)
• General Electric Company (U.S.)
• Capstone Turbine Corporation (U.S.)
• Cummins, Inc. (U.S)
• Yanmar Co., Ltd. (Japan)
• Viessmann Group (Germany)
• Ansaldo Energia S.p.A (Italy)
• Abengoa Solar (Spain)
• Mitsubishi Heavy Industries, Ltd. (Japan)

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COVID-19 scenario analysis:

• The global market for power generation has been severely impacted by the outbreak of the COVID-19 pandemic.
• The COVID-19 pandemic saw a decline in economic growth in almost all the major countries, thus affecting consumer spending patterns.
• Owing to the lockdown implemented across various countries, national and international transport has been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply-demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of power generation, which negatively impacts the market growth.

Key benefits of the report:

• This study presents the analytical depiction of global Power Generation Technologies along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global power generation technologies market
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global power generation technologies market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global power generation technologies market analysis based on competitive intensity and how the competition will take shape in the coming years.

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