Power Generation Market show exponential growth by 2024
Power generation is one of the most important utilities in any modern community. The power generation industry has the two key tasks of producing power and distributing it within a predefined network. Both these aspects are being researched heavily in present times due to their significant direct impact on human life. Thus, gaining new investment in order to improve generation and distribution processes and hence come up with progressive designs for the overall electric power system (EPS) is likely to remain a key aim of the global power generation market in the coming years.
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The report studies in detail the historical growth trajectory exhibited by the global power generation market in the last few years. The market’s 2013 figures are assessed in detail in order to provide readers with an understanding of the recent happenings in the industry. The report also analyzes the segmentation of the global power generation market to shed light on the hierarchy of the market by various criteria. In addition to this, the competitive dynamics of the global power generation market are also assessed in the report by profiling the leading players operating in the market.
Global Power Generation Market: Trends and Opportunities
The growing global population is the key driver for the global power generation market. Aided by the rapid urbanization in emerging regions, the rising number of consumers has resulted in a steady rise in the demand for electricity. This has forced governments across the world to take proactive steps to ensure steady power supply in their jurisdiction, leading to a steady influx of investment into the power generation industry. This is likely to remain a leading driver for the global power generation market in the coming years.
The rapid economic growth observed in emerging countries such as India, China, Brazil, Thailand, Taiwan, South Korea, Indonesia, Argentina, South Africa, Russia, and Mexico has created promising prospects for the global power generation market. Most of these countries are witnessing large-scale urbanization, driving the demand for power generation and distribution infrastructure.
The rising demand for smart grids is likely to be a key feature of the development of the global power generation market in the coming years. Smart grid technologies are becoming popular across the world due to the significant benefit they provide in terms of efficiency and reliability. Smart grids are already in use in developed regions such as North America and Western Europe, and are likely to enjoy rising adoption in developing countries in the coming years. This is a key development for the global power generation market, as it will enhance almost every aspect of power distribution networks.
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Global Power Generation Market: Geographical and Competitive Dynamics
Regionally, Asia Pacific is likely to be a leading contributor to the global power generation market over the coming years. The rising demand for advanced power generation and distribution infrastructure in Southeast Asian countries and the proactive government support to improvements in the power generation and distribution networks in dynamic economies such as India and China are the leading drivers for the power generation market in Asia Pacific. Steady development of the renewable energy sector is likely to be a key feature of the Asia Pacific power generation market in the coming years, as the region lies closer to the equator than either North America or Europe and thus has significant potential in terms of wind and solar power generation.
The report takes a close look at the competitive landscape of the global power generation market by profiling leading players such as ABB, John Wood Group plc, Alstom SA, Siemens AG, The AES Corporation, and Wartsila.
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