Major companies in the power generation market include EDF Group; Enel SpA; Engie S. A. ; E. ON SE and Uniper SE. The global power generation market is expected to grow from $1123. 99 billion in 2020 to $1168.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Generation Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018910/?utm_source=GNW
3 billion in 2021 at a compound annual growth rate (CAGR) of 3.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1484.01 billion in 2025 at a CAGR of 6%.
The power generation market consists of sales of electric power by entities (organizations, sole traders and partnerships) that operate electric power generation facilities. These facilities generate electric power using various forms of energy, such as fossil fuels, nuclear, solar, wind and water. The establishments in this industry produce electrical energy and provide electricity to electric power transmission and distribution systems. The power generation market is segmented into hydro electricity; fossil fuel electricity; nuclear electricity; solar electricity; wind electricity; geothermal electricity; biomass electricity and other electricity.
Asia Pacific was the largest region in the global power generation market, accounting for 42% of the market in 2020. Western Europe was the second largest region accounting for 23% of the global power generation market. Africa was the smallest region in the global power generation market.
Electric power generation companies are using batteries to store solar energy during daylight hours. The energy-storage sites consist of large lithium-ion batteries. Storage of energy in batteries is also getting prominent in other types of power generation. These batteries store enough energy to serve as a backup in case of power shortage due to disruptions in fuel supply. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital intensive power generation plants, enhance transmission and distribution efficiencies, and reduce operational costs. The World Bank Group is planning to invest $1 billion for a new global program to accelerate investments in battery storage for energy systems.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the power generation market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally. Many manufacturing facilities globally halted operations to contain the spread of virus among its workforce, thereby limiting the need for utility services such as electricity and wastewater treatment. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the power generation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries, setting up of public transportation networks such as rapid metro transit systems, and increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. India, for example, has planned to complete the electrification of its rail network by 2020, while European countries such as the UK have also planned large-scale rail electrification projects in the forecast period. According to the Edison Electric Institute (EEI), the annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050.
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