The Power Generation Global Market Report 2023 by The Business Research Company, provides power generation market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Power Generation Global Market Report 2023, the global power generation market size will grow from $1,776.61 billion in 2022 to $1,913.39 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The size of power generation market is expected to grow to $2,543.23 billion in 2027 at a compound annual growth rate (CAGR) of 7.4%.
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; the setting up of public transportation networks such as rapid metro transit systems; and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market.
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The power generation market is segmented:
1) By Type: Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
2) By End-User: Residential, Commercial, Industrial
3) By Sources Of Energy: Conventional/Non-Renewable Source, Renewable Source
4) By Type of Grid: Off Grid, On Grid
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 more popular in other types of power generation. These batteries store enough energy to serve as a backup in case of a 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. By 2025, the World Bank Group aims to fund 17.5-gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations.
The power generation market report table of contents includes:
- Executive Summary
- Report Structure
- Power Generation Market Characteristics
- Power Generation Market Product Analysis
- Power Generation Market Supply Chain
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- Key Mergers And Acquisitions In The Power Generation Market
- Market Background: Electric Power Generation, Transmission, And Distribution Market
- Recommendations
- Appendix
- Copyright And Disclaimer
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