Power generation is carried out by the means of conventional/non-renewable and renewable sources of energy. While fossil fuels dominated global energy generation capacity, alternative power sources have been witnessing growing adoption over the past few years. Increasing demand for electricity has fueled power generation activities. Conventional power sources comprise fossil fuels and nuclear power, while renewable sources of energy include traditional biomass, hydropower, biofuels, solar, wind and geothermal among others.
Traditional biomass combustion causes pollution, and is primarily used in rural settings of developing countries to serve purposes such as cooking and small-scale agricultural and industrial processing. Regulatory initiatives and norms to control non-renewable energy consumption are expected to contribute to growing demand for alternative sources. Power generation capacity is on the rise, with renewable sources accounting for over 25% of the global share in 2012. Although renewable capacity has been increasing rapidly, the segment’s overall share has been rising slowly. This is primarily because renewable capacity in the form of wind and solar energy, etc., operates at low capacity factors.
Hydropower dominated renewable energy generation capacity in 2012, and accounted for majority of the market share. The U.S., China, Brazil, Russia and Canada dominated overall hydro capacity. Resource discovery to commercial development of geothermal power projects is a time intensive process. As a result, companies operating in this sector fund the work required for this process, which is a difficult task due to tight capital and policy uncertainties in some countries.
Bio-power capacity has been increasing, which is particularly prevalent in BRICS (Brazil, Russia, India, China, South Africa) nations. A significant percentage of bio-power is generated using solid biomass fuels, with the remaining share occupied by biogas, landfill gas, synthesis gas (syngas), and liquid biofuels. Asia Pacific is expected to gain market share in the coming years, on account of rapid industrialization and increasing energy demand in countries such as China. Rest of the World markets including Latin America and the Middle East are also expected to exhibit high market potential through the forecast period. Companies operating in the power generation industry are divided in terms of the product segment they serve, with mergers and acquisitions observed to be key growth strategies.
This report, by Grand View Research, takes a closer look at the power generation industry, providing a holistic perspective on market dynamics, trends, supply and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key power generation sources including renewable and non-renewable, as well as applications including residential, commercial and industrial. The report also provides the same level of information for key regional markets.
This research report analyzes various factors which have been driving and inhibiting the global power generation market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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