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 is not freely available and needs 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.
COVID-19 scenario analysis:
- The global market for power generation is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the 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 have 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 impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Growing population in nations, requirement for power & energy is on the rise. Rapid urbanization and increasing electricity consumption boost the market growth. Industrialization has stoked growing venture in various power generation technologies. There is availability of renewable sources of power and energy such as solar energy, wind energy, and bio thermal energy. Government has also provided some initiatives for power infrastructure for focusing on building and to maintain development of nations. Governments have given subsidies for electricity, which boost the market. Factors that hinder growth of the power generation market include rising interest rates, ageing power generation infrastructure, and environmental regulations.
New product launches to flourish the market
Mitsubishi Hitachi Power System (MHPS) launched 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 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.
Surge in use in industrial applications
More urbanization in nations boost growth of the power generation market. 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.
Key benefits of the report:
- This study presents the analytical depiction of the 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 detailed analysis of the global power generation technologies market
- The current market is quantitatively analysed 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 coming years.
Power Generation Technologies Market Report Highlights
By Industry Vertical
Key Market Players
Abengoa Solar (Spain), Alstom S.A. (France), General Electric Company (U.S.), Mitsubishi Hitachi Power Systems (Japan), Viessmann Group (Germany)., Harbin Electric International Company (China), Caterpillar, Inc. (U.S.), Shanghai Electric Group Co., Ltd. (China), Ansaldo Energia S.p.A (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), Northern Power Systems (U.S.), Siemens AG (Germany), Wind Energy Solutions (Netherlands), BDR Thermea Group (Netherlands), Capstone Turbine Corporation (U.S.), Dongfang Electric Corporation Ltd. (China), Cummins, Inc. (U.S), Yanmar Co., Ltd. (Japan)