The power generation market involves the production of electricity and encompasses a wide range of technologies including coal, natural gas, nuclear, hydroelectric, solar, wind and others. Power generation facilities utilize these various resources and convert them into electric power which is then supplied to residential, commercial and industrial areas through transmission and distribution networks. Power stations are capital intensive due to requirement of large electricity-generating assets and infrastructure. Additionally, equipment used for power generation involves complex engineering and needs routine maintenance for smooth operations.
The power generation market is estimated to be valued at USD 2.1 Tn in 2024 and is expected to reach USD 3.61 Tn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 8.05% from 2024 to 2031.
Many countries have announced targets for increasing Power Generation Market Share of renewable energy sources in their overall electricity mix which has prompted power producers to expand operations internationally. Mergers and acquisitions between utilities and IPP's are helping companies access new geographies and accelerate clean energy transition.
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