Asia Pacific was the largest region in the global power Generation Market, accounting for 42% of the market in 2019. 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.
Digital technologies are increasingly making their way into the power generation industry. Digital technologies such as smart grids, sensors and smart meters provide companies and customers with an accurate and real-time account of power usage. These technologies help improve productivity, efficiency, safety, compliance and reliability in power generation, which results in improved asset management, planning, execution, and an improved level of service with high customer satisfaction. Companies in the power generation industry that have adopted digital technologies include Duke Energy, Engie, National Grid and NextEra.
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 global power generation market is expected to decline from USD 1166.9 billion in 2019 to USD 1147.9 billion in 2020 at a compound annual growth rate (CAGR) of -1.7%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach USD 1332.3 billion in 2023.
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Global Power Generation Market
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