Latest News- Power Generation Market: Fossil fuel is expected to lead the Type segment during 2025-2029

The Power Generation Market is being driven by Increasing energy consumption

The Power Generation Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 462.8 billion. In the dynamic power generation market, strategic alliances and partnerships are crucial for driving innovation and expanding renewable energy projects. These collaborations enable companies to pool resources, share risks, and accelerate the deployment of advanced technologies. On February 20, 2024, San Bernardino Ocean Power, a subsidiary of Energies PH, announced a partnership with Inyanga Marine Energy of the UK. Together, they plan to construct the first tidal power plant in Southeast Asia off Capul Island, Philippines. Leveraging Inyanga's HydroWing tidal technology, the plant will provide a sustainable 1 MW capacity, significantly enhancing the local electricity supply, which currently relies on a 750 KW diesel plant. This collaboration underscores the importance of international partnerships in the renewable energy sector and the potential for tidal energy to contribute to a more sustainable and resilient energy mix. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Fossil fuel
  • Renewable energy
  • Nuclear power
• End-user
  • Industrial
  • Residential
  • Commercial
  • Utilities
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing energy consumption
• Transition to renewable energy
• Carbon neutrality goals

However, the market also witnesses some limitations, which are as follows:

• Significant capital expenditures
• Cybersecurity threats
• Geopolitical instability and fuel price fluctuations

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Market Scope in Power Generation Market Research Report

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Research Analysis Overview

The power generation market is undergoing significant transformations, with a shift from non-renewable sources like coal-fired plants and biomass combustion towards renewable energy sources such as solar and wind energy. Urbanization, economic growth, and rising household incomes in developing nations are driving the demand for affordable power. Technological advancements, including smart grid technologies, storage solutions like BESS, and digitally connected devices, are enabling the integration of renewable energy sources into the power infrastructure. The electrification of transport, through electric vehicles (EVs) and off-grid technologies, is also contributing to the market's growth. The manufacturing and chemical industries continue to rely on fossil fuel-based power generation, but carbon capture and sustainable ways are gaining traction. Power shortages and aging infrastructure are challenges that need to be addressed, with investments in renewable energy sources, gas-fired generation, and energy storage solutions. Air conditioners and end-users are becoming more energy-conscious, leading to an increased focus on efficient power usage and sustainable ways to meet the growing demand for electricity.

Market Research Overview

The global renewable electricity market encompasses businesses involved in the production and distribution of electricity derived from sustainable sources. This market's size comprises the consolidated revenue of independent power producers, gas and power marketing and trading experts, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of solar power market raw materials and equipment are included. Factors fueling the expansion of the global renewable electricity market include supportive policies and ambitious targets for renewable power deployment, the increasing demand for energy efficiency and innovation, and the growing importance of green energy and microgrids in energy infrastructure. Furthermore, distributed generation and energy modeling are emerging trends in the sector, while energy diplomacy plays a crucial role in international energy trade. Investment in renewable energy continues to rise, driven by the need for sustainable energy solutions and the potential for significant returns.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/