INDUSTRY REPORT
“ High energy prices are no longer just an issue for energyintensive industries ; the impact is being felt across manufacturers of all sectors and sizes .”
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INDUSTRY REPORT
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The global power-generation market size was estimated at US $ 1.8 trillion in 2022 and is expected to hit around US $ 3.9 trillion by 2032 , growing at a CAGR of 8.04 % from 2023 to 2032 .
The global energy crisis triggered by Russia ’ s invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system , according to the latest edition of the International Energy Agency ’ s ( IEA ) World Energy Outlook . The biggest tremors were felt in markets for natural gas , coal and electricity , with significant turmoil in oil markets .
“ Over the medium term , factors such as growing electricity and energy consumption demand , with changing power generation industry dynamics , are expected to drive demand for the power market ,” commented analyst , Mordor Intelligence . It highlighted the increasing closures of fossil-fuelled , energy-generation plants ; the influx of wind , solar , small hydro and other renewables-based power generation ; rising electric vehicle and heat pump demand ; and increased requirements for installation of Transmission and Distributions ( T & D ) lines as several opportunities for major companies .
However , global coal consumption climbed to a new all-time high in 2022 and will stay near that record level this year as strong growth in Asia for both power generation and industrial applications outpaces declines in the United States and Europe , according to the IEA ’ s latest market update . European coal use is expected to fall sharply this year as renewables expand , and as nuclear and hydropower partially recover from their recent slumps . In the United States , the move away from coal is also being accentuated by lower natural gas prices .
Global power-generation markets
According to analyst Precedence Market Research , the global powergeneration market size was estimated at US $ 1.8 trillion in 2022 and is expected to hit around US $ 3.9 trillion by 2032 , growing at a CAGR of 8.04 % from 2023 to 2032 .
“ The demand for electricity is expected to increase as a consequence of increased household incomes with the increased rate of electrification of transport and heat , and surging demand for digitally connected devices and air conditioners ,” it commented .
“ Sustainable methods are gaining popularity to introduce affordable power to many nations , especially developing nations . Continuous efforts are being made by government to reduce power shortages and create a surplus by installing more grids and increasing distribution networks . The number of investments in power generation in the
28 | ismr . net | ISMR September 2023