The Business Research Company’s Power Generation Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, January 20, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries, setting up of public transportation networks such as rapid metro transit systems, and increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. India, for example, has planned to complete the electrification of its rail network by 2020, while European countries such as the UK have also planned large-scale rail electrification projects in the forecast period. According to the Edison Electric Institute (EEI), the annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050. Major companies in the power generation industry include EDF Group, Enel SpA, Engie S.A., E.ON SE, and Uniper SE.
The global power generation market size is expected to grow from $1.12 trillion in 2020 to $1.16 trillion in 2021 at a compound annual growth rate (CAGR) of 3.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. According to power generation market analysis, the market is expected to reach $1.48 trillion in 2025 at a CAGR of 6%.
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