Power Generation market (By Type: Hydroelectricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity; By End-User: Industrial, Commercial, Residential, Transportation; By Source: Conventional/Non-Renewable Source, Renewable Source. As electricity is one of the essential commodities of modern economies and is responsible for providing a rising share of energy services, the demand of 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. The power generation market has experienced a great demand due to various factors like increasing population with eventually increasing the number of consumers with rapid urbanization. The growing demand of electricity is expected to increase in the future due to the rising share of energy services. The economic growth of a nation is possible through the growth of its infrastructure in terms of power.
Based on the source, the non-renewable source segment holds a dominant position as compared to the other source and this accounts for 69% of the total share of the global power generation market. The highest compound annual growth rate will be registered by the renewable source of the power generation market. The key equipment use mainly for generating power are as follows.
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