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The forecast for the Global Power Generation Market indicates a growth trajectory, poised to reach USD 2895.19 billion by 2030, boasting a CAGR of 8.2% The power generation market pertains to the industry sector engaged in generating, producing, and distributing electrical energy.
Overview
The constant demand for electrical power is driven by factors such as the exponential growth in global population and the increasing reliance on electrical devices, consequently fueling the expansion of the power generation market.
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Government initiatives and policies are promoting the adoption of renewable energy sources for power generation to capitalize on their efficiency and reliability, thereby bolstering market growth. However, the growth of the power generation market faces obstacles such as outdated electricity generation infrastructure in developing nations and air pollution stemming from carbon dioxide emissions generated by the combustion of fossil fuels for power production.
The Asia-Pacific region currently commands the largest portion of the power generation market and is projected to maintain its leading position throughout the forecast period. This dominance can be attributed to factors such as widespread reliance on thermal power, which encompasses fossil fuels like coal and natural gas, as viable energy generation options.
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Conversely, North America is anticipated to experience a gradual uptick in the power generation market, driven by the expanding adoption of renewable energy sources across the region.
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