Deep Dive: Power Generation Market
Power generation in the world is constantly evolving prompted by concerns related to climate change and cost of power generation. Overall, non-hydropower sources such as solar and wind power, and natural gas are being preferred for power generation.
Distinct trends in power generation are being observed in different regions of the world. In the Asia-Pacific (APAC) region, coal power dominates and will continue to dominate with strong inroads made by solar and wind power. In North America and Europe, gas power generation along with wind power will be the dominant trend. In each case, availability of cheap energy resources, energy security concerns, and government regulations are the prime drivers of the emerging generation trends.
The emergence of non-hydro renewable power sources, which are intermittent, is leading to the rise of of energy storage. The need to integrate renewables into the grid, and the loss of baseload capacity due to the decommissioning of fossil fuel plants will increase the need for installing energy storage devices. Increased investment in battery storage manufacturing capacity for electric vehicles is expected to drive down the cost of energy storage devices further. This will help in the future expansion of this sector.
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