Power Market Status and Trends - Q3 2017
Global installed power capacity reached 6,473 gigawatts (GW) in 2016 from over 5,047 GW in 2010 at a compound annual growth rate (CAGR) of 4.1%. Thermal power was the largest power-generating source with a 61.1% share of the global installed capacity in 2016. Cumulative installed capacity for thermal power was 3,954 GW in 2016 and is expected to reach 5,318 GW by 2030 at a CAGR of 2.1%. The global power industry is characterized by heavy dependence on thermal fuel sources for power generation, as major power-generating countries such as China, the US, India, Japan, and Russia have abundant coal reserves. In recent years, significant economic development in China and India and the increased use of coal resources have driven the rapid growth of thermal generation. More than 55GW of coal based power plant are in various stages of development in the region as compared to decreasing coal based capacity in the US and Europe. The power consumption in 2016 was 21, 111 TWh and is expected to increase at a CAGR of 2.7% to reach 26,686 TWh in 2025. Wind power was the largest renewable source with a share of over 7.6% of the global power capacity in 2016 followed by solar photovoltaic (PV) (4.6%) and biopower (1.8%). Renewable energy is likely to increase its share in global energy mix from 14% in 2016 to 23% by 2025 owing to the reduced prices and enabling government policies across the globe.
The report highlights the global power market scenario and discusses in brief the new power market policies for Q3, 2017. It projects the future power market trend in terms of installed capacity, primary energy consumption , future power demand and power generation technologies.
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