The Use Of Renewable Energy For Electricity Generation

Natural gas and renewable energy sources are increasingly being used for generating electricity to reduce the greenhouse gas emissions. Renewable energy sources include electricity generated from solar, wind, hydropower, geothermal and biomass. The use of natural gas and renewable energy sources help to reduce the environmental damage caused by the earlier methods of using fossil fuels and coal.

THE BUSINESS RESEARCH COMPANY VALUED THE ELECTRICITY GENERATION GLOBAL MARKET AT $1213 BILLION IN 2017

Asia Pacific was the largest geographic region in the market, accounting for nearly half of the global market. China was the largest country accounting for one-fifth of the global electricity generation market.

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According to The Business Research Company’s Consultant, Oliver Guirdham, power generating industries need to move beyond the old commodity-based model in which the primary goals were cost-effective supply acquisition, modernization of industrial process equipment, and total bill reduction. Cost management and basic service will still be important, but they will no longer be central. Power utilities will now need to provide alternative generation sources, energy storage, equipment replacement, sensor-based energy monitoring systems, software-based data analytics, facilities management services, and the infrastructure to back up. These will expand the industry’s customer relationships.

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Enel was the biggest player in the electricity generation market, with revenues exceeding $78.1 billion in 2016. Enel’s growth strategy aims to increase its power output from renewable energy sources by investing in renewable power projects and acquiring green energy companies. The company aims to increase its renewable capacity from 46% in 2016 to 56% in 2019 equaling to 46 GW of power. For this, Enel is investing about $40 million for the construction of a solar energy plant in Zambia. In 2016, the company also acquired the remaining share of the wind farm Maicor Wind, 60% of which was already owned by Enel.

The electricity generation market is segmented into Hydroelectric Power Generation; Fossil Fuel Electric Power Generation; Nuclear Electric Power Generation; Solar Electric Power Generation; Wind Electric Power Generation; Geothermal Electric Power Generation; Biomass Electric Power Generation; and Other Electric Power Generation.

Electricity Generation Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.

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The Business Research Company is a market research and intelligence company, which excels in company, market and consumer research. It has research professionals at its offices in the UK, India and the US as well a network of trained researchers globally. It has specialist consultants in a wide range of industries including manufacturing, healthcare, chemicals and technology.

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