Albany, NY -- (SBWIRE) -- 10/17/2014 -- Power generation, one of the core industries that supplements progress of almost every innovation, household and business venture, is a billion dollar industry. Numerous power generation methodologies have been discovered by the mankind over the past few decades. With the enormous rise in the global population and advancements in the digital and electronics industries, the demand for increasingly more power generation has elevated significantly.

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Though there are many ways of generating power, through the use of a variety of raw materials, it is important to be understood that we have not yet discovered a way to mine or harvest electricity. Also, since it cannot be easily stored in bulk, it must be generated at the time of demand. Generating electricity through the myriad methods of power generation have led to the development of a sophisticated power generation market across the globe.

To meet the enormous demands for steady power generation called by the modern societies, nations build large power plants and exploit energy sources such as hydropower, nuclear power, gas, bio fuels, coal, and oil for producing electricity. Factors such as stringent regulatory concerns about depleting reserves of non-renewable energy sources and the production of CO2 from sources such as oil, gas and coal, has transformed the power generation market significantly. This has led to the development of power generation markets sourcing power from renewable energy sources such as wind power and solar energy. The market of power generation from renewable energy sources is also rapidly expanding.

The task of setting up power plants for power generation is not easy. Power plants cost national economies a major portion of their revenues, and prove detrimental in determining the progress of a particular region or nation. The huge cost borne by a utility for building up a power generation plant makes it almost compulsory that a power plant is not built unless it is needed and has good prospects of profits.

Global Power Generation Market – Segmentation

Electricity has become a necessity in the modern day society. The demands for energy from commercial as well as residential sectors keep increasing every other day. This makes the generally strained power generation market more intense along with factors such as rising prices of oil and gas and regulatory concerns regarding the ill-effects of these power sources on the environment.

Demand for energy is expected to further increase in significant numbers due to rising energy requirements from North America and Asia-Pacific region. The global recession of 2009 brought a decline in demand for power on a global front from the European market. Though demands from power generation market are comparatively lesser from the European market currently, it is bound to pick up pace in the coming few years, state market experts.

The power generation market acquires its major share of revenues from Asian countries such as China, India, Korea and Japan. Mexico and the U.S. are the major regional markets in the North American market, and Germany represents the most lucrative regional market in Europe for the global industry of power generation.

Most industries of today require power in one way or the other. However, end-user industries generating the major portion of revenues for the global power generation market include high revenue and large industries such as chemicals, oil and gas, infrastructure development, machine components and fabrication, chemicals, petrochemicals, electronics, automotives etc.

Global Power Generation Market – Important Regional Markets

Some of the key players in the global power generation market include companies such as General Electric, TEPCO ExxonMobil, Tuoketuo Power Company, Chevron, and Siemens, among others.

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