Albany, NY -- (SBWIRE) -- 04/04/2014 -- Economic growth and rise in population have been the most important reasons for energy/power generation in the past few decades. Commercial and residential energy is expected to increase with significant growth numbers and this is being driven mainly by energy requirements in Asia-Pacific and North America. Due to the global recession in 2009 and 2010, the demand in Europe is currently lesser than that in other regions but the market is expected to pick up during the next few years. China, Japan, Korea and India are expected to be the most important regions driving the demand for power in Asia-Pacific. Similarly, the U.S. and Mexico are expected to be major markets in North America while Germany is expected to be the major market in Europe.
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Most common forms of energy are hydro, nuclear, electricity, gas, bio-fuels, oil and coal. The markets for coal, gas and oil are the largest power market segments at present and are expected to hold sway during the forecast period. At the same time, the market share for renewable energy is expected to increase with tighter emission norms and environmental concerns over combustion of non-renewable energy. Bio-fuels, nuclear and hydro are some of the renewable sources that are expected to grow favorably in the coming years.
End-user industries for the power market are high revenue markets and large in number. In the present day, most industry sectors require power in one form or another. The most notable end-user industries with heavy investment and need for power include infrastructure, chemicals, oil & gas, metallurgy, heavy industries (machine components and fabrication), automotives etc. Of these, infrastructure, oil & gas and metallurgy are expected to be the largest end-user market segments.
Siemens, General Electric, ExxonMobil, Chevron, Tuoketuo Power Company, TEPCO and others are some of the key players in the power generation market.
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