World Power Consumption to Register 2.7% CAGR to 2025, Says GlobalData in Its Topical Report Available at MarketPublishers.com
12 Dec 2017 • by Natalie Aster
LONDON – Worldwide, the installed power-generation capacity grew from over 5,047 gigawatts (GW) in 2010 to 6,473 GW in 2016, posting a 4.1% CAGR. Thermal power was the key source of power generation capturing a share of 61.1% of the total installed capacity as of 2016. The cumulative installed capacity of power generation using thermal power stood at 3,954 GW in 2016 and is poised to register a 2.1% CAGR to reach 5,318 GW by end-2030.
The world power industry is heavily dependent on thermal fuel sources for electricity generation, as key power-generating nation like China, the USA, Japan, India, and Russia have ample coal reserves. In the past few years, considerable economic advancement in India and China and an upsurge in the usage of coal resources have fuelled the fast-paced growth of thermal power generation.
Over 55 GW of coal based power stations are at different development stages in the region versus declining coal-based capacity in the USA and Europe. The power consumption is anticipated to gain traction at 2.7% CAGR to reach 26,686 TWh in 2025. Wind power was the dominant renewable source grabbing over 7.6% of the overall power capacity as of 2016, with PV (4.6%) and biopower (1.8%) following after.
Renewable energy will likely raise its share in the world energy mix to 23% by end-2025 due to the lower prices and favourable government policies from pole to pole.
Topical research report “Power Market Status and Trends - Q3 2017” elaborated by GlobalData provides a profound look at the power market scenario on a global level, offering a brief discussion of the novel policies in the industry for Q3 2017. The research publication speculates on the prospective trends in the sectors such as thermal, nuclear, renewable sources, etc. with respect to installed capacity, primary energy consumption, projected power demand and energy generation technologies.
Many other topical reports elaborated this publisher are provided in GlobalData catalogue.