The power Generation Market has been valued at USD 1402.09 billion in the year 2021 and it is estimated to reach USD 1733.74 billion by the year 2027, with a CAGR of 3.52% from 2022 to 2027. Power Generation is a type of renewable energy taken from the Earth's core. It comes from the heat generated during the original formation of the planet and the radioactive decay of materials. This thermal energy is stored in rocks and fluids in the center of the earth; these are the main factors that have considerably increased the demand for Power Generation in the market, thereby driving the huge growth of the Power Generation market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Power Generation in the market is mainly due to the Geothermal power plants utilize the steam that is produced from hot water found around a mile or more below the earth's surface to rotate turbines that start a generator, which further produces electricity.

Three types of geothermal power plants are presently operating: binary cycle, dry steam, and flash steam. Government organizations are putting in efforts to reduce the dependency on oil for domestic energy use. Several activities are explored and exploited to use renewable energy resources as an alternative energy source. To achieve this goal, the Government of Indonesia formulated a National Energy Policy, which involves guidelines for intensification, conservation, and diversification of energy. Growth is driven by the implementation of stringent government regulations related to climate change in developing and developed economies these are the main factors that have considerably increased the demand for Power Generation in the market, thereby driving the huge growth of the Power Generation market in the upcoming years

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The report is segmented as:

Power Generation Market is segmented on the basis of my application:

By Application (Commercial, Industrial, and Residential),

By Source (Non-Renewable, Renewable Power, Solar PV, and Others)

Geographical Segmentation:

Power Generation Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the rest of the world. North America has the dominant share in Power Generation due to the increase in government financing and continuous developing of technologies in the renewable energy sector these are the main factors that have considerably increased the demand for the in North America, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa will register a slower increase in the Power Generation Market

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Impact of COVID-19 on the Market

The covid-19 pandemic has impacted the growth of the Power Generation market, The COVID-19 started at the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected the Power Generation market. The covid-19 pandemic has impacted hugely on the sales revenue Power Generation market. Due to the government restrictions like lockdown in many countries have stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus are expecting to raise the Power Generation market growth

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