Analysis of Global Power Market

Analysis of Global Power Market Market Drivers Drivers of Power Industry, Global Main Drivers Influence (1-2 years) Influence (3-5 years) 1 Continuous and Steady Growth of the Economy High High 2 Increasing Electrification and Improvement of Power Grid High Medium 3 Continuous Improvement of Power Generation Technology Medium High 4 Rapid Growth of NEV Market Medium Medium 5 Improvement of Energy Storage System Medium Low Drivers Description DRIVERS RDIXEDS Continuous and Steady Growth of the Economy Increasing Electrification and Improvement of Power Grid Continuous Improvement of Electricity Generation Technology With the sustained and steady growth of the global economy, the demand for electricity in industrial sector is continuously rising. Meanwhile, the improvement of people's living standards also gradually increases the per capita power consumption. Additionally, the investment in internet data centres, which bring substantial demand for power consumption, amounted to approximately US Dollar 27 billion in 2018, and is expected to achieve US Dollar 39 billion in investments by 2023. The sustained and healthy economic development of major countries and regions has laid a solid foundation for the development of global power market. ➤ The electrification level in many countries of Africa and emerging Asia, such as Liberia, Uganda and South Sudan, is still relatively low, compared to those developed countries. There are still over 800 million people globally without access to electricity. With growth of electricity consumption in these regions, the demand for power generation is increasing. In addition, to stimulate the economic growth and development of industrial sector, the government in these regions are investing heavily in the power generation, transmission and distribution infrastructure. Growth momentum in these regions will drive the global power market. There are different approaches to improve electricity generation efficiency through technology innovation. For example, by wind electricity industry, the system efficiency could be improved through wind turbine blade design optimisation and in thermal electricity station, the application of CHP (cogeneration, combined heat and power) can also effectively increase the electricity generation efficiency. These technological innovations improve the efficiency of electricity generation, reduce the cost of electricity generation, increase return on investment of power plant, and will further stimulate the development of electricity market. FROST & SULLIVAN Source: Frost & Sullivan 17

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