Power generation is the process of producing electricity in a power station using fossil fuels like coal and natural gas. Few power stations also use nuclear power for power generation; additionally electricity can also be generated by using renewable energy sources such as solar power, wind energy, tidal current and water.
Electricity is generated by the use of generators, which convert mechanical energy into electrical energy. In the whole process, turbines are used to drive generators, whereas turbines are primarily driven by gas generated through burning fossil fuels, wind, water or steam.
As per International Energy Agency, around 70% of the global electricity is generated through fossil fuels. However, this industry is under scrutiny due to increasing threat of depletion of fossil fuels and increasing regulatory requirement to check emission of greenhouse gases with the objective of reducing environmental pollution. Additionally, power generation industry is also facing other numerous challenges including global economic crisis, high maintenance cost, shortage of skills and transition from fossil-fuel based power generation to renewable energy, which is going to change the overall industry dynamics.
Electricity demand is continuously growing across the globe. Key drivers to this growth are growing population and emerging economies. Huge opportunities for power generation is present in Asia Pacific, mainly in India and China. Major companies operating in the business of power generation are ABB, Alstom SA, John Wood Group PLC, The AES Corporation, Siemens AG and Wartsila, among others.
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