Sustainable Power Generation: Strategies for Power Plants in 2024

The power generation market, initially valued at around USD 1,593.84 billion in 2022, is poised to surpass USD 2,111.8 billion by the end of 2030, indicating a steady growth rate during the forecast period. However, the traditional sources of electricity production, notably coal, oil, and natural gas, have significantly contributed to one-third of global greenhouse gas emissions. Recognizing the urgent need to elevate the quality of life through the provision of cleaner and more reliable electricity, nations like India are grappling with the challenge of meeting growing energy demands to drive economic development.

As a crucial prerequisite for economic growth, the quest for larger energy quantities is gaining prominence. Against the backdrop of global efforts to reduce environmental impact and address climate change, power plants are gearing up for a transformative shift by 2024. This involves a proactive embrace of cleaner and more sustainable methods of electricity generation. Let's explore the key trends and strategic initiatives that are set to reshape the landscape of sustainable power generation.