Global Power Generation Market Size 2024, Forecast To 2033
11 Mar, 2024
The power generation market size has witnessed strong growth in recent years, surging from $1913.99 billion in 2023 to $2054.27 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%. The historic period's growth is attributed to the rise in power consumption, government initiatives for energy infrastructure, emergence of economies, technological advancements, and market liberalization. Looking ahead, the market is poised for strong growth, projected to reach $2683.48 billion in 2028 at a CAGR of 6.9%. Factors driving this growth include expansion in the industrial sector, increasing demand for electricity, rising investments, and the growing use of electricity in transportation. Major trends in the forecast period encompass changes in business models of electric utilities, adoption of batteries for energy storage, integration of digital technologies in power generation, development of solar tracking mounts, deployment of advanced ultra-supercritical solutions, enhancements in power plant transmissions, and innovations in waste-to-energy technologies.
Global Power Generation Market Key Driver
The escalating applications of electricity in the transportation sector are poised to boost the demand for electricity, propelling the power generation market. In underdeveloped and developing nations, the electrification of railways, coupled with the establishment of public transportation networks like rapid metro transit systems, presents significant opportunities for power generation companies. Notably, the Office of Rail and Road (ORR) in the UK estimates that to achieve net-zero carbon emissions by 2050, approximately 13,000 track kilometers – equivalent to 450km per year – need to be electrified, with 179 km already electrified between 2020 and 2021. Meanwhile, the Edison Electric Institute (EEI) anticipates that electric vehicle sales in the USA will exceed 1.2 million by 2025. By 2050, electric vehicles are predicted to contribute 9% to the global electricity demand.
Get A Free Sample Of The Global Power Generation Market ReportGlobal Power Generation Market Segments
The power generation market covered in this report is segmented –
1) By Type: Hydroelectricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
2) By Type Of Grid: Off Grid, On Grid
3) By Source Of Energy: Conventional/Non-Renewable Source, Renewable Source
4) By End-User: Industrial, Commercial, Residential, Transportation
By Geography:The regions covered in the power generation market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
Asia-Pacific was the largest region in the power generation market in 2023. Western Europe was the second-largest region in the power generation market. The regions covered in the power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Power Generation Industry Players
Enel SpA, Electricite De France SA, State Power Investment Corporation, E.ON SE, Engie, Huaneng Power International, Inc., Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, Inter RAO UES, Power Grid Corporation of India Limited, NTPC Limited, Tata Power, Adani Power, NHPC Limited, Guodian Corporation, Hokkaido Electric Power Company, Tohoku Electric Power Co, AGL Energy, EDF Energy, RWE, Scottish Power, Centrica, SSE, Drax Power Limited, Intergen, ESBI, Vattenfall AB, Fortum Oyj, Fennovoima Ltd, Areva, Horizon Nuclear Power, Unipro (E.ON Russia JSC), Territorial Generating Company Number One, Mosenergo, Gazprom Energoholding LLC, NextEra Energy, Duke Energy, Southern Company, Dominion Resources, American Electric, Public Service Enterprise Group, ENMAX Corporation, TransAlta Corporation, Comision Federal de Electricidad, Companhia Hidro Elétrica do São Francisco, Copel Geração e Transmissão SA, Eletrobras Eletronorte, Petroleo Brasileiro SA Petrobras, AES Gener, Colbún S.A, Empresas Públicas de Medellín E.S.P., Saudi Electricity Company, Dubai Electricity & Water Authority, Saudi Consolidated Electricity Company, Abu Dhabi Water and Electricity Authority (ADWEA), Abu Dhabi National Energy Company PJSC (TAQA), Israel Electric Corporation, Nuclear Power Production & Development Company of Iran (NPPD), Nawah Energy, Amu Power Company, Zimbabwe Power Company, BioTherm Energy, Kenya Electricity Generating Company, Globeleq Inc.
Get The Full Global Power Generation Market ReportPower Generation Market Overview
Power generation refers to electricity production using different types of technologies in order to supply power to the electrical grid for society's electrical needs. It includes electricity produced in electricity-only plants and in combined heat and power plants.
Power Generation Global Market Report 2023 provides data on the global power generation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The power generation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.