Power Generation Market Size & Share, by Type (Steam Turbine, Diesel Generator, Nuclear Reactor, Solar Power, Micro CHP); Application (Residential, Industrial, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3479
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Power Generation Market size is anticipated to cross USD 4 Trillion by the end of 2035, growing at a CAGR of 9% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of power generation was over USD 1.8 Trillion. The burgeoning population globally and the growing power consumption is expected to drive market growth in the upcoming years.

 The global energy sector's transition from fossil-based systems of energy to clean sources of energy and the increasing government initiatives all over the world for creating new energy infrastructure are facilitating rapid growth and advancement in power generation.

Moreover, as the ability to create energy from renewable resources such as wind, solar, and hydro has been made possible by technological advancements, the market is further anticipated to rise to further eliminate the utilization of conventional fossil fuels.


Power Generation Market
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Power Generation Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Electricity – The increasing industrial activities across the globe and the rise in demand for energy-intensive activities such as manufacturing, and mining together with the augmenting urban settlements are propelling the electricity demand. For instance, on the account of rise in world population, it is predicted that the energy demand would increase globally by more than 40% over the next 20 years. Hence, this rising demand for energy is expected to expand the investment in power generation to discover various types of technology for electricity production.
  • Increasing Concern About Greenhouse Gas Emissions – For instance, in the U.S. alone, carbon dioxide (CO2) emissions from energy increased by over 290 million metric tons in 2021. The increasing air pollution across the globe and the rising need for cleaner and more sustainable energy sources are predicted to drive power generation market growth. Moreover, the rising awareness among people about the damaging effects of greenhouse gas emissions on the environment and the increasing adoption of steam boilers, wind turbines, biofuels, and other technologies to produce electricity is fueling market growth.

Challenges

  • Regulatory Compliance - The development of new power generation technology must be in adherence to the emerging climate change regulations which is one of the major factors predicted to slow down the market growth. As the demand for clean energy is advancing to help mitigate climate change, funding new power plants with developed technology that have less environmental impact is a major challenge.
  • Exorbitant Initial Cost
  • Deteriorating Infrastructure for Electricity Production

Power Generation Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~9%

Base Year Market Size (2022)

~ USD 1.8 Trillion

Forecast Year Market Size (2035)

~ USD 4 Trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Power Generation Segmentation

Type (Steam Turbine, Diesel Generator, Nuclear Reactor, Solar Power, Micro CHP)

The steam turbine segment in the power generation market is estimated to gain the largest revenue share of 40% by the year 2035 owing to the increasing electricity demand is fueling segment domination. For instance, the global energy demand is increasing by over 1% per year. To address the rising power demand, developing nations are increasing the utilization of steam turbines for steam power plants with the target of generating electricity. In addition, the conversion of thermal energy into mechanical energy by steam turbines is quite effective, since they can transform up to 90% of the heat energy into mechanical energy, which makes them a desirable alternative for generating electricity.

The nuclear reactor segment is projected to witness the highest growth through 2035, owing to the increasing emphasis being placed to reduce global carbon emissions with the rising erection of nuclear power plants worldwide.

Application (Residential, Industrial, Commercial)

Power generation market from the industrial segment is predicted to pool in significant revenue during 2035. To satisfy the energy demand, the industrial sector makes use of a variety of power generation. For instance, by harnessing the power of steam, steam turbines are utilized to produce energy in industrial settings. Besides this, CHP systems are frequently utilized in industrial settings, such as manufacturing factories, where there is a large need for both power and heat. All such factors are predicted to bring numerous opportunities for the growth of the segment in the upcoming years.

Our in-depth analysis of the global market includes the following segments:

     Type

  • Steam Turbine
  • Diesel Generator
  • Nuclear Reactor
  • Solar Power
  • Micro CHP

     Application

  • Residential
  • Industrial
  • Commercial

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Power Generation Industry - Regional Synopsis

APAC Market Forecast

The power generation market in the Asia Pacific is projected to be the largest with a share of about 34% by the end of 2035. The growing population, urbanization, and industrialization in the region are driving up the demand for power in emerging countries such as China and India. The need for power in India dramatically grew by over 8% in 2022. To increase the effectiveness and dependability of their power grids, technologies such as smart grid technology that allows for more effective and efficient distribution of power, by reducing wastage are in demand in the Asia Pacific region.

Further, the growing demand for renewable energy sources, such as solar, wind, hydro, and geothermal, is also anticipated to contribute to the market growth in the region.

North American Market Statistics

The power generation market in North America is estimated to be the second largest, registering a share of about 28% by the end of 2035. The growth of the market can be attributed majorly to the increasing adoption of renewable energy sources including wind, solar, and hydropower specifically in the U.S. and Canada to meet the increasing energy demands in the region. Almost 20% of the total electricity in the United States is generated by renewable sources.

Moreover, the surging investment in new infrastructure, such as transmission lines and energy storage facilities to enable the grid integration of renewable energy sources in the region and the availability of a large number of power plants is also anticipated to contribute to the market growth in the region.

Research Nester
Power Generation Market Size
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Companies Dominating the Power Generation Landscape

top-features-companies
    • Envision Group
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Alstom S.A.
    • General Electric Company
    • DuPont de Nemours, Inc.
    • Siemens AG
    • The Dow Chemical Company
    • Cummins, Inc.
    • Tokyo Electric Power Company Holdings (TEPCO)
    • ExxonMobil
    • ABB Ltd.

In the News

  • Envision Group collaborated with Analog Devices, Inc., to allow new levels of wind turbine safety by improving real-time monitoring of vibration, tilt, and other information that may be utilized to guide safer windmill operation and construction.
  •  DuPont de Nemours, Inc. acquired Rogers Corporation to strengthen its position in innovative materials. Further, these efforts will also accelerate top-line growth, strengthen operating EBITDA margins, and significantly improve cross-cycle earnings stability.

Author Credits:  Dhruv Bhatia


  • Report ID: 3479
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rise in investment to investigate the new emerging electricity generating techniques owing to its growing demand are the major factor driving the growth of the power generation market.

The market size of power generation is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2023-2035.

The major players in the market are Alstom S.A., General Electric Company, DuPont de Nemours, Inc., Siemens AG, The Dow Chemical Company, and Envision Group.

The steam turbine segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the APAC region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Power Generation Market Report Scope
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