Power Generation Market Growth Outlook Through 2024-2033

Overview and Scope
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.

Sizing and Forecast
The power generation market size has grown strongly in recent years. It will grow from $1913.99 billion in 2023 to $2054.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise in power consumption, government initiatives for energy infrastructure, emerging economies, technology advancements, and market liberalization.

The power generation market size is expected to see strong growth in the next few years. It will grow to $2683.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to growth in industrial sector, increasing demand for electricity, an increase in investments and growing use of electricity in transportation. Major trends in the forecast period include changing business models of electric utilities, adoption of batteries to store energy, digital technologies in power generation, nuclear power generation, development of solar tracking mounts technology, deployment of advanced ultra-supercritical (ausc) solutions, power plant transmissions, and innovations in waste-to-energy technologies.

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Segmentation & Regional Insights
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

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

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Major Driver Impacting Market Growth
The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries; the setting up of public transportation networks such as rapid metro transit systems; and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. For instance, to attain net-zero carbon emissions, the Office of Rail and Road (ORR) estimates that 13,000 track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK, and 179 km kilometers were electrified between 2020 and 2021. According to the Edison Electric Institute (EEI), annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050.

Key Industry Players
Major companies operating in the power generation market report are 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.

The power generation market report table of contents includes:

1. Executive Summary
2. Power Generation Market Characteristics
3. Power Generation Product/Service Analysis -Product/Service Examples
4. Power Generation Market Trends And Strategies
5. Power Generation Market – Macro Economic Scenario
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68. Global Power Generation Market Competitive Benchmarking
69. Global Power Generation Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Power Generation Market
71. Power Generation Market Future Outlook and Potential Analysis
72. Appendix

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