Power Generation Market
Power Generation Market Forecasts to 2030 - Global Analysis By Type (Thermal Power, Hydro Power, Nuclear Power, Renewable Energy and Other Types), Fuel Type, Source, Application, End User and By Geography
According to Stratistics MRC, the Global Power Generation Market is accounted for $2.1 trillion in 2024 and is expected to reach $4.0 trillion by 2030 growing at a CAGR of 11.4% during the forecast period. Power generation is the process of converting various forms of energy into electrical power for use in homes, industries, and businesses. This can be achieved through methods such as burning fossil fuels, harnessing nuclear energy, or utilizing renewable sources like wind, solar, and hydro power. The generated electricity is then transmitted through power lines to end users. Efficient power generation is crucial for meeting energy demands and supporting economic growth while minimizing environmental impacts.
According to the Energy Institute Statistical Review of World Energy 2023, the primary energy consumption in the region increased from 220,48 exajoules in 2013 to 277.60 exajoules in 2022.
Market Dynamics:
Driver:
Increasing energy demand
As economies grow and technological advancements enhance energy consumption, there is a heightened need for efficient and sustainable solutions. This trend drives investments in renewable energy sources such as wind, solar, and hydroelectric power, alongside the modernization of existing infrastructure to meet rising energy needs. The focus on reducing carbon emissions and improving energy efficiency further accelerates market growth and innovation in power generation technologies.
Restraint:
Intermittency of renewable energy sources
The intermittency of renewable energy sources, such as wind and solar power, poses a significant challenge in the market. These sources are dependent on environmental conditions, leading to fluctuations in energy supply that can disrupt grid stability. Addressing this challenge requires advanced energy storage solutions, grid management technologies, and diversified energy portfolios to ensure a steady and reliable power supply. Investment in these areas is crucial for overcoming the limitations of renewable energy intermittency.
Opportunity:
Rising environmental concerns
Rising environmental concerns in the power generation market are driving a significant shift towards cleaner and more sustainable energy sources. Increasing awareness about climate change and environmental degradation has prompted governments and industries to prioritize reducing carbon emissions and minimizing ecological impact. As a result, there is a growing emphasis on renewable energy sources such as wind, solar, and hydropower, alongside advancements in energy efficiency technologies.
Threat:
Fuel price volatility
Fuel price volatility poses a significant challenge in the market. Fluctuations in fuel prices can impact operational costs and financial stability, making it difficult for power generation companies to manage budgets and set long-term pricing strategies. This volatility often leads to increased uncertainty, influencing investment decisions and the adoption of alternative energy sources. To mitigate these challenges, companies must adopt flexible fuel strategies and invest in technologies that enhance efficiency and reduce reliance on volatile fuel sources.
Covid-19 Impact:
The COVID-19 pandemic significantly disrupted the market by causing delays in project completions, supply chain interruptions, and reduced demand due to economic slowdowns. Lockdowns and restrictions led to a temporary decline in electricity consumption, especially in industrial and commercial sectors. However, the crisis also accelerated the adoption of digital technologies and renewable energy sources as utilities sought more resilient and sustainable energy solutions.
The gas turbines segment is expected to be the largest during the forecast period
The gas turbines is expected to be the largest during the forecast period. Gas turbines offer high efficiency, lower emissions, and quick startup capabilities, making them ideal for meeting peak power demands and integrating renewable energy sources. Innovations in turbine technology and growing investments in infrastructure contribute to market growth. Additionally, the push for cleaner energy sources and modernization of existing power plants further drives the adoption of gas turbines globally.
The commercial segment is expected to have the highest CAGR during the forecast period
The commercial segment is expected to have the highest CAGR during the forecast period. Businesses are increasingly investing in advanced power generation technologies to enhance energy efficiency, reduce operational costs, and ensure reliable power supply. The adoption of renewable energy sources along with advancements in turbines, are transforming commercial power systems. Additionally, the integration of smart grid technologies and energy storage solutions is further optimizing power generation processes for commercial enterprises.
Region with largest share:
North America is projected to hold the largest market share during the forecast period driven by increasing energy demands, technological advancements, and a shift towards cleaner energy sources. The region is investing heavily in modernizing infrastructure and integrating smart grid technologies. Government policies and incentives for renewable energy contribute to market growth, while challenges such as regulatory complexities and fluctuating fuel prices impact industry dynamics.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. The shift towards cleaner and more sustainable energy sources is evident, with substantial investments in solar, wind, and hydroelectric power projects. Governments in countries are prioritizing energy security and sustainability, leading to policies and incentives that support renewable energy adoption and technological advancements. Moreover, the market is influenced by international collaborations and technology transfers aimed at reducing carbon emissions and achieving climate goals.
Key players in the market
Some of the key players in Power Generation market include General Electric Company (GE), Siemens Energy, Schneider Electric SE, ABB Ltd., Mitsubishi Heavy Industries, Ltd., Cummins Inc., Eaton Corporation plc, Emerson Electric Co., Hitachi, Ltd., Toshiba Corporation, Rolls-Royce Holdings plc, Fujitsu General, Envision Energy, Canadian Solar Inc. and Bharat Heavy Electricals Limited (BHEL).
Key Developments:
In July 2024, Envision Energy and Saudi’s PIF to boost wind power growth in the Middle East. The joint venture will focus on establishing a manufacturing and assembly base for wind turbines and hubs within the region.
In April 2024, Envision Energy and Hero Future Energies have entered into a framework agreement aimed at advancing cooperation in the renewable energy sector. The agreement encompasses various aspects, including the supply of Wind Turbine Generators (WTGs), Battery Energy Storage Systems (BESS), and Green Hydrogen technologies.
Types Covered:
• Thermal Power
• Hydro Power
• Nuclear Power
• Renewable Energy
• Other Types
Fuel Types Covered:
• Coal
• Natural Gas
• Oil
• Renewable Resources
• Nuclear
Sources Covered:
• Hydroelectric
• Solar
• Biomass
• Geothermal
• Tidal and Wave
Applications Covered:
• Biomass Power
• Fuel Cells
• Gas Turbines
• Solar Power
• Thermal Power Plants
• Backup Power Systems
• Other Applications
End Users Covered:
• Residential
• Commercial
• Industrial
• Utility
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Power Generation Market, By Type
5.1 Introduction
5.2 Thermal Power
5.3 Hydro Power
5.4 Nuclear Power
5.5 Renewable Energy
5.6 Other Types
6 Global Power Generation Market, By Fuel Type
6.1 Introduction
6.2 Coal
6.3 Natural Gas
6.4 Oil
6.5 Renewable Resources
6.6 Nuclear
7 Global Power Generation Market, By Source
7.1 Introduction
7.2 Hydroelectric
7.3 Solar
7.4 Biomass
7.5 Geothermal
7.6 Tidal and Wave
8 Global Power Generation Market, By Application
8.1 Introduction
8.2 Biomass Power
8.3 Fuel Cells
8.4 Gas Turbines
8.5 Solar Power
8.6 Thermal Power Plants
8.7 Backup Power Systems
8.8 Other Applications
9 Global Power Generation Market, By End User
9.1 Introduction
9.2 Residential
9.3 Commercial
9.4 Industrial
9.5 Utility
9.6 Other End Users
10 Global Power Generation Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 General Electric Company (GE)
12.2 Siemens Energy
12.3 Schneider Electric SE
12.4 ABB Ltd.
12.5 Mitsubishi Heavy Industries, Ltd.
12.6 Cummins Inc.
12.7 Eaton Corporation plc
12.8 Emerson Electric Co.
12.9 Hitachi, Ltd.
12.10 Toshiba Corporation
12.11 Rolls-Royce Holdings plc
12.12 Fujitsu General
12.13 Envision Energy
12.14 Canadian Solar Inc.
12.15 Bharat Heavy Electricals Limited (BHEL)
List of Tables
1 Global Power Generation Market Outlook, By Region (2022-2030) ($MN)
2 Global Power Generation Market Outlook, By Type (2022-2030) ($MN)
3 Global Power Generation Market Outlook, By Thermal Power (2022-2030) ($MN)
4 Global Power Generation Market Outlook, By Hydro Power (2022-2030) ($MN)
5 Global Power Generation Market Outlook, By Nuclear Power (2022-2030) ($MN)
6 Global Power Generation Market Outlook, By Renewable Energy (2022-2030) ($MN)
7 Global Power Generation Market Outlook, By Other Types (2022-2030) ($MN)
8 Global Power Generation Market Outlook, By Fuel Type (2022-2030) ($MN)
9 Global Power Generation Market Outlook, By Coal (2022-2030) ($MN)
10 Global Power Generation Market Outlook, By Natural Gas (2022-2030) ($MN)
11 Global Power Generation Market Outlook, By Oil (2022-2030) ($MN)
12 Global Power Generation Market Outlook, By Renewable Resources (2022-2030) ($MN)
13 Global Power Generation Market Outlook, By Nuclear (2022-2030) ($MN)
14 Global Power Generation Market Outlook, By Source (2022-2030) ($MN)
15 Global Power Generation Market Outlook, By Hydroelectric (2022-2030) ($MN)
16 Global Power Generation Market Outlook, By Solar (2022-2030) ($MN)
17 Global Power Generation Market Outlook, By Biomass (2022-2030) ($MN)
18 Global Power Generation Market Outlook, By Geothermal (2022-2030) ($MN)
19 Global Power Generation Market Outlook, By Tidal and Wave (2022-2030) ($MN)
20 Global Power Generation Market Outlook, By Application (2022-2030) ($MN)
21 Global Power Generation Market Outlook, By Biomass Power (2022-2030) ($MN)
22 Global Power Generation Market Outlook, By Fuel Cells (2022-2030) ($MN)
23 Global Power Generation Market Outlook, By Gas Turbines (2022-2030) ($MN)
24 Global Power Generation Market Outlook, By Solar Power (2022-2030) ($MN)
25 Global Power Generation Market Outlook, By Thermal Power Plants (2022-2030) ($MN)
26 Global Power Generation Market Outlook, By Backup Power Systems (2022-2030) ($MN)
27 Global Power Generation Market Outlook, By Other Applications (2022-2030) ($MN)
28 Global Power Generation Market Outlook, By End User (2022-2030) ($MN)
29 Global Power Generation Market Outlook, By Residential (2022-2030) ($MN)
30 Global Power Generation Market Outlook, By Commercial (2022-2030) ($MN)
31 Global Power Generation Market Outlook, By Industrial (2022-2030) ($MN)
32 Global Power Generation Market Outlook, By Utility (2022-2030) ($MN)
33 Global Power Generation Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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