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

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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


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
Table 1 Global Power Generation Market Outlook, By Region (2022-2030) ($MN)
Table 2 Global Power Generation Market Outlook, By Type (2022-2030) ($MN)
Table 3 Global Power Generation Market Outlook, By Thermal Power (2022-2030) ($MN)
Table 4 Global Power Generation Market Outlook, By Hydro Power (2022-2030) ($MN)
Table 5 Global Power Generation Market Outlook, By Nuclear Power (2022-2030) ($MN)
Table 6 Global Power Generation Market Outlook, By Renewable Energy (2022-2030) ($MN)
Table 7 Global Power Generation Market Outlook, By Other Types (2022-2030) ($MN)
Table 8 Global Power Generation Market Outlook, By Fuel Type (2022-2030) ($MN)
Table 9 Global Power Generation Market Outlook, By Coal (2022-2030) ($MN)
Table 10 Global Power Generation Market Outlook, By Natural Gas (2022-2030) ($MN)
Table 11 Global Power Generation Market Outlook, By Oil (2022-2030) ($MN)
Table 12 Global Power Generation Market Outlook, By Renewable Resources (2022-2030) ($MN)
Table 13 Global Power Generation Market Outlook, By Nuclear (2022-2030) ($MN)
Table 14 Global Power Generation Market Outlook, By Source (2022-2030) ($MN)
Table 15 Global Power Generation Market Outlook, By Hydroelectric (2022-2030) ($MN)
Table 16 Global Power Generation Market Outlook, By Solar (2022-2030) ($MN)
Table 17 Global Power Generation Market Outlook, By Biomass (2022-2030) ($MN)
Table 18 Global Power Generation Market Outlook, By Geothermal (2022-2030) ($MN)
Table 19 Global Power Generation Market Outlook, By Tidal and Wave (2022-2030) ($MN)
Table 20 Global Power Generation Market Outlook, By Application (2022-2030) ($MN)
Table 21 Global Power Generation Market Outlook, By Biomass Power (2022-2030) ($MN)
Table 22 Global Power Generation Market Outlook, By Fuel Cells (2022-2030) ($MN)
Table 23 Global Power Generation Market Outlook, By Gas Turbines (2022-2030) ($MN)
Table 24 Global Power Generation Market Outlook, By Solar Power (2022-2030) ($MN)
Table 25 Global Power Generation Market Outlook, By Thermal Power Plants (2022-2030) ($MN)
Table 26 Global Power Generation Market Outlook, By Backup Power Systems (2022-2030) ($MN)
Table 27 Global Power Generation Market Outlook, By Other Applications (2022-2030) ($MN)
Table 28 Global Power Generation Market Outlook, By End User (2022-2030) ($MN)
Table 29 Global Power Generation Market Outlook, By Residential (2022-2030) ($MN)
Table 30 Global Power Generation Market Outlook, By Commercial (2022-2030) ($MN)
Table 31 Global Power Generation Market Outlook, By Industrial (2022-2030) ($MN)
Table 32 Global Power Generation Market Outlook, By Utility (2022-2030) ($MN)
Table 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.

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