Share
Power Generation Market Size, Share, and Analysis, By Type (Nuclear Electricity, Hydroelectricity, Solar Electricity, Biomass Electricity, Wind Electricity, Fossil Fuel Electricity, Geothermal Electricity, Other Electricity), By Source (Renewable Source {Wind, Solar, Biogas, Hydro, Others}, Conventional/Non-Renewable Source {Natural Gas, Coal, Oil, Others}), By Grid (On Grid, Off Grid), By End-User (Residential, Industrial, Transportation, Commercial) and Regional Forecasts, 2022-2032
Power Generation Market size was USD 1529.9 billion in 2021 and projected to grow from USD 1685.2 billion in 2023 to USD 2622.4 billion by 2032, exhibiting a CAGR of 5% during the forecast period.
Power generation is a process of transforming different energy forms into electrical energy. Power generation industry carries out operations like producing power and distributing it. Power is utilized in several applications and the sources of power generation are classified into renewable and non-renewable energy. Electricity is generated at power plant with the aid of energy forms like nuclear, fossil fuels, solar, geothermal, etc. The high demand of power and growing population along with urbanization is boosting the market.
Power Generation Market is expected to reach USD 2622.4 billion, growing at a CAGR of 5% during forecast period owing to the high demand for electricity, growing population and rapid urbanization which is anticipated to boost the market growth. Various developments in infrastructure projects have the necessity of power and this growing consumption creates demand for market growth. Investments made for generating power in the developing countries globally is anticipated to drive the demand for the growth of Power Generation Market.
Power Generation Market is classified based on the Grid into On Grid, Off Grid. On Grid segment dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the increasing popularity of the off-grid segment and presence of various pleasing factors which is expected to boost the growth of the segment in the market during the forecast period. Off Grid segment is also expected to show a significant growth in the forecast period.
Power Generation Market is classified based on the End-User into Residential, Industrial, Transportation, Commercial. Residential sector dominated the power generation market in 2021 due to the high usage of electricity in residential areas for improved vision and due to the presence of various electrical appliances. Transportation segment is expected to dominate the market in the forecast period owing to the increasing use of electricity in transportation field owing to necessity of transportation for different purposes. Growing electric vehicles is also expected to boost the growth of the market during forecast period.
Growing Population is Expected to Boost the Growth of the Market
The population worldwide is increasing rapidly, resulting in the increased consumption of electricity and necessity to uplift the power generation to meet the requirements and this may drive the demand for market growth. Rising population is also leading to increased infrastructure and construction projects along with the presence of renewable energy production sources is expected to create demand for the growth of the power generation market. The initiatives taken by the governments and the support offered by government bodies in certain regions is anticipated to boost the market growth.
Increasing Acceptance of Smart Technologies is Expected to Boost the Growth of the Market
The demand for smart technologies is increasing which is expected to uplift the growth of market in a major way. Increasing urbanization in several developing countries is creating huge necessity for the electricity. Various initiatives are being taken by the respective governments to establish proper power supply in their countries. Smart grid technologies have attained major popularity globally due to the advantages it offers like effectiveness and dependability which is expected to drive the demand for the growth of power generation market.
Aging Infrastructure May Restrain the Growth of the Market
The present existing power generation infrastructure is depending on old infrastructure and there is a necessity to replace old infrastructure to meet the new demand of electricity which is difficult involving high investments and is anticipated to restrain the market growth.
Power Generation Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific dominated the power generation market in 2021 and is expected to continue its dominance over the forecast period owing to the rising demand for energy in countries of this region and the high generation of power in this region. The support received by governments in countries of this region is expected to boost market growth during the forecast period.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. Many industries and production units were closed due to the applied restrictions. But the deficit of man power had resulted in the downfall of the market growth. Due to the major requirement of electricity, the governments supported the power generation industry. Covid-19 had a negative impact on the growth of the Power Generation market.
|
ATTRIBUTE |
DETAILS |
|
Study Period |
2018-2032 |
|
Base Year |
2022 |
|
Forecast Period |
2022-2032 |
|
Historical Period |
2019-2021 |
|
Growth Rate |
CAGR of 5% from 2022-2032 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
Type |
|
|
Source |
|
|
Grid |
|
|
End-User |
|
|
By Region |
|
Power Generation Market size was estimated at USD 1529.9 billion in 2021 and is expected to reach USD 2622.4 billion in 2032.
On Grid and Transportation segment accounted for the highest growth rate in the Power Generation market.
Leading players: Enel SpA, State Power Investment Corporation, Electricite De France SA, Tata Power, Endesa SA, NTPC Limited, Exelon Corp, Adani Power, Engie, NHPC Limited, EDF Energy, Hokkaido Electric Power Company, E.ON SE, RWE, Centrica, Scottish Power, AGL Energy and Other Prominent Players are the leading players in the Power Generation Market.
Growing Population and Increasing Acceptance of Smart Technologies are the factors driving the Power Generation market
The necessity of replacing old infrastructure which involves high investments is a challenge associated with the Power Generation Market.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
