Emerging Trends to Drive Power Generation Market Growth at 5.7% CAGR Through 2029

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What Will the Power Generation Industry Market Size Be by 2025?
The market size for power generation has seen considerable expansion in the past years. The projected growth is from $2072.06 billion in 2024 to $2206.27 billion in 2025, at a compound annual growth rate (CAGR) of 6.5%. The rise during the historic period was spurred by increased power consumption, government-led energy infrastructure programs, developing economies, advancement in technology, and liberalization of the market.

What's the Long-Term Growth Forecast for the Power Generation Market Size Through 2029?
Expectations show substantial growth in the power generation market size within the coming years, with projections of climbing to $2755.36 billion in 2029 at a steady compound annual growth rate (CAGR) of 5.7%. The surge throughout the forecast period could be due to the industrial sector's expansion, rising electricity demand, increased investment inflow, and broader electricity utilization within transportation. It's also anticipated that changing electric utility business models, the incorporation of batteries for energy storage, the application of digital technologies in power generation, nuclear power generation, the introduction of solar tracking mounts technology, the use of advanced ultra-supercritical (AUSC) solutions, power plant transmissions, and developments in waste-to-energy technologies will be mainly trending within the forecast period.

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What Are the Key Growth Drivers Fueling the Power Generation Market Expansion?
The escalating use of electricity in the transport sector is anticipated to fuel demand for more power, thus bolstering the power generation market. The electrification initiatives in railways across underdeveloped and developing nations, the introduction of public transit networks like high-speed metro systems, coupled with the growing adoption of electric vehicles in developed countries are set to unlock substantial opportunities for entities in the power generation market. For example, in a bid to attain zero carbon emissions, the UK's Office of Rail and Road (ORR) has projected that the electrification of approximately 13,000 track kilometers - roughly 450km annually - will be required by 2050. In the year 2020 to 2021, nearly 179 kilometers track was electrified already. As per the Edison Electric Institute (EEI), annual sales of electric vehicles in the USA are anticipated to exceed 1.2 million by 2025. It's also projected that 9% of the total global electricity demand by 2050 will come from electric vehicles.

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What Are the Key Trends Driving Power Generation Market Growth?
Companies that generate electric power are utilizing batteries to accumulate solar energy during daytime hours. These energy preservation facilities are equipped with massive lithium-ion batteries. The trend of preserving energy in batteries is also becoming increasingly common in other power generation sectors. These batteries can stockpile sufficient energy to serve as a contingency during power shortages caused by fuel supply interruptions. They are engineered to retain solar energy and reintegrate it into the grid. These systems help to reduce the need for expensive power plants, improve transmission and distribution productivity, and lower operational expenses. The World Bank Group has set a target to finance 17.5-gigawatt hours (GWh) of battery storage by 2025, a significant increase from the current 4-5 GWh installed in all developing countries.

How Is the Power Generation Market Segmented?
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

Subsegments:
1) By Hydroelectricity: Large Hydroelectric Plants, Small Hydroelectric Plants, Pumped Storage Hydroelectricity
2) By Fossil Fuel Electricity: Coal-fired Power Generation, Natural Gas-fired Power Generation, Oil-fired Power Generation
3) By Nuclear Electricity: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Other Nuclear Reactor Types
4) By Solar Electricity: Photovoltaic (PV) Systems, Concentrated Solar Power (CSP)
5) By Wind Electricity: Onshore Wind Farms, Offshore Wind Farms
6) By Geothermal Electricity: Dry Steam Plants, Flash Steam Plants, Binary Cycle Plants
7) By Biomass Electricity: Direct Combustion, Gasification, Anaerobic Digestion
8) By Other Electricity: Tidal Energy, Wave Energy, Waste-to-Energy

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Which Companies Are Leading the Charge in Power Generation Market Innovation?
Major companies operating in the power generation market include 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.

Which Regions Are Leading the Global Power Generation Market in Revenue?
Asia-Pacific was the largest region in the power generation market in 2024. 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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