2025-2034 Power Generation Market Roadmap: Insights for Competitive Advantage

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How Large Will the Power Generation Market Size By 2025?
The market size of power generation has seen consistent growth in the past few years. The sector, valued at $2017.51 billion in 2024, is expected to climb to $2117.01 billion by 2025, with a compound annual growth rate (CAGR) of 4.9%. Factors that have contributed to this growth in the historical period include an increase in power consumption, governmental support for energy infrastructure improvements, the rise of emerging economies, advancements in technology, and liberalization of the market.

How Big Is the Power Generation Market Size Expected to Grow by 2029?
The energy production industry is projected to experience robust expansion in the forthcoming years, with its market value set to reach $2633.56 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.6%. This anticipated growth over the forecast period is largely due to factors such as the expansion of the industrial sector, escalating electricity demand, increased inflow of investments, and the amplified use of electric power in transport. The forecast period is also expected to see several trends including transformation of electric utility business models, the rise in energy storage through batteries, application of digital advances in energy production, nuclear power generation, introduction of solar tracking mounts technology, implementation of sophisticated ultra-supercritical (AUSC) solutions, enhancements in power plant transmissions, and waste-to-energy technological breakthroughs.

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Which Key Market Drivers Powering Power Generation Market Expansion and Growth?
The demand for electricity is predicted to rise as its applications in the transportation sector increase, stimulating growth in the power generation market. The electrification of railways in less developed and developing nations, the establishment of public transportation systems such as express metro transit structures, as well as the growing adoption of electric vehicles in developed countries will open up substantial opportunities for power generation firms in the market. For example, the Office of Rail and Road (ORR) suggests that to achieve net-zero carbon emissions, around 13,000 track kilometers equivalent to about 450km per year needs to be electrified in the UK by 2050, and 179 km kilometers were electrified between 2020 and 2021. The Edison Electric Institute (EEI) forecasts that the annual sales of electric vehicles in the USA could exceed 1.2 million by 2025. Furthermore, by the year 2050, it is anticipated that electric vehicles will consume approximately 9% of global electricity.

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Which Fast-Growing Trends Are Poised to Disrupt the Power Generation Market?
Companies involved in the generation of electric power are leveraging battery technology to store solar energy captured during the day. These energy storage locations are populated with large-scale lithium-ion batteries. This method of energy storage is also gaining traction in other power generation sectors. These batteries are capable of storing sufficient energy to act as backup during power shortages caused by interruptions in the fuel supply chain. They are engineered to collect solar energy and then redistribute it back into the power grid. Utilizing such systems significantly decreases the reliance on costly power plants, improves efficiency in transmission and distribution, and lowers operating costs. The World Bank Group has set a goal to finance 17.5-gigawatt hours (GWh) in battery storage by 2025, which signifies a more than threefold increase from the currently installed 4-5 GWh across all developing countries.

What Are the Emerging Segments in the Power Generation Market?
The power generationmarket 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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Who Are the Global Leaders in the Power Generation Market?
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 are the Top Profitable Regional Markets for the Power Generation Industry?
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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