Power Generation Market Poised for Strong Growth to US$ 2.30 Billion by 2032, Led by Asia-Pacific's 42% Market Leadership | DataM Intelligence​

The Power Generation Market reached approximately US$1.67 billion in 2024 and is projected to reach about US$2.30 billion by 2032, growing at a CAGR of around 4.1% during the forecast period from 2025 to 2032, according to a DataM Intelligence report.

This growth is driven by rising global electricity demand due to increased household incomes, electrification of transportation and heating, and the growing need for digitally connected devices and air conditioning.

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United States: Key Industry Developments
✅ October 2025: Power consumption in the United States is expected to hit record highs in 2025 and 2026, largely driven by increasing electricity demand from AI data centers and the shift from fossil fuels to electrification. The share of natural gas in power generation is projected to decrease to 40%, with coal's share temporarily rising before declining due to growth in renewables.

✅ September 2025: The US is on track to add a record 33.3 GW of utility-scale solar capacity in 2025, with over 21 GW targeted for the latter half of the year. Solar energy is predicted to constitute over 50% of new power generation capacity this year, marking it as the main driver of new capacity additions.

✅ July-September 2025: Renewable energy sources dominated new power project builds, accounting for more than 91% of all new generating capacity additions in the first half of the year. Despite some risks from interest rate fluctuations affecting project viability, a strong pipeline of renewable projects is planned for 2025 in the US.

Asia Pacific / Japan: Key Industry Developments
✅ October 2025: Japan continues its transition to renewable energy with policies supporting market-based development, moving away from feed-in tariffs (FIT). Power Purchase Agreements (PPAs) are emerging as key instruments to facilitate renewable energy project development.

✅ April 2025: Japan reported steady growth in renewable energy capacity, accompanied by government support for PPAs and increased investment toward enhancing power supply reliability to support expanding data centers.

✅ Mid-2025: The Japanese power market is seeing increased activity in renewable energy projects, focusing on solar and wind, aided by regulatory reforms and subsidies to promote private sector investment and innovation in green energy generation.

Key Merges and Acquisitions(2025):
✅ Constellation Energy acquired Calpine Corporation: Constellation Energy finalized a major acquisition of Calpine Corporation in a deal valued at $26.6 billion, significantly consolidating the power generation sector in North America.

✅ Blackstone acquired TXNM Energy: Blackstone completed an acquisition of TXNM Energy, the parent company of regulated electric utilities PNM and TNMP, for $11.5 billion, reflecting increased private equity interest in stable utility assets.

✅ ONGC NTPC Green acquired Ayana Renewable Power: In March 2025, ONGC NTPC Green Private Limited, a joint venture between NTPC Green Energy and ONGC Green, acquired a 100% equity stake in Ayana Renewable Power for approximately $2.3 billion (₹124.68 billion), significantly expanding their renewable energy portfolio.

✅ JSW Neo Energy acquired O2 Power Midco and O2 Energy SG: JSW Neo Energy Limited acquired O2 Power Midco Holdings Limited and O2 Energy SG Pte Limited for ₹124.68 billion in January 2025, adding a 4.6 GW renewable energy portfolio to its assets.

✅ Capital Power acquired two natural gas plants: Capital Power completed the $2.2 billion acquisition of two natural gas-fired power plants in the U.S. (Hummel Station and Rolling Hills), adding 2.2 GW of flexible generation capacity crucial for grid reliability alongside renewable energy integration.

Market Segmentation Analysis:
-By Source: Non-Renewable vs Renewable
Non-renewable sources dominate with approximately 69% market share as of 2025, driven by well-established infrastructure and reliable output from fossil fuels like coal, oil, and natural gas. Renewable sources, including solar, wind, and hydropower, hold about 31% share and are rapidly growing due to declining costs, government incentives, and increasing environmental concerns.

-By Grid: On-Grid vs Off-Grid
On-grid systems lead with about 85% market share, supported by extensive national and regional grid frameworks facilitating large-scale electricity distribution. Off-grid solutions account for roughly 15%, primarily serving remote or rural areas where grid connection is unfeasible, enabling energy access and autonomy through decentralized renewable setups.

-By End-User: Industrial, Commercial, Residential, Transportation
Industrial end-users command the largest share at around 40%, reflecting their high energy demand for manufacturing and production activities. Residential demand follows with about 36.5%, driven by distributed energy resources and increased adoption of smart residential energy solutions. Commercial uses hold roughly 18%, while transportation, including electric vehicles and electrified transport infrastructure, forms about 5-6% of the market.

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Growth Drivers:
-Rising global population and urbanization driving higher electricity demand, particularly in developing economies.

-Accelerating shift to renewable energy sources like solar, wind, and nuclear due to lower emissions and supportive government policies targeting net-zero goals.

-Expanding industrialization and infrastructure investments boosting overall power needs across sectors.

-Growth in electricity use for transportation, including electric vehicles, alongside industrial applications.

-Surging investments in energy infrastructure, smart grids, storage, and grid modernization for efficiency and reliability.

-Technological advancements and policies promoting cleaner energy, energy efficiency, and integration of distributed resources.

Regional Insights:
-Asia Pacific commands the largest share in the global power generation market, driven by rapid urbanization, industrialization, population growth, and surging electricity demand across countries like China and India, positioning it as the leading region globally. This dominance is reinforced by extensive infrastructure expansions and high adoption of both traditional and renewable energy sources.

-North America holds the second-highest market share, often cited as around 28% in certain projections, fueled by advanced infrastructure, key players in the US and Canada, and a strong push toward renewables like wind, solar, and hydropower to meet rising energy needs. The region maintains a dominant position through technological innovations and policy support for cleaner energy transitions.

-Europe secures a notable but smaller share compared to Asia Pacific and North America, supported by established grids, regulatory focus on emissions reduction, and investments in diverse sources including nuclear and renewables across nations like Germany, France, and the UK. Growth is tempered by energy transition challenges but bolstered by EU-wide sustainability mandates.

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Key Players:
State Grid Corporation of China | Engie SA | EDF | Iberdrola S.A. | NTPC Ltd | ExxonMobil | Chevron | ABB Ltd | AES Corporation | Huaneng Power International

Key Highlights (Top 5 Key Players) for Power Generation Market:
-State Grid Corporation of China reported approximately USD 347 billion in revenue, making it the largest power company globally, with extensive transmission and distribution operations covering 88% of China and international markets.

-Engie SA, a major French multinational electric utility company, generates tens of billions of USD in annual revenues driven by power generation, natural gas, and renewable energy projects globally.

-EDF (Électricité de France) reported revenues of over USD 80 billion, with significant presence in nuclear power, renewables, and energy services primarily in Europe.

-Iberdrola S.A., Spain's largest utility company, reported revenues exceeding USD 40 billion, with a strong focus on renewable energy generation and smart grid technologies.

-NTPC Ltd, India's largest power generation company, reported revenues around USD 20 billion, driven by coal-based power plants and growing renewable energy capacity.

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