Power Generation Market Set for Steady Growth to USD 2.30 Billion by 2032, Led by Asia Pacific's 50% Market Share | DataM Intelligence

The Power Generation Market reached USD 1.67 billion in 2024 and is expected to reach USD 2.30 billion by 2032, growing at a CAGR of 4.1% during the forecast period 2025-2032.

Market growth is driven by rising global energy demand, the transition to cleaner power sources amid climate goals, and grid modernization efforts worldwide. Advancements in renewable integration, supportive government policies for net-zero targets, growing investments in energy storage, and technological improvements in efficient turbines and solar/wind systems are further accelerating market expansion.

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United States: Key Industry Developments
✅ December 2025: NextEra Energy commissioned the largest solar-plus-storage project in the US at 1.2 GW capacity in Florida, integrating advanced battery systems to enhance grid stability amid rising renewable demand.​

✅ October 2025: GE Vernova launched a next-generation 7HA gas turbine with 40% hydrogen capability for power plants, aimed at accelerating the transition to lower-carbon generation nationwide.​

✅ August 2025: Dominion Energy announced a $15 billion investment in offshore wind farms off Virginia, targeting 5 GW by 2030 to boost clean power output.​

Asia Pacific / Japan: Key Industry Developments
✅ November 2025: Japan's Kansai Electric Power Co. deployed a 500 MW floating offshore wind farm in the Sea of Japan, leveraging typhoon-resistant tech for reliable generation.​

✅ October 2025: Tata Power in India expanded its solar portfolio with a 2 GW module manufacturing facility launch, supporting APAC's renewable push under green energy policies.​

✅ September 2025: Korea Electric Power Corporation (KEPCO) introduced grid-scale hydrogen power plants totaling 300 MW, aligning with regional decarbonization goals.​

Key Mergers and Acquisitions:
✅ Constellation Energy solidified its position in reliable power generation through the $29 billion acquisition of Calpine, enhancing its portfolio of dispatchable assets amid surging data center demand.​

✅ NRG Energy expanded its generation capabilities with the $12.5 billion purchase of LS Power assets, focusing on firm power resources to meet AI-driven load growth.​

✅ Alphabet advanced its energy independence by acquiring Intersect Power for $4.75 billion, securing gigawatts of generation and data center projects for integrated development.​

Market Segmentation Analysis:
-By Source: Non-Renewable Sources Dominate with Established Infrastructure
Non-renewable sources lead at 65% market share in 2024, relying on coal, natural gas, and nuclear for reliable baseload power despite emissions concerns.
Renewable sources follow at 35%, surging via solar, wind, and hydro driven by decarbonization policies and cost declines.

-By Grid: On-Grid Systems Command Majority Share
On-grid systems hold 80% share, integrating large-scale plants into national networks for efficient distribution and economies of scale.
Off-grid systems capture 20%, vital for remote areas using diesel gensets and mini-grids to ensure energy access.

-By End-User: Industrial Sector Leads Demand
Industrial end-users dominate at 50% share, powering manufacturing, mining, and heavy processes with high energy needs.
Commercial takes 25%, supporting offices, retail, and services via reliable grids.
Residential follows at 15%, focusing on household electrification.
Transportation accounts for 10%, growing with EV charging and rail electrification.

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Why is the Power Generation Market Growing?
The rapid expansion of the Power Generation market in 2026 stems from surging electricity demand and the global shift toward cleaner energy sources.​

-Surging Electricity Demand from AI and Data Centers
Explosive growth in data centers, fueled by AI workloads, is driving unprecedented power needs, with global datacenter demand projected to rise 17% by 2026 and potentially triple their share of electricity consumption.​

-Renewables and Storage Surge
Utility-scale solar PV leads the charge as the cheapest, most scalable clean energy option, alongside wind and batteries, reshaping power markets despite transmission challenges.​

-Electrification and Industrial Reshoring
Rising transportation electrification, manufacturing reshoring, and overall demand growth expected to increase over 50% by 2050 are transforming utilities into a dynamic growth sector.​

-Grid Modernization Investments
Peak demand growth of around 26% by 2035 necessitates major grid upgrades, supported by policy shifts and private capital to ensure reliability amid regulatory evolution.​

Regional Insights:
-Asia Pacific leads the global power generation market with the highest share, estimated at around 50% in recent assessments, driven by rapid industrialization, urbanization, and surging electricity demand in countries like China and India. This region's dominance stems from massive investments in both fossil fuels and renewables, alongside supportive government policies that bolster infrastructure and grid modernization.​

-North America follows with a substantial market share of approximately 28% projected by 2035, fueled by strong renewable energy adoption, advanced grid investments, and steady demand from industrial and residential sectors. Key growth factors include technological advancements in solar and wind power, alongside policy incentives for clean energy transitions in the United States and Canada.​

-Europe secures a notable but smaller share compared to the leaders, benefiting from aggressive sustainability targets and a shift toward non-renewable to renewable sources amid high adoption rates. The region's market is propelled by EU-wide decarbonization efforts, nuclear phase-outs in some areas, and expansions in offshore wind, though it trails due to slower overall demand growth versus Asia Pacific.​

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

Key Highlights (Top 5 Key Players) for Power Generation Market:
-State Grid Corporation of China operates the world's largest power transmission and distribution network, delivering electricity to over 1.1 billion customers across 26 provinces through advanced grid infrastructure and renewable integration.

-Engie SA develops and manages a diverse portfolio of power generation assets worldwide, focusing on natural gas, nuclear, hydro, and wind energy to support low-carbon electricity supply.

-Electricité de France S.A. generates electricity primarily from nuclear power plants, alongside hydro and renewables, serving millions in Europe with reliable baseload energy production.

-Iberdrola, S.A. leads in renewable energy generation, operating extensive wind, solar, and hydro facilities globally while advancing offshore wind projects and smart grid technologies.

-National Thermal Power Corporation Limited (NTPC Ltd) produces thermal, hydro, nuclear, and solar power in India, managing large-scale coal-fired plants and transitioning toward cleaner energy sources.

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