Power Generation Market to Reach USD 1,723.97 Bn by 2030, Growing at 7.9% CAGR

Market Overview

The global Power Generation Market, valued at USD 1,012.46 Bn in 2023, is projected to expand at a CAGR of 7.9% from 2024 to 2030, reaching nearly USD 1,723.97 Bn by 2030.

Power remains the backbone of global infrastructure, driving industrialization, economic development, and social welfare. Reliable access to affordable electricity fosters economic growth while meeting rising urbanization and population demands. With energy consumption increasing worldwide, the sector is witnessing major transformations in generation, transmission, and distribution.

Key players such as Siemens AG, ABB Ltd., Enel SpA, and NextEra Energy Inc. are leading innovations in sustainable power generation, renewable integration, and digital grid solutions.

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Market Dynamics

Drivers

• Infrastructure Development & Industrialization: Expanding power plants, transmission lines, and distribution networks are fueling demand. For instance, Dubai Electricity and Water Authority (DEWA) has announced 4GW of renewable energy projects in partnership with Independent Power Producers (IPPs).

• Growing Industrial Power Needs: Industrialization across emerging economies is significantly raising electricity demand. Industries require stable, high-capacity power supply to sustain operations.

Restraints

• Policy & Regulatory Challenges: Frequent changes in renewable energy policies, subsidies, and feed-in tariffs create uncertainty for investors. The lack of uniformity in regulations across regions hampers long-term project planning.

Segment Analysis

By Power Source

• Wind Energy dominated the market in 2023 due to cost-effectiveness and sustainability, and is expected to maintain leadership.

• Hydropower continues to grow as a renewable and reliable source.

• Nuclear Power remains vital for low-emission, high-output energy needs.

• Solar and Geothermal are expanding rapidly with technological advancements and supportive government policies.

• Thermal & Fossil Fuels remain relevant but face environmental pressures.

By Power Infrastructure

• Transmission Lines held the largest share in 2023, ensuring electricity delivery across regions.

• New Power Plant Construction is a major growth driver, with rising energy consumption creating opportunities.

• Distribution Network Modernization is expected to see fast-paced growth to enhance efficiency and reliability.

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Regional Insights

• North America: Led the market in 2023, with the U.S. and Canada focusing on clean energy adoption and grid modernization.

• Asia-Pacific: Expected to be the largest and fastest-growing market, driven by rapid urbanization, industrial expansion, and population growth in China, India, and Southeast Asia.

• Europe: Leading the global renewable transition, with strong EU policies driving wind and solar adoption. Countries like Germany, UK, and Denmark are spearheading decarbonization.

• South America & Middle East & Africa: Witnessing steady growth through new power plant developments and infrastructure expansion.

Competitive Landscape

The market is highly competitive, with global utilities, IPPs, equipment manufacturers, and service providers competing for market share. Key players include:

• ABB Ltd.

• China Energy Investment Corporation Limited

• Dominion Energy, Inc.

• Duke Energy Corporation

• E.ON SE

• Electricite de France S.A.

• Enel SpA

• General Electric Company

• Iberdrola S.A.

• NextEra Energy, Inc.

• NTPC Ltd

• Ørsted A/S

• Siemens AG

• Tokyo Electric Power Company Holding Inc.

• State Grid Corporation of China

Conclusion

The global Power Generation Market is entering a phase of robust expansion, fueled by rising demand, industrialization, and renewable energy integration. While regulatory challenges remain, innovation in clean energy and infrastructure modernization will be central to market growth. Asia-Pacific and North America are expected to lead this transition, making power generation one of the most dynamic industries by 2030.