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China Power Market Size (2024 - 2029)

The China power market is projected to experience significant growth over the forecast period, driven by increasing investments and a burgeoning manufacturing sector. Despite the challenges posed by the phasing out of coal-based power plants, which currently dominate power generation in the country, the market is expected to benefit from the Chinese government's commitment to expanding renewable energy installations. This strategic shift is anticipated to create numerous opportunities, influencing the overall market size positively during the forecast period.

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Market Size of China Power Industry

China Power Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 4.36 Billion
Market Size (2029) USD 9.32 Billion
CAGR (2024 - 2029) 16.39 %
Market Concentration Low

Major Players

China Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

China Power Market Analysis

The China Power Market size is estimated at USD 4.36 billion in 2024, and is expected to reach USD 9.32 billion by 2029, growing at a CAGR of 16.39% during the forecast period (2024-2029).

  • Over the medium term, factors such as the increasing upcoming investments and the growing manufacturing sector will likely drive the Chinese power market during the forecast period.
  • On the other hand, phasing out coal-based power plants, which account for a major share of power generation in China, is expected to hinder the growth of the power market.
  • Nevertheless, the Chinese government announced increasing its installation of renewable energy sources to 1200 GW by 2030. It will likely create several opportunities for the Chinese power market in the forecast period.

China Power Industry Segmentation

Power generation is electricity generated through various primary sources such as coal, hydro, solar, thermal, etc. In utilities, it’s a step before its delivery to its end users. Then, the process is followed by transmission and distribution. Under this, the power generated is distributed via high-voltage lines (transmission lines) and low-voltage lines (distribution lines) as per the requirement of the end user.

The China power market is segmented by power generation source and power transmission and distribution (T&D). By power generation, the market is segmented into thermal, hydroelectric, nuclear, renewable, and other sources. The report also covers the market size and forecasts for the power market across major regions. 

For each segment, the market sizing and forecasts have been done based on installed capacity (terawatt).

Power Generation Source
Thermal
Hydroelectric
Nuclear
Renewable
Other Power Generation Sources
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China Power Market Size Summary

The Chinese power market is poised for significant growth over the forecast period, driven by increasing investments and a burgeoning manufacturing sector. However, the transition away from coal-based power generation, which currently dominates the energy mix, presents a challenge to market expansion. The government's commitment to enhancing renewable energy capacity, aiming for substantial installations by 2030, is expected to create numerous opportunities within the sector. This strategic shift is supported by various policies and incentives that promote renewable energy development, helping to mitigate China's reliance on imported fossil fuels and enhancing energy security.

As the second-largest global economy, China's energy demand is rapidly increasing due to factors such as population growth, urbanization, and industrialization. The country is actively expanding its renewable energy and nuclear power capacities to meet this demand while addressing pollution concerns from thermal energy sources. Significant investments are being made in upgrading transmission and distribution infrastructure, including ultra-high-voltage projects, to support the integration of renewable energy. The fragmented market features key players like Datang International Power Generation Company Limited and China National Electric Engineering Co. Ltd, who are instrumental in driving these developments.

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China Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 China Power Generation and Forecast, in Terawatt, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increasing Upcoming Investments in Renewable Energy Sector

        2. 1.5.1.2 Growing Manufacturing Sector Increases Demand For Power

      2. 1.5.2 Restraints

        1. 1.5.2.1 Rising Phase Out of Coal-based Power Plants

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation Source

      1. 2.1.1 Thermal

      2. 2.1.2 Hydroelectric

      3. 2.1.3 Nuclear

      4. 2.1.4 Renewable

      5. 2.1.5 Other Power Generation Sources

    2. 2.2 Power Transmission and Distribution (T&D)

China Power Market Size FAQs

The China Power Market size is expected to reach USD 4.36 billion in 2024 and grow at a CAGR of 16.39% to reach USD 9.32 billion by 2029.

In 2024, the China Power Market size is expected to reach USD 4.36 billion.

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