Market Size of Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.89 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Market Analysis
Power Market is expected to grow from 8555.06 GW in 2023 to 10861.71 GW by 2028, at a CAGR of 4.89% during the forecast period (2023-2028).
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as the growing electricity generation along with energy consumption demand, with changing power generation industry dynamics, are expected to drive the demand for the power market.
- On the other hand, the phasing out of coal-based power plants, which account for a major share of power generation around the globe, and volatile crude oil prices leading to delays in several upstream projects are expected to hinder the growth of the Power Market.
- Nevertheless, the increasing closures of fossil-fueled generation, an influx of wind, solar, small hydro, and other renewables-based power generation, rising electric vehicle and heat pump demand, and increasing export requirements via interconnectors have resulted in increased requirements for installation of Transmission and Distributions (T&D) lines, creating several opportunities for the major companies.
- Asia-Pacific is expected to be the largest market during the forecast period, owing to the high urbanization growth rate and growing electricity demand, mainly from China and India.
Power Industry Segmentation
Generally, electricity generation is the process of generating electric power from primary energy sources. For utilities in the electricity industry, electricity generation is the process of delivering (transmission, distribution, etc.) electricity to end users or storing it.
Power Market is segmented by power generation, power Transmission and Distribution (T&D), and geography. By power generation, the market is segmented into thermal, hydroelectric, nuclear, and renewables. The report also covers the market size and forecasts for the power market across major regions. The market size and forecasts for each segment have been done regarding installed capacity (GW).
| Power Generation - Source | |
| Thermal | |
| Hydroelectric | |
| Nuclear | |
| Renewables |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Power Market Size Summary
The power market is poised for significant growth over the forecast period, driven by increasing electricity generation and rising energy consumption demands. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, the transition away from coal-based power plants and the impact of volatile crude oil prices present challenges to growth. Despite these hurdles, the shift towards renewable energy sources such as wind, solar, and small hydro, along with the rising demand for electric vehicles and heat pumps, is creating opportunities for the installation of transmission and distribution lines. This shift is particularly pronounced in the Asia-Pacific region, where rapid urbanization and industrialization, especially in China and India, are fueling demand for power.
The global energy mix remains heavily reliant on fossil fuels, with coal continuing to dominate power generation due to its cost-effectiveness and availability. However, advancements in technology, such as Ultra Supercritical Coal Technology, are expected to enhance efficiency and reduce pollution. The Asia-Pacific region is expected to lead the market, supported by substantial investments in renewable energy and infrastructure to meet the growing power demand. China and India are at the forefront of this expansion, with significant renewable energy projects underway to achieve ambitious carbon reduction targets. The market is characterized by fragmentation, with major players like State Grid Corporation of China and Iberdrola, S.A. actively participating in developments across the globe.
Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Power Generation Capacity and Forecast in GW, till 2028
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1.3 Electricity Generation and Forecast ,in TWh, Global, till 2028
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1.4 Renewables Energy Mix, Global, 2022
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1.5 Primary Energy Consumption, in MTOE, 2011-2022
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1.6 Recent Trends and Developments
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.1.1 Growing Electricity Generation along with Energy Consumption Demand
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1.8.1.1.1 Increasing adoption of Renewable Energy
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1.8.2 Restraints
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1.8.2.1 Phasing out of Coal-Based Power Plants
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1.9 Supply Chain Analysis
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1.10 Porter's Five Forces Analysis
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1.10.1 Bargaining Power of Suppliers
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1.10.2 Bargaining Power of Consumers
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1.10.3 Threat of New Entrants
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1.10.4 Threat of Substitutes Products and Services
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1.10.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Power Generation - Source
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2.1.1 Thermal
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2.1.2 Hydroelectric
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2.1.3 Nuclear
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2.1.4 Renewables
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2.2 Power Transmission and Distribution (T&D)
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2.3 Geography
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2.3.1 North America
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2.3.2 Asia-Pacific
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2.3.3 Europe
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Power Market Size FAQs
What is the current Power Market size?
The Power Market is projected to register a CAGR of 4.89% during the forecast period (2024-2029)
Who are the key players in Power Market?
State Grid Corporation of China, Iberdrola, S.A., Tokyo Electric Power Company Holding Inc, NTPC Ltd and Electricite de France S.A. are the major companies operating in the Power Market.
