Power Equipment Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 31.62 Billion |
| Market Size (2029) | USD 40.10 Billion |
| CAGR (2024 - 2029) | 4.87 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Equipment Market Analysis
The Power Equipment Market size is estimated at USD 31.62 billion in 2024, and is expected to reach USD 40.10 billion by 2029, growing at a CAGR of 4.87% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, increasing population growth and infrastructure development are expected to increase energy demand, consequently increasing the demand for power equipment during the forecasted period.
- On the other hand, high operations and maintenance costs are expected to hinder market growth.
- Nevertheless, the increasing technological investments in developing renewable energy and smart grid infrastructure are expected to create huge opportunities for the power equipment market.
Power Equipment Market Trends
Power Generation Expected to Dominate the Market
- The global electricity demand is rising, driven by population growth, urbanization, and industrialization. As a result, power generation equipment plays a critical role in meeting this escalating demand and ensuring a consistent electricity supply.
- Moreover, the expanding focus on renewable energy sources, such as solar, wind, hydro, and geothermal power, further contributes to the dominance of power generation equipment. The transition towards cleaner and more sustainable energy necessitates specialized power generation equipment like solar panels, wind turbines, and hydroelectric generators.
- For instance, in June 2022, Vestas AS won a contract to supply 64 V235-15.0 MW wind turbines for EnBW's 900 MW He Dreiht offshore wind project. Vestas has also entered into an agreement with Cadeler for the transportation and installation of the turbines, which is planned to start in Q2 2025.
- Governments worldwide are also implementing policies, incentives, and renewable energy targets, further boosting the demand for power generation equipment, particularly in the renewable energy sector.
- This has led to an increase in renewable energy installed capacity globally. According to the International Renewable Energy Agency, in 2022 the global renewable energy installed capacity was 3371.8 GW, compared to 3077.23 GW in 2021, registering a growth rate of more than 9.5% between 2021 and 2022.
- Therefore, with increasing energy demand, the focus on renewable energy, government initiatives, and power generation, power generation emerges as the dominant segment within the power equipment market.
Asia-Pacific to Witness Significant Growth
- Asia-Pacific houses a significant proportion of the global population and has numerous major cities. In the coming years, the region is expected to witness a surge in power demand due to the expanding access to electricity among millions of new customers. This escalating demand can be attributed to rapid population growth and the ongoing process of industrialization.
- The Asia-Pacific region is poised to emerge as a prominent market for power equipment in the foreseeable future. The main drivers are the increasing use of renewable energy sources, rising power consumption, increased access to electricity, and ongoing improvements to power grid infrastructure. Key countries such as China, India, Japan, and Australia are anticipated to play pivotal roles in shaping the power equipment market within the region.
- According to the BP statistical review of world energy, the electricity generation in the region was 13,994.4 TWh in 2021, an increase of 8.4% compared to 2020 and 4.7% between 2011 and 2021.
- Additionally, governments in the region are playing a crucial role by implementing favorable policies, initiatives, and investments in power generation and distribution infrastructure. This commitment to energy security, renewable energy promotion, and improved electricity access further propel the demand for power equipment in Asia-Pacific.
- For instance, the Chinese government unveiled its ambitious plan in 2022 to construct solar and wind energy power plants with a total capacity of 450 gigawatts in the Gobi desert regions. This initiative aims to propel the nation towards achieving its renewable energy target by 2030.
- These advancements enable efficient and sustainable power management, enhancing the region's prominence in the power equipment market.
- Asia Pacific is therefore poised to dominate the power equipment market due to rapid economic growth, urbanization, government initiatives, the deployment of renewable energy sources, infrastructure development, industrial demand, and technological advancements.
Power Equipment Industry Overview
The global power equipment market is semi-consolidted. Some of the key players in this market (in no particular order) are General Electric Company, Schneider SE, ABB Ltd., Eaton Corporation, and Siemens AG, among others.
Power Equipment Market Leaders
-
General Electric Company
-
Schneider SE
-
ABB Ltd
-
Eaton Corporation
-
Siemens AG
*Disclaimer: Major Players sorted in no particular order
Power Equipment Market News
- May 2023: CAT launched its new power equipment product, the new CAT 60 Volt range. These power tools have advanced CAT 60V lithium-ion batteries with intelligent management systems. This system oversees various aspects, including charging and discharging, voltage control, temperature reporting, and monitoring the current state of health.
- May 2022: The Union Ministry of Power and New and Renewable Energy, India, collaboratively proposed a scheme. This scheme invited companies to participate in establishing three manufacturing zones in India by 2026-27. Two manufacturing zones were expected to be set up in brownfield sites on already developed land. In contrast, one manufacturing zone is also anticipated to be established in a greenfield location in the country's coastal area.
Power Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.1.1 Increasing Population Growth and Infrastructure Development
- 4.5.2 Restraints
- 4.5.2.1 High Operational and Maintenance Costs
- 4.6 Supply Chain Analysis
-
4.7 Industry Attractiveness - Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Equipment Type
- 5.1.1 Generator
- 5.1.2 Transformer
- 5.1.3 Switchgears
- 5.1.4 Circuit Breakers
- 5.1.5 Power Cable
- 5.1.6 Other Equipment Types
-
5.2 Power Generation Source
- 5.2.1 Fossil Fuel Based
- 5.2.2 Solar
- 5.2.3 Wind
- 5.2.4 Nuclear
- 5.2.5 Hydro
-
5.3 End-User
- 5.3.1 Residential
- 5.3.2 Industrial and Commercial
- 5.3.3 Utility
-
5.4 Application
- 5.4.1 Power Generation
- 5.4.2 Transmission
- 5.4.3 Distribution
-
5.5 Geography [Market Size and Demand Forecast till 2028 (for regions only)]
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Rest of North America
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 France
- 5.5.2.3 United Kingdom
- 5.5.2.4 Russia
- 5.5.2.5 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 India
- 5.5.3.3 Australia
- 5.5.3.4 Japan
- 5.5.3.5 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 Saudi Arabia
- 5.5.4.2 United Arab Emirates
- 5.5.4.3 Nigeria
- 5.5.4.4 South Africa
- 5.5.4.5 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Chile
- 5.5.5.4 Rest of South America
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 General Electric Company
- 6.3.2 Siemens AG
- 6.3.3 Schneider Electric SE
- 6.3.4 Mitsubishi Electric Corporation
- 6.3.5 Eaton Corporation plc
- 6.3.6 Toshiba Corporation
- 6.3.7 Honeywell International Inc.
- 6.3.8 Bharat Heavy Electricals Limited
- 6.3.9 Crompton Greaves Ltd.
- 6.3.10 Larsen & Toubro Limited
- 6.3.11 Fuji Electric Co., Ltd.
- 6.3.12 Rockwell Automation, Inc.
- 6.3.13 ABB Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Technological Investments in Developing Renewable Energy and Smart Grid Infrastructure
Power Equipment Industry Segmentation
Power equipment refers to a wide range of devices, machinery, and components that generate, transmit, and distribute electrical power. These pieces of equipment play vital roles in ensuring power systems' reliable and efficient operation.
The power equipment market is segmented by equipment type, power generation source, end-user, application, and geography (North America, Asia-Pacific, Europe, South America, the Middle East, and Africa). The market is segmented by equipment type into generators, transformers, switchgear, circuit breakers, power cables, and other equipment types. By power generation sources, the market is segmented into fossil fuels, solar, wind, nuclear, and hydro. By end user, the market is segmented into residential, industrial, commercial, and utility. The market is segmented by application into generation, transmission, and distribution. The report also covers the market size and forecasts for the power equipment market across major regions, such as Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. Market sizing and forecasts have been done for each segment based on revenue (USD).
| Equipment Type | Generator | |
| Transformer | ||
| Switchgears | ||
| Circuit Breakers | ||
| Power Cable | ||
| Other Equipment Types | ||
| Power Generation Source | Fossil Fuel Based | |
| Solar | ||
| Wind | ||
| Nuclear | ||
| Hydro | ||
| End-User | Residential | |
| Industrial and Commercial | ||
| Utility | ||
| Application | Power Generation | |
| Transmission | ||
| Distribution | ||
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | North America | United States |
| Canada | ||
| Rest of North America | ||
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | Europe | Germany |
| France | ||
| United Kingdom | ||
| Russia | ||
| Rest of Europe | ||
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | Asia-Pacific | China |
| India | ||
| Australia | ||
| Japan | ||
| Rest of Asia-Pacific | ||
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | Middle East and Africa | Saudi Arabia |
| United Arab Emirates | ||
| Nigeria | ||
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | South America | Brazil |
| Argentina | ||
| Chile | ||
| Rest of South America |
Power Equipment Market Research Faqs
How big is the Power Equipment Market?
The Power Equipment Market size is expected to reach USD 31.62 billion in 2024 and grow at a CAGR of 4.87% to reach USD 40.10 billion by 2029.
What is the current Power Equipment Market size?
In 2024, the Power Equipment Market size is expected to reach USD 31.62 billion.
Who are the key players in Power Equipment Market?
General Electric Company, Schneider SE, ABB Ltd, Eaton Corporation and Siemens AG are the major companies operating in the Power Equipment Market.
Which is the fastest growing region in Power Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Equipment Market?
In 2024, the North America accounts for the largest market share in Power Equipment Market.
What years does this Power Equipment Market cover, and what was the market size in 2023?
In 2023, the Power Equipment Market size was estimated at USD 30.15 billion. The report covers the Power Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Equipment Industry Report
Statistics for the 2024 Power Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
