Power Generation Technologies Market Size (2024 - 2029)

The power generation technologies market is anticipated to experience growth driven by the rising demand for electricity and governmental initiatives promoting renewable energy to mitigate carbon emissions. Despite challenges posed by the closure of coal power plants due to their environmental impact, the market is set to expand, particularly with solar PV emerging as a leading technology. Urbanization and adherence to international agreements like the Paris Agreement are expected to further boost the demand for renewable energy technologies. The Asia-Pacific region is projected to lead the market, supported by a substantial number of power generation facilities.

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Market Size of Power Generation Technologies Industry

Power Generation Technologies Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 5.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Power Generation Technologies Market Major Players

*Disclaimer: Major Players sorted in no particular order

Power Generation Technologies Market Analysis

The power generation technologies market is expected to grow at a CAGR of around 5.5% during the forecast period. The primary driver for the market includes the increasing demand for electricity and the various government's initiatives to boost renewable energy across the globe, in order to stabilize the growing carbon emission around the globe. However, shutting down coal power plants in various parts of the world, on account of its high carbon emission property is expected to hinder the market growth during the forecast period.

  • With rapid expansion during 2015-2019, solar PV is expected to be the fastest-growing power generation technology during the forecast period.
  • With an increasing population over the years, it is expected that the global population would reach around 9.8 billion, and about 7 billion people are expected to live in urban areas by 2050. An increase in urbanization is certain to increase the demand for power. Moreover, in-line with the Paris Agreement, countries around the globe are concentrating more on renewable technologies to meet the rising demand for power. For instance, China is expected to increase the share of renewable energy in its energy use to nearly 67% in 2050. In European Union, the share is expected to grow to 70% in 2050. Thus, an increase in demand for renewable technology is obvious to increase the demand for technologies such as solar PV, wind, hydro power over the years, which is expected to create an opportunity for the market to grow in the near future.
  • With significant number of power generation plants, Asia-Pacific is expected to dominate the market during the forecast period.

Power Generation Technologies Industry Segmentation

The power generation technologies market report includes:

Type
Steam Turbine
Gas Turbine
Hydro Turbine
Wind Turbine
Solar Photovoltaic (PV)
Others
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Power Generation Technologies Market Size Summary

The power generation technologies market is poised for significant growth, driven by the increasing global demand for electricity and governmental initiatives to promote renewable energy sources. This shift is largely motivated by the need to mitigate carbon emissions, aligning with international agreements like the Paris Agreement. Despite the positive outlook, the market faces challenges due to the phasing out of coal power plants in various regions, which could impede growth. Solar photovoltaic (PV) technology is anticipated to be the fastest-growing segment, supported by declining costs and favorable government policies. The expansion of solar PV is further bolstered by projects such as the Wellington solar farm in Australia and a large-scale project in the Middle East and North Africa, which are expected to enhance capacity and adoption in both residential and commercial sectors.

The Asia-Pacific region is expected to dominate the power generation technologies market, accounting for a substantial portion of the global energy supply and installed capacity. China and India are key players in this region, with China leading in the implementation of power generation technologies. The region's market is characterized by a diverse mix of energy sources, including steam turbines, which hold a significant market share. The ongoing investments in coal, nuclear, and renewable energy technologies are likely to drive further expansion. The market remains fragmented, with major players such as General Electric Company, Siemens AG, and Mitsubishi Hitachi Power Systems Ltd playing pivotal roles in shaping the industry's landscape.

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Power Generation Technologies Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Steam Turbine

      2. 2.1.2 Gas Turbine

      3. 2.1.3 Hydro Turbine

      4. 2.1.4 Wind Turbine

      5. 2.1.5 Solar Photovoltaic (PV)

      6. 2.1.6 Others

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 South America

      5. 2.2.5 Middle-East and Africa

Power Generation Technologies Market Size FAQs

The Power Generation Technologies Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)

General Electric Company, Siemens AG, Mitsubishi Hitachi Power Systems Ltd, Andritz AG and Suntech Power Holdings Co. Ltd. are the major companies operating in the Power Generation Technologies Market.

Power Generation Technologies Report Snapshots

Power Generation Technologies Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)