Kings Research today announced the release of its latest market intelligence study, “Global Power Generation Market: Size, Share, Trends & Forecast 2024–2031.” The report provides an in-depth analysis of global demand, capacity expansion, energy mix transitions, and strategic market developments shaping the industry.
According to Kings Research, the global power generation market was valued at USD 1,511.20 billion in 2023, is estimated to reach USD 1,595.40 billion in 2024, and will grow to USD 2,439.33 billion by 2031, expanding at a CAGR of 6.25% during 2024–2031. This growth is underpinned by rising energy demand, rapid industrialization, and increasing investments in renewable energy projects worldwide.
Power generation remains the cornerstone of modern economies, supplying electricity for households, industries, transport, and digital infrastructure. With urbanization accelerating, energy systems face mounting pressure to deliver sustainable, reliable, and affordable power. For instance, 68% of the global population is projected to reside in urban areas by 2050.
Kings Research identifies the following growth accelerators shaping the future of global power generation:
- Rising Renewable Energy Investments
In 2024, low-carbon sources, which include renewables and nuclear, accounted for 40.9% of global electricity generation. By 2030, renewables are expected to comprise over 50% of the global power mix, supported by declining costs and expanding capacity.
- Government Policy & Net Zero Commitments
As of 2024, 107 countries, representing approximately 82% of global greenhouse gas emissions, had adopted net-zero pledges (Source: www.un.org). For instance, the EU’s “Fit for 55” package mandates a 55% reduction in GHG emissions by 2030, accelerating renewable energy deployment and energy efficiency upgrades. (Source: www.consilium.europa.eu)
- Energy Storage & Grid Modernization
Global grid-scale battery storage capacity experienced significant growth in 2023, with the International Energy Agency reporting a doubling of capacity to over 90 GWh. This expansion was predominantly driven by China, the EU, and the US, which collectively accounted for nearly 90% of the added capacity.
For utilities, independent power producers, and industrial operators, the market offers:
- Operational Efficiency: Advanced turbines, digital monitoring, and storage solutions reduce outages and improve reliability.
- Sustainability Alignment: Compliance with global emission standards and ESG goals strengthens competitiveness.
- Cost Competitiveness: Renewable energy’s falling levelized cost of electricity (LCOE) improves profitability over fossil fuels.
- Energy Security: Decentralized systems and diversified energy portfolios mitigate supply risks.
Regional Outlook
- Asia Pacific: Accounted for 36.18% market share (USD 546.75 billion) in 2023, led by China and India. Both countries are expanding renewable projects while maintaining conventional generation for grid stability. India alone targets 500 GW of renewable capacity by 2030 (Source: www.pib.gov.in).
- North America: Expected to record the fastest growth (7.39% CAGR, 2024–2031). The U.S. is witnessing large-scale wind and solar projects, supported by federal incentives and corporate power purchase agreements. Canada is accelerating hydropower and offshore wind capacity.
- Europe: Transition driven by strict emissions standards and energy security policies. For instance, renewable energy sources accounted for 45.3% of gross electricity consumption in the European Union in 2023, marking a significant 4.1 percentage point increase from the previous year.
Competitive Landscape
Key players are pursuing diversification and partnerships to capture new opportunities in renewables and grid technologies. Leading companies include General Electric, Siemens AG, Mitsubishi Heavy Industries, and China National Nuclear Corporation.
The full Kings Research report provides detailed segmentation by source, end-use sector, and region, along with competitive benchmarking and case studies. To request a sample or access the complete report, please visit https://www.kingsresearch.com/power-generation-market-159.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible public sources including the IEA, UN, IRENA, U.S. DOE, Eurostat, and national energy authorities.