Power Generation Market

The generation of electricity is the process of transforming energy from one form to another for use in industrial, commercial, or residential settings. There are numerous methods for generating electricity, including fossil fuels, nuclear power, and renewable energy sources such as solar and wind.

The global market for power generation is projected to reach ** gigawatts (GW) by 2031, expanding at a CAGR of **% during the period of forecast. A rise in the use of renewable energy, a rise in the demand for electric vehicles, and government mandates for the electrification of various industries are major growth drivers for the power generation market.

During the forecast period, the Asia-Pacific region is anticipated to expand by **% per year (2018–2031). The size of the market is anticipated to reach $** billion by the end of the forecast period. China and India are the two most populous countries in the Asia-Pacific region and are anticipated to propel the region's growth.

AES Corporation (United States), Areva SA (France), China National Nuclear Corporation (China), General Electric Co. (United States), Siemens AG (Germany), and Vestas Wind Systems A/S (Denmark) are among the market leaders in power generation. These businesses manufacture coal, nuclear, hydroelectric, solar, wind, and tidal power plants, in that order.