The global power generation equipment market is experiencing growth owing to increase in need for reliable power sources, advancements in technology, and a growing emphasis on sustainable energy solutions. Industries across sectors such as energy, manufacturing, and construction rely heavily on power generation equipment to ensure a stable and uninterrupted power supply.
Wilmington, Delaware, March 01, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Power Generation Equipment Market by Type (Turbine and Engines, Generators, and Others), and Application (Utility, Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global power generation equipment market was valued at $110.4 billion in 2022, and is projected to reach $173.1 billion by 2032, registering a CAGR of 4.8% from 2023 to 2032.
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Prime determinants of growth
The global power generation equipment market is experiencing growth due to several factors such as surge in demand for decentralized power generation and rise in industrialization and urbanization. However, high initial costs of investment and capital intensity in power generation equipment hinder the market growth. Moreover, the power generation equipment market is witnessing promising opportunities propelled by integration of energy storage solutions. This integration addresses several challenges in the power sector such as intermittent issues with renewable energy sources such as solar and wind power. Moreover, integration of energy storage with power generation equipment enables greater flexibility and responsiveness in meeting dynamic energy demands.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $110.4 billion |
| Market Size in 2032 | $173.1 billion |
| CAGR | 4.8% |
| No. of Pages in Report | 270 |
| Segments Covered | Type, Application, and Region |
| Drivers |
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| Opportunity |
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| Restraint |
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Turbine and engines segment maintains its dominance by 2032
By type, the turbine and engines segment held the highest market share in 2022, accounting for less than three-fifths of the global power generation equipment market revenue and is estimated to maintain its leadership status during the forecast period. The decentralization and digitization of power generation infrastructure drives the adoption of turbines and engines in distributed energy systems. Distributed generation such as combined heat and power (CHP) plants, microgrids, and cogeneration facilities, relies on turbines and engines for onsite power generation, heating, and cooling. These distributed energy systems offer benefits such as increased energy efficiency, grid resilience, and energy independence which drives the demand for turbines and engines in various industrial, commercial, and residential applications.
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Utility segment is expected to lead the trail by 2032
By application, the utility segment held the highest market share in 2022, accounting for more than two-fifths of the global power generation equipment market revenue and is estimated to dominate during the forecast period. The transition towards cleaner and more sustainable energy sources drives the investments in utility-scale power generation equipment. Governments and global utilities are adopting renewable energy sources such as solar, wind, hydroelectric, and biomass to reduce carbon emissions and mitigate climate change. This shift towards renewable energy necessitates the deployment of utility-scale power generation equipment tailored for these sources such as solar panels, wind turbines, hydroelectric dams, and biomass power plants.
Asia-Pacific is expected to grow faster throughout the forecast period
Region-wise, Asia-Pacific was the fastest growing region in terms of revenue in 2022 representing 5.18% of the CAGR. Technological advancements and innovations in power generation equipment play a pivotal role in market expansion. The Asia-Pacific region is witnessing rapid advancements in power generation technologies such as advanced gas turbines, combined cycle power plants, ultra-supercritical coal-fired power plants, and energy storage systems. These innovations are aimed at enhancing energy efficiency, reducing emissions, and ensuring grid stability, thereby catering to the evolving energy landscape of the region.
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Leading Market Players: –
- ABB
- Bharat Heavy Electricals Limited (BHEL)
- Caterpillar
- Cummins Inc.
- General Electric
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Schneider Electric
- Siemens Energy
- Toshiba Energy Systems & Solutions Corporation
- Wärtsilä
The report provides a detailed analysis of these key players in the global power generation equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Originally published at https://www.einpresswire.com/article/692570695/power-generation-equipment-market-to-reach-173-1-billion-globally-by-2032-at-4-8-cagr-allied-market-research
