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

China's Power Market is Segmented by Power Generation Sources (thermal, Hydroelectric, Nuclear, Renewable, and Other Sources) and Power Transmission and Distribution (T&D). The Report Offers Market Size and Forecasts in Installed Capacity (terawatts) for all the Above Segments.

China Power Market Size

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China Power Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 4.36 Billion
Market Size (2029) USD 9.32 Billion
CAGR (2024 - 2029) 16.39 %
Market Concentration Low

Major Players

China Power Market Major Players

*Disclaimer: Major Players sorted in no particular order


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China Power Market Analysis

The China Power Market size is estimated at USD 4.36 billion in 2024, and is expected to reach USD 9.32 billion by 2029, growing at a CAGR of 16.39% during the forecast period (2024-2029).

  • Over the medium term, factors such as the increasing upcoming investments and the growing manufacturing sector will likely drive the Chinese power market during the forecast period.
  • On the other hand, phasing out coal-based power plants, which account for a major share of power generation in China, is expected to hinder the growth of the power market.
  • Nevertheless, the Chinese government announced increasing its installation of renewable energy sources to 1200 GW by 2030. It will likely create several opportunities for the Chinese power market in the forecast period.

China Power Market Trends

The Renewable Energy Segment Expected to Dominate the Market

  • The Chinese government actively promoted renewable energy development through various policies and incentives, such as subsidies, tax breaks, and regulations. This government support helped to drive growth in the renewable energy sector and is expected to continue in the coming years.
  • Moreover, China heavily relies on imported fossil fuels to meet its energy needs. It makes the country vulnerable to price fluctuations and supply disruptions. By investing in renewable energy, China can reduce its dependence on foreign energy sources and increase its energy security.
  • Additionally, the cost of renewable energy has decreased rapidly in recent years, making it increasingly competitive with fossil fuels. In some cases, renewable energy is already cheaper than coal-fired power plants. This cost competitiveness makes renewable energy an attractive option for China, which aims to reduce its energy costs.
  • In 2022, the electricity generated through renewable energy in China was around 1367 TWh. It is an increase of 19% compared to 2021. A similar trend is expected to be followed during the forecasted period.
  • For instance, in March 2022, it was announced by the Chinese government that they intend to construct solar and wind power generation capacity of 450 GW in desert regions such as the Gobi desert. Currently, around 100 GW of solar power capacity is already under construction.
  • According to the National Energy Administration (NEA), China connected 32.6 GW of onshore wind capacity in 2022, boosting its total installations to 333.98 GW. Further, the Chinese onshore wind market is expected to grow steadily in the coming years, with rising needs for key components and materials for the national market and international exports. Besides, in China, nearly 70% of the electricity produced is from thermal energy sources. With increasing pollution from thermal sources, the country focuses on increasing the share of cleaner and renewable sources in power generation.
China Power Market: Renewable Energy Electricity Generation, in TWh, China, 2016-2022

Increasing Upcoming Investment Plans to Drive the Market

  • As the world's second-largest economy, China's energy demand grew rapidly to meet its economic development goals. A growing population, urbanization, and industrialization contributed to this demand, increasing the need for electricity generation capacity.
  • In 2022, the total electricity generated in China was 8848.7 TWh, an increase of almost 3.6% compared to 2021. This trend is expected to continue as China increases its renewable energy capacity. It will aid in increasing electricity generation capacity.
  • Moreover, according to the World Nuclear Association, China currently contains 55 operational nuclear power reactors, with 22 more under construction or development. The Chinese government aims to increase its use of closed-cycle nuclear power in the long term to meet its energy demands, partly due to concerns over the pollution caused by coal-fired power plants.
  • In April 2022, China's State Council gave the green light to construct six new nuclear power plants, with plans to build two additional reactors at the Sanmen, Haiyang, and Lufeng nuclear power plant sites. The approved construction involves units 3 and 4 at Sanmen, 3 and 4 at Haiyang, and 5 and 6 at Lufeng. This move is expected to increase China's installed nuclear-generating capacity to 70 GWe by 2025.
  • Additionally, the Chinese government shifted its focus on increasing energy security due to recent geopolitical developments like the Russia-Ukraine war. It affected the oil and gas supply globally and China’s electricity sector, as the country heavily relies on imported fossil fuels for power generation.
  • China is also investing heavily in upgrading other segments of its power sector. It includes transmission and distribution infrastructure in major HVDC and UHVDC projects for transporting renewable electricity from small utility-scale energy projects to demand centers and battery storage capacity to store excess renewable generation while stabilizing the grid.
  • For instance, in July 2022, the Baihetan-Jiangsu 800 kV ultra-high-voltage (UHV) direct current power transmission project entered commercial operation, one of the key projects in the larger West-to-East power transmission program. Such developments are expected to help the electricity distribution from utility-scale solar parks.
  • Therefore, due to the points mentioned above, the government of China is expected to increase investment in the country’s energy sector, which will increase the country's power market.
China Power Market: Electricity Power Generation, in TWh, China, 2014-2022

China Power Industry Overview

The Chinese power market is fragmented. The key players in the market (in no particular order) include Datang International Power Generation Company Limited, China National Electric Engineering Co. Ltd, Xinjiang Goldwind Science & Technology Co. Ltd, Sinohydro Corporation, and Sinovel Wind Group Co. Ltd, among others.

China Power Market Leaders

  1. Datang International Power Generation Company Limited

  2. Sinovel Wind Group Co., Ltd. 

  3. China National Electric Engineering Co. Ltd.

  4. Xinjiang Goldwind Science & Technology Co., Ltd.

  5. Sinohydro Corporation

*Disclaimer: Major Players sorted in no particular order

China Power Market Concentration
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China Power Market News

  • February 2023: China announced that it had started work on the world's biggest ultrahigh-voltage energy transmission project, which will connect Southwest China's Sichuan Province and the Xizang Autonomous Region to Central China's Hubei Province. The transmission project will carry around 40 billion KW hours of electricity, including hydroelectricity from the Jinsha River's upper stream, comparable to one-sixth of Hubei Province's annual power demand.
  • January 2023: China Three Gorges (CTG) announced the commencement of construction for the 16 GW solar, wind, and coal project. The company added that the installation would eventually include 8 GW of solar power capacity, 4 GW of wind power, and 4 GW of coal-fired generation, in addition to energy storage.
  • March 2022: GE Gas Power and Harbin Electric reported that Chinese state-owned power provider Shenzhen Energy Group Corporation Co. had ordered equipment for its Guangming combined cycle power plant in Guangdong province's Shenzhen Guangming district. Three GE 9HA.01 gas turbines will be installed in a new 2-GW natural gas-fired power plant in China to support the retirement of a large regional coal-fired complex.

China Power Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 China Power Generation and Forecast, in Terawatt, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. Increasing Upcoming Investments in Renewable Energy Sector

        2. Growing Manufacturing Sector Increases Demand For Power

      2. 4.5.2 Restraints

        1. Rising Phase Out of Coal-based Power Plants

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis


    1. 5.1 Power Generation Source

      1. 5.1.1 Thermal

      2. 5.1.2 Hydroelectric

      3. 5.1.3 Nuclear

      4. 5.1.4 Renewable

      5. 5.1.5 Other Power Generation Sources

    2. 5.2 Power Transmission and Distribution (T&D)


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Datang International Power Generation Company Limited

      2. 6.3.2 China National Electric Engineering Co. Ltd

      3. 6.3.3 Xinjiang Goldwind Science & Technology Co. Ltd

      4. 6.3.4 Sinohydro Corporation

      5. 6.3.5 Sinovel Wind Group Co. Ltd.

      6. 6.3.6 Wuxi Suntech Power Co. Ltd.

      7. 6.3.7 China Yangtze Power Co., Ltd.

      8. 6.3.8 China National Electric Wire & Cable I/E Corp.

      9. 6.3.9 State Grid Corporation of China

      10. 6.3.10 Shandong energy group co. Ltd.

    4. *List Not Exhaustive

    1. 7.1 Presence of Government Targets to Support Renewable Energy Generation

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China Power Industry Segmentation

Power generation is electricity generated through various primary sources such as coal, hydro, solar, thermal, etc. In utilities, it’s a step before its delivery to its end users. Then, the process is followed by transmission and distribution. Under this, the power generated is distributed via high-voltage lines (transmission lines) and low-voltage lines (distribution lines) as per the requirement of the end user.

The China power market is segmented by power generation source and power transmission and distribution (T&D). By power generation, the market is segmented into thermal, hydroelectric, nuclear, renewable, and other sources. The report also covers the market size and forecasts for the power market across major regions. 

For each segment, the market sizing and forecasts have been done based on installed capacity (terawatt).

Power Generation Source
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China Power Market Research FAQs

The China Power Market size is expected to reach USD 4.36 billion in 2024 and grow at a CAGR of 16.39% to reach USD 9.32 billion by 2029.

In 2024, the China Power Market size is expected to reach USD 4.36 billion.

Datang International Power Generation Company Limited, Sinovel Wind Group Co., Ltd., China National Electric Engineering Co. Ltd., Xinjiang Goldwind Science & Technology Co., Ltd. and Sinohydro Corporation are the major companies operating in the China Power Market.

In 2023, the China Power Market size was estimated at USD 3.65 billion. The report covers the China Power Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

China Energy Industry Report

Statistics for the 2024 China Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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