Market Size of Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.89 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Power Market Analysis
Power Market is expected to grow from 8555.06 GW in 2023 to 10861.71 GW by 2028, at a CAGR of 4.89% during the forecast period (2023-2028).
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as the growing electricity generation along with energy consumption demand, with changing power generation industry dynamics, are expected to drive the demand for the power market.
- On the other hand, the phasing out of coal-based power plants, which account for a major share of power generation around the globe, and volatile crude oil prices leading to delays in several upstream projects are expected to hinder the growth of the Power Market.
- Nevertheless, the increasing closures of fossil-fueled generation, an influx of wind, solar, small hydro, and other renewables-based power generation, rising electric vehicle and heat pump demand, and increasing export requirements via interconnectors have resulted in increased requirements for installation of Transmission and Distributions (T&D) lines, creating several opportunities for the major companies.
- Asia-Pacific is expected to be the largest market during the forecast period, owing to the high urbanization growth rate and growing electricity demand, mainly from China and India.
