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Power Market

The global Power Market to be valued at 10.29 thousand gigawatt in 2025 and is expected to reach 15.76 thousand gigawatt CAGR of 4.89% between 2025 and 2030. Electricity demand continues to rise across regions, supported by urbanization, industrial expansion, and government-led clean energy initiatives.

The global power market trajectory reflects a balance between traditional baseload generation and the increasing role of clean energy. With Asia-Pacific leading in installed capacity and North America emerging as the fastest-growing region, the global power sector is positioned for sustained expansion.

Emerging Trends in the Power Industry

Rising Share of Renewable Energy

One of the most notable Power Market trends is the rapid adoption of renewable energy. Solar and wind projects are expanding at record pace, supported by declining technology costs and favorable government policies. For example, Germany has set ambitious targets to achieve 100 GW of solar power by 2030, while China is building 450 GW of solar and wind plants in desert regions

Grid Modernization and Smart Solutions

Transmission and distribution networks are undergoing modernization to handle diverse energy sources. In 2022, global investments in transmission reached USD 98 billion, while distribution investments stood at USD 187 billion Smart grid technologies, digital substations, and advanced metering systems are being deployed to improve efficiency and reliability. Utilities are increasingly adopting IoT, big data analytics, and AI-driven solutions to forecast demand and manage assets.

Nuclear and Hydropower Contributions

Nuclear energy continues to play a role in providing reliable baseload power, with 440 reactors operational globally as of 2023 Countries are exploring small modular reactors (SMRs) to enhance flexibility. Hydropower remains vital, with projections indicating a need for 850 GW of new capacity by 2050 to meet climate goals.

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Power Market Segments

By Power Generation Source

• Thermal Power: Accounts for nearly 47% of installed capacity in 2024, with coal and natural gas plants still dominant in Asia and Southeast Asia.
• Renewables: Expected to grow at ~10% CAGR through 2029, led by solar PV and wind projects.
• Hydropower: Provides both baseload and peak load power, offering grid stability and long operational lifespans.
• Nuclear Power: Despite high upfront costs, nuclear remains critical for carbon-free baseload electricity.

By Transmission & Distribution (T&D)

• Transmission Infrastructure: Investments in high-voltage lines and interconnection projects are expanding, particularly in China and the US.
• Smart Grid Solutions: Rapidly growing segment, with Europe investing over USD 133.7 billion in smart grid infrastructure through 2027mordorintelligence.com.
• Distribution Networks & HVDC Systems: Focused on last-mile connectivity and long-distance renewable integration.
• Grid Storage Solutions: Increasingly vital for balancing intermittent renewable sources.

By Geography

• Asia-Pacific: Largest market, ~7% annual growth from 2019–2024.
• North America: Strong focus on renewables and smart grids.
• Europe: Mature market with emphasis on carbon neutrality.
• South America: Rich in hydro resources, diversifying into solar and wind.
• Middle East & Africa: Expanding solar and wind projects, rural electrification programs.

Top Key Players:

• State Grid Corporation of China
• Engie SA
• Enel SpA
• Tokyo Electric Power Co. Holdings
• NTPC Ltd
• Dominion Energy
• China Huaneng Group
• Duke Energy
• E.ON SE
• Siemens Energy
• Hitachi Energy
• Electricité de France (EDF)
• Iberdrola SA
• Korea Electric Power Corp. (KEPCO)
• NextEra Energy
• Southern Company
• Exelon Corporation
• China Three Gorges Corp.
• Ørsted A/S
• RWE AG
• General Electric Vernova
• Mitsubishi Electric

Conclusion

Regional dynamics highlight Asia-Pacific’s dominance, North America’s rapid growth, and Europe’s steady transition toward sustainability. Hydropower and nuclear remain essential complements, ensuring grid stability and reliable baseload supply.

For industry stakeholders, success will depend on balancing traditional generation with renewable integration, investing in smart grid technologies, and navigating diverse regulatory environments. The coming years will define how effectively the global power sector meets rising demand while advancing toward a cleaner, more reliable energy future.

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