Power Generation Equipment Market

ID: MRFR/E&P/27067-HCR

128 Pages

Chitranshi Jaiswal

October 2025

Power Generation Equipment Market Research Report By Fuel Source (Fossil Fuels (Coal, Natural Gas, Oil), Renewable Energy (Solar, Wind, Hydropower), Nuclear Energy), By Equipment Type (Turbines (Gas, Steam, Wind), Engines (Diesel, Gas), Boilers, Heat Exchangers, Power Transformers), By End-User Industry (Utilities, Industrial, Commercial, Residential), By Capacity Range (Small (Up to 5 MW), Medium (5-50 MW), Large (Over 50 MW)), By Application (Baseload Generation, CHP, Emergency Power) and By Regional - Forecast to 2035

Power Generation Equipment Market Infographic

Summary Table of Contents Segmentation Download PDF

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Power Generation Equipment Market Summary

The Global Power Generation Equipment Market is projected to grow from 236.14 USD Billion in 2024 to 403.12 USD Billion by 2035, reflecting a robust growth trajectory.

Key Market Trends & Highlights

Power Generation Equipment Key Trends and Highlights

The market is expected to experience a compound annual growth rate (CAGR) of 4.98% from 2025 to 2035.
By 2035, the market valuation is anticipated to reach 403.1 USD Billion, indicating substantial growth potential.
in 2024, the market is valued at 236.14 USD Billion, laying a strong foundation for future expansion.
Growing adoption of renewable energy technologies due to increasing environmental regulations is a major market driver.

Power Generation Equipment Market

CAGR

4.98%

Market Size & Forecast

2024 Market Size	236.14 (USD Billion)
2035 Market Size	403.12 (USD Billion)
CAGR (2025-2035)	4.98%

Major Players

Siemens, General Electric, Harbin Electric Corporation, Toshiba Corporation, Metso Outotec, Mitsubishi Hitachi Power Systems, IHI Corporation, Ansaldo Energia, Babcock Wilcox, Hyundai Heavy Industries, Mitsubishi Heavy Industries, United Technologies Corporation, Doosan Heavy Industries Construction, Wartsila, MAN Energy Solutions

Power Generation Equipment Market Drivers

Rising Energy Demand

The Global Power Generation Equipment Market Industry is experiencing a notable surge in energy demand driven by population growth and urbanization. As countries expand their infrastructure and industrial capabilities, the need for reliable power generation becomes paramount. For instance, the International Energy Agency projects that global electricity demand will increase significantly, necessitating advancements in power generation technologies. This trend is reflected in the market's projected value of 236.1 USD Billion in 2024, with expectations to reach 403.1 USD Billion by 2035. The compound annual growth rate of 4.98% from 2025 to 2035 underscores the urgency for innovative solutions in power generation.

Market Segment Insights

Power Generation Equipment Market Fuel Source Insights

The Fuel Source segment of the Global Power Generation Equipment Market holds significant value, reflecting the evolving trends and demands in energy production.

Fossil Fuels, encompassing Coal, Natural Gas, and Oil, represented a major portion of this market, valued at 90.0 USD Billion in 2023 and anticipated to grow significantly to reach 143.0 USD Billion by 2032. This segment dominated due to the established infrastructure and reliability of fossil fuels in traditional power generation. Coal and natural gas remained essential for meeting base-load electricity demand, while oil is used primarily in specific markets.

Overall, the Fuel Source segment's performance and trends provide valuable insights into the future trajectory of the Global Power Generation Equipment Market, highlighting the balance between traditional and emerging energy resources.

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Power Generation Equipment Market Equipment Type Insights

The Global Power Generation Equipment Market demonstrates a robust landscape driven by various equipment types, including Turbines, Engines, Boilers, Heat Exchangers, and Power Transformers, which contribute significantly to power generation.

Turbines, particularly gas, steam, and wind varieties, hold a prominent role in generating electricity efficiently, utilizing renewable resources where feasible, which aligns with current sustainability trends. Engines, both diesel and gas, are essential for backup and peak demand generation, catering to urban and industrial needs.

Power Generation Equipment Market End-User Industry Insights

The End-User Industry segment constitutes a significant portion of this market, driven by several key sectors, including Utilities, Industrial, Commercial, and Residential applications.

Utilities remain a dominant player, as they are essential for delivering reliable energy directly to consumers and businesses, thus driving substantial demand for power generation equipment. The Industrial sector is significant as well, leveraging advanced technologies to enhance production efficiency and reduce operational costs.

Global Power Generation Equipment Market revenue insights reveal that continuous investments and innovations will play a crucial role in shaping market dynamics in the coming years.

Power Generation Equipment Market Capacity Range Insights

Within this market, the Capacity Range segment plays a pivotal role, classified broadly into categories such as Small (Up to 5 MW), Medium (5-50 MW), and Large (Over 50 MW).

The Small segment is increasingly vital for distributed generation systems and renewable energy applications, capturing substantial interest due to the shift towards localized energy production.

Power Generation Equipment Market Application Insights

The market has been strategically segmented into areas such as Baseload Generation, Peak Generation, Combined Heat and Power (CHP), and Emergency Power, each playing a pivotal role in power distribution and efficiency.

Baseload Generation stands as a critical application by ensuring a stable energy supply throughout the day, while Peak Generation addresses the surges in electricity demand, safeguarding grid stability during periods of high consumption.

The projected growth trajectory underscores the importance of understanding Global Power Generation Equipment Market revenue and segmentation, offering valuable insights for industry stakeholders.

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Regional Insights

North America led the market with a valuation of 70.0 USD Billion, which emphasizes its majority holding in the overall market due to robust energy demands and technological advancements in power generation. Europe followed with 55.0 USD Billion, driven by a strong focus on renewable energy initiatives and environmental regulations.

The Asia Pacific region is expected to grow significantly, starting with a valuation of 60.0 USD Billion, as countries in this area heavily invest in infrastructure and renewable energy sources.

South America demonstrated a growing market presence with a valuation of 15.0 USD Billion, reflecting its potential for energy diversification.

Meanwhile, the Middle East and Africa segment held 14.25 USD Billion, which indicates a developing market influenced by oil and gas resources but faces challenges of infrastructure improvement.

Overall, the Global Power Generation Equipment Market segmentation showcases diverse growth potentials driven by regional energy needs, environmental policies, and investment in renewable technologies.

Power Generation Equipment Market Regional Insights

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Key Players and Competitive Insights

Major players in the Power Generation Equipment Market are constantly vying to gain a competitive edge and establish their dominance in the industry. These leading Power Generation Equipment Market players engage in strategic partnerships, acquisitions, and product innovations to enhance their market position.

The competitive landscape is characterized by intense competition and ongoing advancements, driving the Power Generation Equipment Market forward.

A leading player in the Global Power Generation Equipment Market is Siemens. With a strong global presence and a comprehensive portfolio of power generation solutions, Siemens holds a significant market share. The company focuses on delivering efficient, reliable, and sustainable energy solutions.

Through its commitment to innovation and customer-centric approach, Siemens has established itself as a trusted partner for utilities and power producers worldwide. The company's offerings include a wide range of power generation equipment, including gas turbines, steam turbines, generators, transformers, and control systems.

Siemens is actively involved in developing and deploying advanced technologies, such as renewable energy integration and digitalization, to meet the evolving demands of the power generation industry.

A key competitor in the Global Power Generation Equipment Market is General Electric (GE). Headquartered in the United States, GE is a global leader in the power generation sector.

The company offers a diverse portfolio of power generation technologies, including gas turbines, steam turbines, generators, and renewable energy solutions.

GE has a strong focus on innovation and efficiency, and it continuously invests in research and development to enhance its product offerings. The company's global presence and extensive distribution network enable it to cater to a wide range of customers, from utilities to independent power producers.

GE's commitment to sustainability and environmental responsibility has also contributed to its strong position in the market.

Key Companies in the Power Generation Equipment Market market include

Industry Developments

The increasing demand for electricity, coupled with the growing adoption of renewable energy sources, is driving the growth of the market. The rising concerns over climate change and the need for sustainable energy solutions are further contributing to the market growth.

Recent news developments in the market include the launch of new products and technologies by key players, such as the introduction of high-efficiency gas turbines by Siemens and the development of advanced solar panels by First Solar.

Additionally, government initiatives and policies aimed at promoting the adoption of renewable energy are providing impetus to the market growth.

Future Outlook

Power Generation Equipment Market Future Outlook

The Power Generation Equipment Market is projected to grow at a 4.98% CAGR from 2025 to 2035, driven by technological advancements, increasing energy demand, and sustainability initiatives.

New opportunities lie in:

Invest in renewable energy technologies to capture emerging market segments. Develop smart grid solutions to enhance energy efficiency and reliability. Expand service offerings in maintenance and retrofitting for aging infrastructure.

By 2035, the market is expected to achieve robust growth, reflecting evolving energy needs and technological innovations.

Market Segmentation

Power Generation Equipment Market Regional Outlook

North America
Europe
South America
Asia Pacific
Middle East and Africa

Power Generation Equipment Market Application Outlook

Baseload Generation
Peak Generation
Combined Heat and Power (CHP)
Emergency Power

Power Generation Equipment Market Fuel Source Outlook

Fossil Fuels (Coal
Natural Gas
Oil)
Renewable Energy (Solar
Wind
Hydropower)
Nuclear Energy

Power Generation Equipment Market Capacity Range Outlook

Small (Up to 5 MW)
Medium (5-50 MW)
Large (Over 50 MW)

Power Generation Equipment Market Equipment Type Outlook

Turbines (Gas
Steam
Wind)
Engines (Diesel
Gas)
Boilers
Heat Exchangers
Power Transformers

Power Generation Equipment Market End-User Industry Outlook

Utilities
Industrial
Commercial
Residential

Report Scope

Report Attribute/Metric	Details
Market Size 2024	236.14 (USD Billion)
Market Size 2025	247.90 (USD Billion)
Market Size 2035	403.12 (USD Billion)
Compound Annual Growth Rate (CAGR)	4.98% (2025 - 2035)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2023
Market Forecast Units	USD Billion
Key Companies Profiled	Harbin Electric Corporation, Toshiba Corporation, Metso Outotec, Mitsubishi Hitachi Power Systems, IHI Corporation, General Electric, Ansaldo Energia, Babcock Wilcox, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Siemens AG, United Technologies Corporation, Doosan Heavy Industries Construction, Wartsila, MAN Energy Solutions
Segments Covered	Fuel Source, Equipment Type, End-User Industry, Capacity Range, Application, Regional
Key Market Opportunities	Growth of LNG Increasing Demand for Distributed Power Generation Advancements in Renewable Technologies Expansion in Cogeneration Projects Rising Focus on Green Power Generation
Key Market Dynamics	Rising demand for electricity Technological advancements Growing environmental concerns Government initiatives and Increasing investment in renewable energy
Countries Covered	North America, Europe, APAC, South America, MEA

FAQs

What is the expected market size of the Power Generation Equipment Market in 2034?

The Power Generation Equipment Market is expected to be valued at 383.99 USD Billion in 2034.

What is the projected CAGR for the Power Generation Equipment Market from 2025 to 2034?

The projected CAGR for the Power Generation Equipment Market from 2025 to 2034 is 4.98%.

Which region is anticipated to have the largest market share by 2032?

North America is anticipated to have the largest market share, valued at 108.0 USD Billion in 2032.

What is the market size for renewable energy equipment in the Power Generation Equipment Market by 2032?

The market size for renewable energy equipment in the Power Generation Equipment Market is expected to reach 139.0 USD Billion by 2032.

How much is the fossil fuels segment expected to be valued by 2032?

The fossil fuels segment of the Power Generation Equipment Market is expected to be valued at 143.0 USD Billion by 2032.

Which are the key players in the Power Generation Equipment Market?

Key players in the Power Generation Equipment Market include Harbin Electric Corporation, General Electric, Siemens AG, and Mitsubishi Heavy Industries.

What is the expected market value of nuclear energy equipment in 2032?

The market value of nuclear energy equipment in the Power Generation Equipment Market is expected to reach 49.9 USD Billion by 2032.

What market size is projected for Asia Pacific by 2032?

Asia Pacific is projected to have a market size of 100.0 USD Billion by 2032.

What challenges does the Power Generation Equipment Market face in the near future?

The Power Generation Equipment Market faces challenges, including fluctuating fuel prices and regulatory changes impacting energy production.

What is the expected market growth rate for Europe from 2024 to 2032?

Europe is expected to show a significant growth rate, increasing from 55.0 USD Billion in 2023 to 85.0 USD Billion in 2032.

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