According to a new report, published by KBV research, The Global Power Generation Equipment Market size is expected to reach $157.7 billion by 2031, rising at a market growth of 4.6% CAGR during the forecast period.
The market encompasses a wide range of machinery and technologies used to produce electricity. This includes generators, turbines, transformers, boilers, and various renewable energy systems such as solar panels and wind turbines. The market serves both utility-scale power generation facilities and smaller-scale distributed generation systems.
The Turbine & Engines segment led the Global Power Generation Equipment Market, by Type in 2023; thereby, achieving a market value of $87.9 Billion by 2031. Turbines and engines are versatile power generation solutions that can be used across various applications and fuel types. They can be fueled by natural gas, coal, oil, biomass, and even renewable energy sources like wind and hydroelectric power. This versatility makes turbines and engines suitable for different power generation needs, from large-scale utility power plants to smaller distributed generation systems.
The Utility segment is growing at a CAGR of 4 % during the forecast period. Utilities typically operate power plants that provide baseload power, the minimum level of electricity demand that must be consistently met throughout the day. Base load power plants, such as coal-fired, natural gas, nuclear, and hydroelectric plants, require reliable and efficient power generation equipment to ensure continuous electricity supply.
Full Report: https://www.kbvresearch.com/power-generation-equipment-market/
The North America region dominated the Global Power Generation Equipment Market, by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $53.5 Billion by 2031. The Asia Pacific region is anticipated to grow at a CAGR of 5.1% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 4.2% during (2024 - 2031).
By Type
By Application
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