Industrial Power System Market Size

Industrial Power System Market size was valued at USD 11.18 Billion in 2023 and is anticipated to reach USD 28.63 Billion by the end of 2036, expanding at around 7.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial power system is assessed at USD 11.93 Billion. The growth of the market can be attributed to the increasing energy supply, and energy management systems worldwide over the upcoming decades. In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of the source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%).

Moreover, rising environmental degradation and awareness related to climate change are motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in the upcoming years.