Industrial Power System Market size was over USD 12.03 billion in 2024 and is poised to exceed USD 31.18 billion by 2037, witnessing over 7.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of industrial power system is evaluated at USD 13.54 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.
Author Credits: Dhruv Bhatia
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