Power Generation Market Regional Analysis:
APAC Market Insights
The power generation market in Asia Pacific is projected to largest share of about 34% by the end of 2035. The growing population, urbanization, and industrialization in the region are driving up the demand for power in emerging countries such as China and India. The need for power in India dramatically grew by over 8% in 2022. To increase the effectiveness and dependability of their power grids, technologies such as smart grid technology that allows for more effective and efficient distribution of power, by reducing wastage are in demand in the Asia Pacific region.
Further, the growing demand for renewable energy sources, such as solar, wind, hydro, and geothermal, is also anticipated to contribute to the market growth in the region.
North American Market Insights
The power generation market in North America is estimated to be the second largest, registering a share of about 28% by the end of 2035. The growth of the market can be attributed majorly to the increasing adoption of renewable energy sources including wind, solar, and hydropower specifically in the U.S. and Canada to meet the increasing energy demands in the region. Almost 20% of the total electricity in the United States is generated by renewable sources.
Moreover, the surging investment in new infrastructure, such as transmission lines and energy storage facilities to enable the grid integration of renewable energy sources in the region and the availability of a large number of power plants is also anticipated to contribute to the market growth in the region.
