Power Generation & Utilities

The Power Generation & Utilities market is undergoing a profound transformation, shifting from traditional centralized fossil-fuel power generation systems toward decarbonized, distributed, and digitalized energy networks. The Power Generation & Utilities industry now integrates a broad mix of renewable energy capacity (solar, wind, hydro, biomass), nuclear power, natural gas generation, and hybrid solutions, while leveraging smart grids, energy storage systems, predictive maintenance, and advanced monitoring technologies to enhance reliability and operational efficiency. Policy initiatives, carbon reduction mandates, and regulatory reforms are driving utilities to modernize infrastructure, expand electricity transmission and distribution networks, and adopt low-carbon technologies, while balancing energy affordability, grid reliability, and energy security.

Regional dynamics highlight divergent electricity consumption trends, power generation capacity expansion, and investment patterns. China leads in total electricity generation, producing over 7,500 TWh, with renewables representing nearly 30% of the energy mix. India generates 1,820 TWh, with coal and renewables supplying over 75% of demand, reflecting rapid industrial energy demand growth and urban electrification. The European Union produced 2,750 TWh, with a diversified mix: 37% renewables, 21% natural gas, 13% solid fuels, and 11% nuclear, while importing 63% of its primary energy supply, emphasizing the role of cross-border electricity trade and energy import dependency. These regional variations underscore differing energy transition pathways, resource availability, and regulatory frameworks shaping market competitiveness and foreign direct investment in power infrastructure.

Looking forward, the Power Generation & Utilities sector is poised for strategic expansion and technological leadership. Key opportunities of Power Generation & Utilities market lie in renewable energy integration, grid digitalization, electrification of transport and industry, hydrogen economy development, and cross-border interconnections. Challenges include high capital expenditure, regulatory complexity, aging power infrastructure, and electricity pricing volatility, yet proactive investments in energy efficiency, battery storage deployment, and resilient network planning are creating a future-ready electricity market. By embracing innovation in clean energy technologies and sustainable practices, the Power Generation & Utilities industry is positioned to deliver reliable, efficient, and decarbonized electricity solutions, supporting economic growth, climate targets, and energy security through 2032 and beyond — making sustainability, resilience, and innovation decisive levers of competitiveness.

Top Consumer

China 26%

Regional Dominance

Asia-Pacific

Top Renewable Utility

Iberdrola

Explore the key insight

Backup Power

The global Backup Power market was valued at approximately USD 17.82 billion in 2024, growing at a CAGR of 5.8%. Growth is driven by rising demand for uninterrupted electricity, emergency power solutions, and reliable backup power systems across residential, commercial, and industrial sectors. The market includes solutions such as Uninterruptible Power Supplies (UPS), diesel and gas generators, solar-battery hybrid systems, and energy storage systems, all critical for maintaining operations during power outages, peak-load periods, and off-grid applications. Increasing reliance on digital infrastructure, data centers, and telecom networks further amplifies the need for high-performance backup power.Technological innovations and regulatory support are shaping backup power market dynamics. Advances in lithium-ion and flow batteries, fuel cells, and hybrid backup systems have improved efficiency, lifespan, and deployment flexibility. Government incentives, energy security mandates, and initiatives promoting energy resilience, sustainability, and disaster preparedness are boosting adoption. Industry-specific requirements, particularly in healthcare, manufacturing, IT & telecom, and critical infrastructure, drive the installation of industrial-grade UPS and generators, while growing awareness among residential users is expanding consumer adoption in developed and emerging markets.Regionally, North America leads the backup power market, supported by strong infrastructure and large-scale adoption. Europe is witnessing steady growth due to energy efficiency regulations and sustainability mandates, with Germany and the UK as key markets. Asia-Pacific is emerging as the fastest-growing region, driven by industrialisation, urbanization, and increasing energy demand in countries such as India, China, and Japan. The combination of technological advancement, government support, and sector-specific demand ensures strong growth opportunities for the Backup Power market through 2032.

Boilers

The global boilers market is valued at USD 61.14 billion in 2024, driven by strong demand across power generation boilers, industrial boilers, oil & gas boilers, chemical industry boilers, and food processing boilers. Asia Pacific dominates with over 45% market share, fueled by China’s large industrial base and India’s accelerating energy transition projects. Developed regions such as North America and Europe maintain premium pricing due to high-efficiency boilers, emission control technologies, and regulatory compliance with frameworks like the U.S. EPA Clean Air Act and EU Ecodesign Directive. Market growth is supported by industrial expansion, urbanization-driven heating demand, and replacement of aging fossil fuel systems, while supply faces challenges from volatile steel prices, fuel efficiency targets, and the shift to low-carbon and renewable energy boilers. According to the IEA, industrial boilers consume nearly 20% of global final energy, underscoring their critical role in industrial energy efficiency and operational performance.Tier-1 boiler manufacturers, including Babcock & Wilcox, Mitsubishi Power, Siemens Energy, and Thermax, lead the global market, commanding high-capacity utility and industrial boiler segments with advanced technologies and extensive distribution networks. Tier-2 companies focus on regional industrial and commercial boiler production, while Tier-3 players supply OEM components such as burners, pumps, valves, and digital control systems. Technological differentiation is driven by condensing boilers, fluidized bed combustion, waste-heat recovery units, and hydrogen-ready boilers, enhancing efficiency and operational performance. Rising demand for hybrid and renewable energy boiler systems is supported by government subsidies and carbon credit schemes, with the U.S. DOE estimating that industrial boiler efficiency upgrades could reduce fuel consumption by up to 30%, creating significant opportunities for cost savings and emission reduction.Environmental regulations, carbon pricing, and fuel efficiency standards are reshaping market dynamics and CAPEX toward clean, energy-efficient boiler technologies. Asia Pacific continues as a key producer and consumer, while growth opportunities over 2025–2032 lie in biomass, hydrogen, and electrified boilers, smart monitoring, and predictive maintenance systems. Despite risks from fuel cost fluctuations, feedstock transitions, and tightening emission norms, the global boiler market remains robust, with industrial, commercial, and decarbonized boilers continuing to underpin energy-intensive industries and district heating infrastructure worldwide.

Maintenance Services

The Maintenance Services Market is undergoing rapid transformation, driven by demand across industrial equipment, infrastructure, energy systems, transportation fleets, commercial facilities, and facility management services. North America and Europe are leading the way with high adoption of predictive maintenance, preventive maintenance, digital twin solutions, and comprehensive asset management strategies, supported by mature industrial bases, stringent safety regulations, and a focus on operational efficiency. Meanwhile, Asia Pacific is the fastest-growing region, fueled by rapid industrialization, infrastructure expansion, smart manufacturing initiatives, and IoT-enabled maintenance solutions in China, India, and Southeast Asia. Businesses are increasingly focusing on cost optimization, workforce safety, equipment reliability, downtime reduction, and digital transformation to enhance performance and competitiveness.Innovation and service excellence are reshaping the Maintenance Services Market landscape. Tier-1 global integrators such as Siemens, ABB, GE, Schneider Electric, and Honeywell are setting benchmarks with AI-powered predictive maintenance, IoT-based condition monitoring, remote asset management, and lifecycle maintenance solutions. Regional specialists cater to sector-specific contracts in oil & gas, automotive, aerospace, utilities, and healthcare equipment, while localized providers deliver facility, HVAC, electrical, and equipment repair services. OEMs are increasingly bundling long-term service agreements with equipment sales, creating recurring revenue streams and strengthening market positioning. Investment is accelerating in digital twin technology, robotics-enabled automation, AI-driven predictive platforms, and cloud-based maintenance solutions, while M&A activity consolidates fragmented regional players.The growth trajectory of the Maintenance Services Market is reinforced by regulatory compliance, international servicing standards, and digital adoption. Global protocols, including OSHA, ISO certifications, and EU directives, ensure uniform maintenance practices and raise service quality benchmarks. Organizations are optimizing cost structures by balancing upfront investments in smart maintenance solutions with lifecycle efficiency gains and reduced downtime. Looking ahead to 2025–2032, opportunities will focus on smart maintenance ecosystems, renewable energy asset servicing, aerospace & defense MRO, and Industry 4.0-enabled remote maintenance solutions. Challenges such as technician skill shortages, cybersecurity risks in connected systems, and inflationary pressures on labor and spare parts persist, yet the market’s focus on uptime, asset longevity, and operational resilience ensures sustained expansion.

Peat

The global peat market, valued at nearly USD 4.19 billion in 2024, continues to maintain relevance across horticulture, energy briquettes, soil conditioners, and speciality substrates, despite rising sustainability concerns and environmental regulations. Global peat production, particularly from Finland, Canada, and the Baltic states, supports active international peat trade, with imports and exports surpassing USD 1.01 billion in 2024, supplying major consumer hubs in Europe and the Asia-Pacific. The U.S. peat market remains comparatively modest, with a domestic mining value of USD 12 million, reflecting heavy dependence on imported peat volumes. Europe dominates peat consumption, while Asia-Pacific emerges as the fastest-growing region, fueled by expanding commercial horticulture, turf management, and energy applications.From a demand-supply perspective, horticultural peat retains its dominance, contributing a major share of professional growing media consumption worldwide, with usage in certain markets like the UK still above 39% among professional users. Demand is driven by large-scale greenhouse farming, floriculture, landscaping projects, and industrial peat applications, while the energy segment, particularly peat briquettes, sustains niche demand in colder climates. Peat pricing trends remain volatile, influenced by seasonal harvesting constraints, restoration mandates, transport costs, and the presence of peat substitutes such as coconut coir, compost blends, and synthetic substrates. The supply chain is further shaped by tariff adjustments, import duties, and tightening EU peatland conservation regulations.Looking ahead, the peat market’s trajectory will hinge on innovation, sustainable peat alternatives, and investment in value-added peat products. While ESG pressures are mounting, opportunities exist in bioenergy applications, premium horticultural blends, and peatland rehabilitation-linked carbon credits, attracting investor interest. Competitive dynamics feature global suppliers balancing environmental compliance with product innovation to capture future growth. The industry’s future scope remains twofold: gradual transition toward sustainable substitutes, and targeted investment in premium and specialty peat products where consumer demand and regulatory flexibility align.

Portable Power

The portable power market is witnessing a transformative phase, driven by advancements in battery technology, renewable energy integration, and rising demand for off-grid energy solutions. Leading players such as Jackery, EcoFlow, Anker, Bluetti, and DJI are shaping the portable power market with innovative products, strategic expansions, and smart energy solutions. For instance, Bluetti's launch of the world's first sodium-ion portable power station, the Pioneer Na, delivers superior performance in extreme cold conditions, charging down to -15°C and operating at temperatures as low as -25°C, outperforming traditional lithium iron phosphate (LFP) batteries.Consumer demand of portable power market is increasingly oriented towards eco-friendly, high-performance, and portable solutions. Features like lithium iron phosphate (LiFePO₄) batteries and sodium-ion technology are gaining traction due to enhanced safety, long lifespans, and energy efficiency. For example, the Jackery Explorer 500 v2 incorporates advanced thermal safety mechanisms using ceramic membrane technology, ensuring reliable operation across diverse conditions. Innovations in fast-charging, wireless power banks, and smart battery management systems further strengthen the market’s growth trajectory.Regionally, Asia-Pacific dominates the portable power market, supported by rapid industrialization, urbanization, and investments in renewable energy infrastructure. Countries such as China and Japan are leading in both production and consumption of portable power solutions. Portable power market key players, including Goal Zero, Renogy, Jackery, and Bluetti, are expanding their footprint in the region through product launches, strategic partnerships, and distribution expansion. Looking ahead, the market is poised for sustained expansion, fueled by technological advancements, increasing adoption of renewable energy solutions, and growing consumer preference for sustainable, reliable, and portable energy sources.

Transformers

The global transformers market is valued at USD 64.4 billion in 2024, driven by surging investments in power transmission infrastructure, renewable energy integration, and smart grid modernization. Asia Pacific dominates the transformers market with over 50% of global demand, supported by rapid electrification in China, India, and Southeast Asia, while North America and Europe sustain premium pricing due to stringent transformer efficiency regulations (DOE, Ecodesign), digital grid upgrades, and replacement of ageing fleets. Cost structures are heavily shaped by copper, aluminium, and core steel price volatility, with raw materials alone accounting for nearly 60% of production costs. Additionally, the transformers market supply chain faces pressure from long lead times for electrical steel and large power units, encouraging regionalised transformer manufacturing and local sourcing strategies.Leading the global transformers market, Tier-1 multinationals such as Siemens Energy, Hitachi Energy, Schneider Electric, and GE Vernova dominate through OEM manufacturing integrated with EPC and service capabilities. Tier-2 regional players such as China XD, Crompton Greaves, and Hyosung focus on high-volume distribution transformers and localised power projects, while Tier-3 manufacturers serve rural electrification and low-voltage transformers demand. OEM innovations increasingly emphasise smart transformers, digital monitoring, eco-efficient dry-type units using ester fluids, and modular power transformers designed for urban distribution and offshore renewable applications. Financial activity in 2024–2025 has centred on joint ventures with utilities, CAPEX in transformer facilities, and acquisitions across Asia and the Middle East. Notably, global installed renewable capacity additions exceeded 500 GW in 2023 (IEA), directly accelerating demand for grid-connected transformers.Landed costs in the transformers market are strongly influenced by trade structures, import tariffs, and regulatory frameworks that dictate sourcing and compliance requirements. While average global tariffs on electrical transformers remain under 5%, local content mandates in India, Brazil, and the Middle East increasingly push domestic manufacturing. Standards from IEC, IEEE, and national grid codes raise compliance and testing costs but create premium markets for certified suppliers. SWOT dynamics highlight recurring transformer replacement demand, grid digitalisation, and renewable integration as key strengths, while risks include commodity price shocks, project execution delays, and high technology transition costs. Over 2025–2032, emerging opportunities lie in HVDC transformers, offshore wind power projects, sustainable insulating fluids, and urban distribution upgrades, positioning transformers as a critical enabler of the global energy transition.

Industry definition

The power generation & utilities market encompasses electricity production, transmission, distribution, and management across residential, commercial, and industrial sectors. Core segments include conventional power generation (coal, gas, nuclear), renewable energy (solar, wind, hydro, biomass), grid infrastructure, and energy storage systems. Leading players such as Siemens Energy, GE Power, and Schneider Electric deliver solutions ranging from high-efficiency turbines and smart grid technologies to advanced energy management platforms. Market competitiveness is driven by operational efficiency, regulatory compliance, capacity expansion, and integration of digital technologies including predictive maintenance, IoT-enabled monitoring, and real-time analytics. With rising electricity demand, renewable adoption, and sustainability goals, the sector is increasingly defined by decarbonization, resilient infrastructure, and innovative energy solutions that enhance reliability, efficiency, and long-term growth globally.

Energy and Power