발전 장비 시장 : 규모, 점유율, 성장, 업계 분석, 지역별 동향 및 예측(2026-2034년)

Growth Factors of power generation equipment Market

The global power generation equipment market was valued at USD 171.60 billion in 2025 and is projected to grow from USD 180.93 billion in 2026 to USD 290.39 billion by 2034, registering a CAGR of 6.1% during the forecast period. The market expansion is being driven by rising global electricity demand, rapid industrialization, increasing investments in energy infrastructure, and the ongoing transition toward cleaner and more efficient power generation technologies. Asia Pacific dominated the global market in 2025, accounting for 44.13% of total revenue due to extensive power capacity additions across China, India, and Southeast Asia.

Power generation equipment includes turbines, generators, boilers, transformers, and balance-of-plant systems that convert fossil fuels, nuclear energy, and renewable resources into electricity. These systems are widely used in utility-scale power plants, industrial facilities, and distributed generation applications. Growing emphasis on energy security, decarbonization, operational efficiency, and renewable integration continues to support market growth worldwide.

Market Trends

Growing Demand for Flexible and Efficient Power Generation Systems

A major trend influencing the market is the increasing requirement for operational flexibility. Utilities and power producers are investing in advanced gas turbines, hybrid generation systems, and renewable-compatible technologies capable of responding quickly to fluctuating power demand.

The growing integration of solar and wind energy into power grids is accelerating demand for equipment that can efficiently operate under variable load conditions. Modern power generation systems are increasingly designed to support grid balancing, frequency regulation, and renewable energy integration while maintaining high efficiency and reliability.

For instance, in April 2026, Mitsubishi Heavy Industries introduced enhancements to its next-generation gas turbine systems aimed at improving rapid start-up performance and load-following capabilities.

Market Drivers

Rising Global Electricity Demand Supporting Market Expansion

Rapid urbanization, industrial growth, electrification of transportation, and expanding digital infrastructure are significantly increasing electricity consumption worldwide. Data centers, manufacturing facilities, commercial buildings, and residential developments require reliable and uninterrupted power supplies.

Advanced power generation equipment enables operators to maximize efficiency, optimize fuel consumption, and reduce emissions. Investments in combined-cycle power plants, grid modernization, and distributed energy systems are creating strong demand for modern generation technologies.

In April 2025, GE Vernova successfully deployed its HA-class gas turbine technology in a combined-cycle power project, demonstrating high efficiency and flexible operation capabilities.

Market Restraints

High Capital Investment Limiting Adoption

Despite strong growth prospects, the market faces challenges due to substantial capital requirements associated with power generation projects. Large-scale installations require significant investments in turbines, generators, boilers, engineering services, and infrastructure development.

Project financing complexities, regulatory approvals, and long construction timelines further increase investment risks. Additionally, advanced systems require skilled personnel and ongoing maintenance, creating barriers for smaller utilities and developing economies.

Market Opportunities

Transition Toward Low-Emission Energy Systems

The global shift toward low-carbon energy generation presents significant opportunities for equipment manufacturers. Governments and utilities are investing heavily in renewable energy integration, hydrogen-ready turbines, and cleaner thermal power technologies.

High-efficiency gas turbines capable of operating with hydrogen blends are emerging as critical solutions for balancing renewable power generation while supporting decarbonization goals.

In June 2025, Mitsubishi Power deployed hydrogen-ready gas turbine technology for a major utility-scale power project supporting low-carbon electricity generation.

Market Challenges

Project Complexity and Supply Chain Constraints

Large-scale power generation projects often face delays due to supply chain disruptions, regulatory uncertainties, fuel price volatility, and labor shortages. These factors can affect project economics and delay equipment deployment.

Furthermore, fluctuating electricity demand and policy changes can influence investment decisions, creating uncertainty for utilities and independent power producers.

Segmentation Analysis

By Equipment Type

The turbines segment held the largest market share in 2025 due to its critical role in converting thermal, kinetic, and mechanical energy into electricity. Gas turbines, steam turbines, hydro turbines, and wind turbines remain essential across multiple power generation technologies.

The transformers segment is expected to witness the fastest growth, registering a CAGR of 6.6% through 2034, driven by increasing renewable energy integration and transmission network expansion.

By Power Source

The thermal power segment dominated the market in 2025 due to its continued importance in delivering stable baseload electricity across developed and developing economies.

Meanwhile, the renewable power segment is forecast to grow at the fastest pace with a CAGR of 7.5%, supported by global decarbonization initiatives and increasing investments in solar, wind, and hydropower infrastructure.

By Application

The utility power generation segment accounted for the largest market share owing to extensive deployment across large-scale power plants connected to national grids.

The distributed power generation segment is expected to grow at a CAGR of 7.2%, driven by increasing adoption of microgrids, captive power plants, and decentralized energy systems.

Regional Outlook

Asia Pacific

Asia Pacific remained the largest regional market, valued at USD 75.42 billion in 2025. Strong industrialization, rising electricity demand, and government investments in power infrastructure continue to drive growth.

• China: USD 37.67 billion (2026)
• India: USD 14.97 billion (2026)
• Japan: USD 7.16 billion (2026)

North America

North America generated USD 34.66 billion in 2025, supported by grid modernization initiatives, replacement of aging infrastructure, and investments in gas-fired and renewable power generation.

• U.S.: USD 28.54 billion (2026)

Europe

Europe is witnessing strong growth due to aggressive decarbonization targets and increasing deployment of hydrogen-compatible and renewable-integrated power generation systems.

• Germany: USD 6.10 billion (2026)
• U.K.: USD 4.32 billion (2026)

Middle East & Africa

Large-scale investments in energy diversification, electrification, and utility infrastructure are driving demand across GCC countries and Africa.

• GCC: USD 7.41 billion (2026)

South America

Growing industrial activity and infrastructure development are supporting market expansion across the region.

• Brazil: USD 6.84 billion (2026)

Competitive Landscape

The market is moderately consolidated, with leading manufacturers focusing on advanced turbine technologies, digital monitoring systems, and low-emission power solutions.

Major companies operating in the market include:

• GE Vernova
• Siemens Energy AG
• Mitsubishi Heavy Industries, Ltd.
• Wartsila Corporation
• Doosan Enerbility Co., Ltd.
• Bharat Heavy Electricals Limited
• Shanghai Electric Group Co., Ltd.

Recent industry developments include Siemens Energy's USD 1 billion U.S. manufacturing expansion announced in February 2026 and GE Vernova's reported backlog growth of approximately USD 150 billion in January 2026.

Conclusion

The global power generation equipment market is poised for sustained growth, rising from USD 171.60 billion in 2025 to USD 180.93 billion in 2026 and reaching USD 290.39 billion by 2034. Increasing electricity demand, renewable energy integration, grid modernization, and investments in hydrogen-ready and high-efficiency power generation technologies are expected to drive market expansion. While high capital costs and project complexities remain challenges, the transition toward low-emission energy systems and flexible power generation solutions will create significant opportunities for manufacturers and utilities throughout the forecast period.

Segmentation By Equipment Type, Power Source, Application, and Region

By Equipment Type * Turbines

• Steam Turbines
• Gas Turbines
• Hydro Turbines
• Wind Turbines
• Generators
• Boilers
• Transformers
• Balance of Plant (BOP) Equipment

By Power Source * Thermal Power

• Renewable Power
• Nuclear Power

By Application * Utility Power Generation

• Industrial Power Generation
• Distributed Power Generation

By Region * North America (By Equipment Type, By Power Source, By Application, and Country)

• U.S. (By Equipment Type)
• Canada (By Equipment Type)
• Mexico (By Equipment Type)
• Europe (By Equipment Type, By Power Source, By Application, and Country/Sub-region)
  • Germany (By Equipment Type)
  • U.K. (By Equipment Type)
  • France (By Equipment Type)
  • Spain (By Equipment Type)
  • Italy (By Equipment Type)
  • BENELUX (By Equipment Type)
  • Nordics (By Equipment Type)
  • Russia (By Equipment Type)
  • Rest of Europe
• Asia Pacific (By Equipment Type, By Power Source, By Application, and Country/Sub-region)
  • China (By Equipment Type)
  • Japan (By Equipment Type)
  • India (By Equipment Type)
  • South Korea (By Equipment Type)
  • ASEAN (By Equipment Type)
  • Oceania (By Equipment Type)
  • Rest of Asia Pacific
• South America (By Equipment Type, By Power Source, By Application, and Country/Sub-region)
  • Brazil (By Equipment Type)
  • Argentina (By Equipment Type)
  • Rest of South America
• Middle East & Africa (By Equipment Type, By Power Source, By Application, and Country/Sub-region)
  • GCC Countries (By Equipment Type)
  • South Africa (By Equipment Type)
  • North Africa (By Equipment Type)
  • Israel (By Equipment Type)
  • Rest of Middle East & Africa

Table of Content

1. Introduction

• 1.1. Definition, By Segment
• 1.2. Research Methodology/Approach
• 1.3. Data Sources

2. Executive Summary

3. Market Dynamics

• 3.1. Macro and Micro Economic Indicators
• 3.2. Drivers, Restraints, Challenges, Opportunities, and Trends
• 3.3. Impact of Reciprocal Tariffs on the Market

4. Competition Landscape

• 4.1. Business Strategies Adopted by Key Players
• 4.2. Consolidated SWOT Analysis of Key Players
• 4.3. Global Power Generation Equipment Key Players Market Share/Ranking, 2025

5. Global Power Generation Equipment Market Size Estimates and Forecasts, By Segments, 2021-2034

• 5.1. Key Findings
• 5.2. By Equipment Type (USD Billion)
  • 5.2.1. Turbines
    • 5.2.1.1. Steam Turbines
    • 5.2.1.2. Gas Turbines
    • 5.2.1.3. Hydro Turbines
    • 5.2.1.4. Wind Turbines
  • 5.2.2. Generators
  • 5.2.3. Boilers
  • 5.2.4. Transformers
  • 5.2.5. Balance of Plant (BOP) Equipment
• 5.3. By Power Source (USD Billion)
  • 5.3.1. Thermal Power
  • 5.3.2. Renewable Power
  • 5.3.3. Nuclear Power
• 5.4. By Application (USD Billion)
  • 5.4.1. Utility Power Generation
  • 5.4.2. Industrial Power Generation
  • 5.4.3. Distributed Power Generation
• 5.5. By Region (USD Billion)
  • 5.5.1. North America
  • 5.5.2. South America
  • 5.5.3. Europe
  • 5.5.4. Middle East & Africa
  • 5.5.5. Asia Pacific

6. North America Power Generation Equipment Market Size Estimates and Forecasts, By Segments, 2021-2034

• 6.1. Key Findings
• 6.2. By Equipment Type (USD Billion)
  • 6.2.1. Turbines
    • 6.2.1.1. Steam Turbines
    • 6.2.1.2. Gas Turbines
    • 6.2.1.3. Hydro Turbines
    • 6.2.1.4. Wind Turbines
  • 6.2.2. Generators
  • 6.2.3. Boilers
  • 6.2.4. Transformers
  • 6.2.5. Balance of Plant (BOP) Equipment
• 6.3. By Power Source (USD Billion)
  • 6.3.1. Thermal Power
  • 6.3.2. Renewable Power
  • 6.3.3. Nuclear Power
• 6.4. By Application (USD Billion)
  • 6.4.1. Utility Power Generation
  • 6.4.2. Industrial Power Generation
  • 6.4.3. Distributed Power Generation
• 6.5. By Country (USD Billion)
  • 6.5.1. U.S.
    • 6.5.1.1. By Equipment Type (USD Billion)
  • 6.5.2. Canada
    • 6.5.2.1. By Equipment Type (USD Billion)
  • 6.5.3. Mexico
    • 6.5.3.1. By Equipment Type (USD Billion)

7. South America Power Generation Equipment Market Size Estimates and Forecasts, By Segments, 2021-2034

• 7.1. Key Findings
• 7.2. By Equipment Type (USD Billion)
  • 7.2.1. Turbines
    • 7.2.1.1. Steam Turbines
    • 7.2.1.2. Gas Turbines
    • 7.2.1.3. Hydro Turbines
    • 7.2.1.4. Wind Turbines
  • 7.2.2. Generators
  • 7.2.3. Boilers
  • 7.2.4. Transformers
  • 7.2.5. Balance of Plant (BOP) Equipment
• 7.3. By Power Source (USD Billion)
  • 7.3.1. Thermal Power
  • 7.3.2. Renewable Power
  • 7.3.3. Nuclear Power
• 7.4. By Application (USD Billion)
  • 7.4.1. Utility Power Generation
  • 7.4.2. Industrial Power Generation
  • 7.4.3. Distributed Power Generation
• 7.5. By Country (USD Billion)
  • 7.5.1. Brazil
    • 7.5.1.1. By Equipment Type (USD Billion)
  • 7.5.2. Argentina
    • 7.5.2.1. By Equipment Type (USD Billion)
  • 7.5.3. Rest of South America

8. Europe Power Generation Equipment Market Size Estimates and Forecasts, By Segments, 2021-2034

• 8.1. Key Findings
• 8.2. By Equipment Type (USD Billion)
  • 8.2.1. Turbines
    • 8.2.1.1. Steam Turbines
    • 8.2.1.2. Gas Turbines
    • 8.2.1.3. Hydro Turbines
    • 8.2.1.4. Wind Turbines
  • 8.2.2. Generators
  • 8.2.3. Boilers
  • 8.2.4. Transformers
  • 8.2.5. Balance of Plant (BOP) Equipment
• 8.3. By Power Source (USD Billion)
  • 8.3.1. Thermal Power
  • 8.3.2. Renewable Power
  • 8.3.3. Nuclear Power
• 8.4. By Application (USD Billion)
  • 8.4.1. Utility Power Generation
  • 8.4.2. Industrial Power Generation
  • 8.4.3. Distributed Power Generation
• 8.5. By Country (USD Billion)
  • 8.5.1. U.K.
    • 8.5.1.1. By Equipment Type (USD Billion)
  • 8.5.2. Germany
    • 8.5.2.1. By Equipment Type (USD Billion)
  • 8.5.3. France
    • 8.5.3.1. By Equipment Type (USD Billion)
  • 8.5.4. Italy
    • 8.5.4.1. By Equipment Type (USD Billion)
  • 8.5.5. Spain
    • 8.5.5.1. By Equipment Type (USD Billion)
  • 8.5.6. BENELUX
    • 8.5.6.1. By Equipment Type (USD Billion)
  • 8.5.7. Nordics
    • 8.5.7.1. By Equipment Type (USD Billion)
  • 8.5.8. Russia
    • 8.5.8.1. By Equipment Type (USD Billion)
  • 8.5.9. Rest of Europe

9. Middle East & Africa Power Generation Equipment Market Size Estimates and Forecasts, By Segments, 2021-2034

• 9.1. Key Findings
• 9.2. By Equipment Type (USD Billion)
  • 9.2.1. Turbines
    • 9.2.1.1. Steam Turbines
    • 9.2.1.2. Gas Turbines
    • 9.2.1.3. Hydro Turbines
    • 9.2.1.4. Wind Turbines
  • 9.2.2. Generators
  • 9.2.3. Boilers
  • 9.2.4. Transformers
  • 9.2.5. Balance of Plant (BOP) Equipment
• 9.3. By Power Source (USD Billion)
  • 9.3.1. Thermal Power
  • 9.3.2. Renewable Power
  • 9.3.3. Nuclear Power
• 9.4. By Application (USD Billion)
  • 9.4.1. Utility Power Generation
  • 9.4.2. Industrial Power Generation
  • 9.4.3. Distributed Power Generation
• 9.5. By Country (USD Billion)
  • 9.5.1. GCC Countries
    • 9.5.1.1. By Equipment Type (USD Billion)
  • 9.5.2. South Africa
    • 9.5.2.1. By Equipment Type (USD Billion)
  • 9.5.3. North Africa
    • 9.5.3.1. By Equipment Type (USD Billion)
  • 9.5.4. Israel
    • 9.5.4.1. By Equipment Type (USD Billion)
  • 9.5.5. Rest of MEA

10. Asia Pacific Power Generation Equipment Market Size Estimates and Forecasts, By Segments, 2021-2034

• 10.1. Key Findings
• 10.2. By Equipment Type (USD Billion)
  • 10.2.1. Turbines
    • 10.2.1.1. Steam Turbines
    • 10.2.1.2. Gas Turbines
    • 10.2.1.3. Hydro Turbines
    • 10.2.1.4. Wind Turbines
  • 10.2.2. Generators
  • 10.2.3. Boilers
  • 10.2.4. Transformers
  • 10.2.5. Balance of Plant (BOP) Equipment
• 10.3. By Power Source (USD Billion)
  • 10.3.1. Thermal Power
  • 10.3.2. Renewable Power
  • 10.3.3. Nuclear Power
• 10.4. By Application (USD Billion)
  • 10.4.1. Utility Power Generation
  • 10.4.2. Industrial Power Generation
  • 10.4.3. Distributed Power Generation
• 10.5. By Country (USD Billion)
  • 10.5.1. China
    • 10.5.1.1. By Equipment Type (USD Billion)
  • 10.5.2. India
    • 10.5.2.1. By Equipment Type (USD Billion)
  • 10.5.3. Japan
    • 10.5.3.1. By Equipment Type (USD Billion)
  • 10.5.4. South Korea
    • 10.5.4.1. By Equipment Type (USD Billion)
  • 10.5.5. ASEAN
    • 10.5.5.1. By Equipment Type (USD Billion)
  • 10.5.6. Oceania
    • 10.5.6.1. By Equipment Type (USD Billion)
  • 10.5.7. Rest of Asia Pacific

11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)

• 11.1. General Electric (GE Vernova)
  • 11.1.1. Overview
    • 11.1.1.1. Key Management
    • 11.1.1.2. Headquarters
    • 11.1.1.3. Offerings/Business Segments
  • 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.1.2.1. Employee Size
    • 11.1.2.2. Past and Current Revenue
    • 11.1.2.3. Geographical Share
    • 11.1.2.4. Business Segment Share
    • 11.1.2.5. Recent Developments
• 11.2. Siemens Energy AG
  • 11.2.1. Overview
    • 11.2.1.1. Key Management
    • 11.2.1.2. Headquarters
    • 11.2.1.3. Offerings/Business Segments
  • 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.2.2.1. Employee Size
    • 11.2.2.2. Past and Current Revenue
    • 11.2.2.3. Geographical Share
    • 11.2.2.4. Business Segment Share
    • 11.2.2.5. Recent Developments
• 11.3. Mitsubishi Heavy Industries, Ltd.
  • 11.3.1. Overview
    • 11.3.1.1. Key Management
    • 11.3.1.2. Headquarters
    • 11.3.1.3. Offerings/Business Segments
  • 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.3.2.1. Employee Size
    • 11.3.2.2. Past and Current Revenue
    • 11.3.2.3. Geographical Share
    • 11.3.2.4. Business Segment Share
    • 11.3.2.5. Recent Developments
• 11.4. Wartsila Corporation
  • 11.4.1. Overview
    • 11.4.1.1. Key Management
    • 11.4.1.2. Headquarters
    • 11.4.1.3. Offerings/Business Segments
  • 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.4.2.1. Employee Size
    • 11.4.2.2. Past and Current Revenue
    • 11.4.2.3. Geographical Share
    • 11.4.2.4. Business Segment Share
    • 11.4.2.5. Recent Developments
• 11.5. Doosan Enerbility Co., Ltd.
  • 11.5.1. Overview
    • 11.5.1.1. Key Management
    • 11.5.1.2. Headquarters
    • 11.5.1.3. Offerings/Business Segments
  • 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.5.2.1. Employee Size
    • 11.5.2.2. Past and Current Revenue
    • 11.5.2.3. Geographical Share
    • 11.5.2.4. Business Segment Share
    • 11.5.2.5. Recent Developments
• 11.6. Ansaldo Energia S.p.A.
  • 11.6.1. Overview
    • 11.6.1.1. Key Management
    • 11.6.1.2. Headquarters
    • 11.6.1.3. Offerings/Business Segments
  • 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.6.2.1. Employee Size
    • 11.6.2.2. Past and Current Revenue
    • 11.6.2.3. Geographical Share
    • 11.6.2.4. Business Segment Share
    • 11.6.2.5. Recent Developments
• 11.7. Harbin Electric Corporation
  • 11.7.1. Overview
    • 11.7.1.1. Key Management
    • 11.7.1.2. Headquarters
    • 11.7.1.3. Offerings/Business Segments
  • 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.7.2.1. Employee Size
    • 11.7.2.2. Past and Current Revenue
    • 11.7.2.3. Geographical Share
    • 11.7.2.4. Business Segment Share
    • 11.7.2.5. Recent Developments
• 11.8. Dongfang Electric Corporation
  • 11.8.1. Overview
    • 11.8.1.1. Key Management
    • 11.8.1.2. Headquarters
    • 11.8.1.3. Offerings/Business Segments
  • 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.8.2.1. Employee Size
    • 11.8.2.2. Past and Current Revenue
    • 11.8.2.3. Geographical Share
    • 11.8.2.4. Business Segment Share
    • 11.8.2.5. Recent Developments
• 11.9. Bharat Heavy Electricals Limited (BHEL)
  • 11.9.1. Overview
    • 11.9.1.1. Key Management
    • 11.9.1.2. Headquarters
    • 11.9.1.3. Offerings/Business Segments
  • 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.9.2.1. Employee Size
    • 11.9.2.2. Past and Current Revenue
    • 11.9.2.3. Geographical Share
    • 11.9.2.4. Business Segment Share
    • 11.9.2.5. Recent Developments
• 11.10. Shanghai Electric Group Co., Ltd.
  • 11.10.1. Overview
    • 11.10.1.1. Key Management
    • 11.10.1.2. Headquarters
    • 11.10.1.3. Offerings/Business Segments
  • 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.10.2.1. Employee Size
    • 11.10.2.2. Past and Current Revenue
    • 11.10.2.3. Geographical Share
    • 11.10.2.4. Business Segment Share
    • 11.10.2.5. Recent Developments