Global Power Generation Forecasts, 2024 2035
Global Power Generation Forecasts, 2024 2035
The Industry is Seeing Record-breaking Investment Levels as Power Decarbonization Accelerates Globally
12-Aug-2024
Global
Market Research
Description
2023 was a record-breaking year for power generation investment, with $864.6 billion committed to global projects. Climate obligations and supportive regulations are the mainstays of global growth. While China has significantly increased its renewable targets in recent years (partly to support domestic technology companies), the US' Inflation Reduction Act, which was passed in 2022, provides a degree of investor certainty never seen before and incentives for investment in domestic supply chains. Furthermore, Russia’s invasion of Ukraine in 2022 galvanized Europe to take action, as energy security has become a global megatrend.
Inflationary pressures were a major challenge in 2022 and 2023, but they have now abated and project costs have peaked. In the case of solar PV, module prices are at record lows, which is helping to reduce prices gradually. For wind power, the journey to lower project costs will take longer, particularly for offshore wind; nevertheless, significant demand growth continues as many governments have increased policy support. Approximately $1 trillion per annum will be invested in the decade ahead to 2035, with solar PV and wind power accounting for 78% of the total, on average. Investment in fossil fuels will continue, albeit at a much lower scale. Coal and natural gas projects will continue to receive $1.5 trillion in investment during the forecast period (from 2024 to 2035).
Author: Jonathan Robinson
Research Scope
The forecasts cover power generation investment across 11 core technology sectors and 11 regions.
Revenues are recognized in the year the plant is commissioned.
For more detailed forecasts, including country-specific deep dives, please ask about access to Frost & Sullivan’s Power Generation Growth Generator™. The interactive data platform contains installed capacity, annual capacity additions, investment, and electricity-generated data for more than 60 countries globally.
Scope | |
---|---|
Geographic Coverage | Global |
Study Period | 2023-2035 |
Base Year | 2023 |
Forecast Period | 2024-2035 |
Monetary Unit | US Dollars |
Power Generation Data Points | Electricity generated = TWh Installed capacity/capacity additions = MW/GW |
Power Generation Industry Segmentation
Coal
- Coal includes all turbine-based, coal-fired power plants.
Nuclear
- Nuclear includes all plants that national utilities operate.
Natural Gas
- Natural gas includes all turbine- and engine-based power plants and decentralized engine-based generation.
Oil/Other Fossil
- Oil/other fossil includes all turbine- and engine-based power plants and decentralized engine-based generation.
Hydropower
- Hydropower includes large plants (output exceeding 10 MW) and small capacity plants (output below 10 MW).
Wind
- Wind includes onshore (including small-scale distributed wind) and offshore wind farms.
Solar PV
- Solar PV includes residential (below 10 kilowatts [kW]), commercial and industrial (C&I) (10 kW–1 MW), and utility-scale (>1 MW) solar PV systems.
Other Renewables
- Other renewables includes all centralized and decentralized biomass, waste-to-energy, biogas, and geothermal plants.
Power generation capacity additions and investments accrue in the year power plants reach commercial operation status.
RE refers to wind, biomass, solar PV, small hydropower (SHP) plants, and geothermal sources but does not include large hydropower (LHP) plants.
Short, medium, and long terms refer to 1–2, 3–4, and 5–12 years, respectively.
Table of Contents
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Power Generation Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Research Scope
Geographic Scope
What Does This Study Include?
Growth Drivers
Growth Restraints
Global Power Generation Investment Forecast by Region
Global Power Generation Investment Forecast
Global Power Generation Capacity Forecast
Global Power Generation Installed Capacity and Electricity Generated
North American Power Generation Investment Forecast
North American Power Generation Capacity Forecast
North American Power Generation Installed Capacity & Electricity Generated
European Power Generation Investment Forecast
European Power Generation Capacity Forecast
European Power Generation Installed Capacity & Electricity Generated
Latin American Power Generation Investment Forecast
Latin American Power Generation Capacity Forecast
Latin American Power Generation Installed Capacity & Electricity Generated
Indian and South Asian Power Generation Investment Forecast
Indian and South Asian Power Generation Capacity Forecast
Indian & South Asian Power Generation Installed Capacity & Electricity Generated
MENA Power and Energy Industry Investment Forecast
MENA Power Generation Capacity Forecast
MENA Power Generation Installed Capacity & Electricity Generated
East Asian Power Generation Investment Forecast
East Asian Power Generation Capacity Forecast
East Asian Power Generation Installed Capacity & Electricity Generated
Chinese Power Generation Investment Forecast
Chinese Power Generation Capacity Forecast
Chinese Power Generation Installed Capacity & Electricity Generated
ASEAN Power Generation Investment Forecast
ASEAN Power Generation Capacity Forecast
ASEAN Power Generation Installed Capacity & Electricity Generated
ANZ and Pacific Power Generation Investment Forecast
ANZ and Pacific Power Generation Capacity Forecast
ANZ & Pacific Power Generation Installed Capacity & Electricity Generated
Sub-Saharan Africa Power Generation Investment Forecast
Sub-Saharan Africa Power Generation Capacity Forecast
Sub-Saharan Africa Power Generation Installed Capacity & Electricity Generated
Russia and CIS Power Generation Investment Forecast
Russia and CIS Power Generation Capacity Forecast
Russia & CIS Power Generation Installed Capacity & Electricity Generated
Growth Opportunity 1: Turbine Servicing
Growth Opportunity 1: Turbine Servicing (continued)
Growth Opportunity 2: Repowering Renewable Energy Assets
Growth Opportunity 2: Repowering Renewable Energy Assets (continued)
Growth Opportunity 3: Plant Decommissioning
Growth Opportunity 3: Plant Decommissioning (continued)
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
Legal Disclaimer
![](img/list_icon.png)
- Power Generation: Growth Drivers, Global, 2024–2035
- Power Generation: Growth Restraints, Global, 2024–2035
- Power Generation: Investment Forecast by Region, Global, 2023–2035
- Power Generation: Investment Forecast, Global, 2023–2035
- Power Generation: Annual Installation by Country and Fuel Type, Global, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, Global, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, Global, 2023, 2030, & 2035
- Power Generation: Investment Forecast, North America, 2023–2035
- Power Generation: Annual Installation by Country and Fuel Type, North America, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, North America, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, North America, 2023, 2030, & 2035
- Power Generation: Investment Forecast, Europe, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, Europe, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, Europe, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, Europe, 2023, 2030, & 2035
- Power Generation: Investment Forecast, Latin America, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, Latin America, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, Latin America, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, Latin America, 2023, 2030, & 2035
- Power Generation: Investment Forecast, India and South Asia, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, India & South Asia, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, India & South Asia, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, India & South Asia, 2023, 2030, & 2035
- Power Generation: Investment Forecast, MENA, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, MENA, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, MENA, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, MENA, 2023, 2030, & 2035
- Power Generation: Investment Forecast, East Asia, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, East Asia, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, East Asia, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, East Asia, 2023, 2030, & 2035
- Power Generation: Investment Forecast, China, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, China, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, China, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, China, 2023, 2030, & 2035
- Power Generation: Investment Forecast, ASEAN, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, ASEAN, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, ASEAN, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, ASEAN, 2023, 2030, & 2035
- Power Generation: Investment Forecast, ANZ & Pacific, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, ANZ & Pacific, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, ANZ & Pacific, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, ANZ & Pacific, 2023, 2030, & 2035
- Power Generation: Investment Forecast, Sub-Saharan Africa, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, Sub-Saharan Africa, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, Sub-Saharan Africa, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, Sub-Saharan Africa, 2023, 2030, & 2035
- Power Generation: Investment Forecast, Russia and CIS, 2023–2035
- Power Generation: Annual Installations by Key Country and Fuel Type, Russia + CIS, 2023–2035
- Power Generation: Installed Capacity by Fuel Type, Russia and CIS, 2023, 2030, & 2035
- Power Generation: Electricity Generated by Fuel Type, Russia and CIS, 2023, 2030, & 2035
Growth dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
Popular Topics
Research Scope
The forecasts cover power generation investment across 11 core technology sectors and 11 regions.
Revenues are recognized in the year the plant is commissioned.
For more detailed forecasts, including country-specific deep dives, please ask about access to Frost & Sullivan’s Power Generation Growth Generator™. The interactive data platform contains installed capacity, annual capacity additions, investment, and electricity-generated data for more than 60 countries globally.
Scope | |
---|---|
Geographic Coverage | Global |
Study Period | 2023-2035 |
Base Year | 2023 |
Forecast Period | 2024-2035 |
Monetary Unit | US Dollars |
Power Generation Data Points | Electricity generated = TWh Installed capacity/capacity additions = MW/GW |
Power Generation Industry Segmentation
Coal
- Coal includes all turbine-based, coal-fired power plants.
Nuclear
- Nuclear includes all plants that national utilities operate.
Natural Gas
- Natural gas includes all turbine- and engine-based power plants and decentralized engine-based generation.
Oil/Other Fossil
- Oil/other fossil includes all turbine- and engine-based power plants and decentralized engine-based generation.
Hydropower
- Hydropower includes large plants (output exceeding 10 MW) and small capacity plants (output below 10 MW).
Wind
- Wind includes onshore (including small-scale distributed wind) and offshore wind farms.
Solar PV
- Solar PV includes residential (below 10 kilowatts [kW]), commercial and industrial (C&I) (10 kW–1 MW), and utility-scale (>1 MW) solar PV systems.
Other Renewables
- Other renewables includes all centralized and decentralized biomass, waste-to-energy, biogas, and geothermal plants.
Power generation capacity additions and investments accrue in the year power plants reach commercial operation status.
RE refers to wind, biomass, solar PV, small hydropower (SHP) plants, and geothermal sources but does not include large hydropower (LHP) plants.
Short, medium, and long terms refer to 1–2, 3–4, and 5–12 years, respectively.
Key Features
List of Exhibits
Power Generation: Growth Drivers, Global, 2024–2035
Power Generation: Growth Restraints, Global, 2024–2035
Power Generation: Investment Forecast by Region, Global, 2023–2035
Power Generation: Investment Forecast, Global, 2023–2035
Power Generation: Annual Installation by Country and Fuel Type, Global, 2023–2035
Power Generation: Installed Capacity by Fuel Type, Global, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, Global, 2023, 2030, & 2035
Power Generation: Investment Forecast, North America, 2023–2035
Power Generation: Annual Installation by Country and Fuel Type, North America, 2023–2035
Power Generation: Installed Capacity by Fuel Type, North America, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, North America, 2023, 2030, & 2035
Power Generation: Investment Forecast, Europe, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, Europe, 2023–2035
Power Generation: Installed Capacity by Fuel Type, Europe, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, Europe, 2023, 2030, & 2035
Power Generation: Investment Forecast, Latin America, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, Latin America, 2023–2035
Power Generation: Installed Capacity by Fuel Type, Latin America, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, Latin America, 2023, 2030, & 2035
Power Generation: Investment Forecast, India and South Asia, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, India & South Asia, 2023–2035
Power Generation: Installed Capacity by Fuel Type, India & South Asia, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, India & South Asia, 2023, 2030, & 2035
Power Generation: Investment Forecast, MENA, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, MENA, 2023–2035
Power Generation: Installed Capacity by Fuel Type, MENA, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, MENA, 2023, 2030, & 2035
Power Generation: Investment Forecast, East Asia, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, East Asia, 2023–2035
Power Generation: Installed Capacity by Fuel Type, East Asia, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, East Asia, 2023, 2030, & 2035
Power Generation: Investment Forecast, China, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, China, 2023–2035
Power Generation: Installed Capacity by Fuel Type, China, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, China, 2023, 2030, & 2035
Power Generation: Investment Forecast, ASEAN, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, ASEAN, 2023–2035
Power Generation: Installed Capacity by Fuel Type, ASEAN, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, ASEAN, 2023, 2030, & 2035
Power Generation: Investment Forecast, ANZ & Pacific, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, ANZ & Pacific, 2023–2035
Power Generation: Installed Capacity by Fuel Type, ANZ & Pacific, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, ANZ & Pacific, 2023, 2030, & 2035
Power Generation: Investment Forecast, Sub-Saharan Africa, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, Sub-Saharan Africa, 2023–2035
Power Generation: Installed Capacity by Fuel Type, Sub-Saharan Africa, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, Sub-Saharan Africa, 2023, 2030, & 2035
Power Generation: Investment Forecast, Russia and CIS, 2023–2035
Power Generation: Annual Installations by Key Country and Fuel Type, Russia + CIS, 2023–2035
Power Generation: Installed Capacity by Fuel Type, Russia and CIS, 2023, 2030, & 2035
Power Generation: Electricity Generated by Fuel Type, Russia and CIS, 2023, 2030, & 2035
Deliverable Type | Market Research |
---|---|
Author | Jonathan Robinson |
Industries | Energy |
No Index | No |
Is Prebook | No |
Keyword 1 | Power Generation Technology Trends |
Keyword 2 | Power Generation Projections |
Keyword 3 | Power Generation Trends |
List of Charts and Figures | Power Generation: Growth Drivers, Global, 2024–2035~ Power Generation: Growth Restraints, Global, 2024–2035~ Power Generation: Investment Forecast by Region, Global, 2023–2035~ Power Generation: Investment Forecast, Global, 2023–2035~ Power Generation: Annual Installation by Country and Fuel Type, Global, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, Global, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, Global, 2023, 2030, & 2035~ Power Generation: Investment Forecast, North America, 2023–2035~ Power Generation: Annual Installation by Country and Fuel Type, North America, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, North America, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, North America, 2023, 2030, & 2035~ Power Generation: Investment Forecast, Europe, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, Europe, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, Europe, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, Europe, 2023, 2030, & 2035~ Power Generation: Investment Forecast, Latin America, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, Latin America, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, Latin America, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, Latin America, 2023, 2030, & 2035~ Power Generation: Investment Forecast, India and South Asia, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, India & South Asia, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, India & South Asia, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, India & South Asia, 2023, 2030, & 2035~ Power Generation: Investment Forecast, MENA, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, MENA, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, MENA, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, MENA, 2023, 2030, & 2035~ Power Generation: Investment Forecast, East Asia, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, East Asia, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, East Asia, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, East Asia, 2023, 2030, & 2035~ Power Generation: Investment Forecast, China, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, China, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, China, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, China, 2023, 2030, & 2035~ Power Generation: Investment Forecast, ASEAN, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, ASEAN, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, ASEAN, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, ASEAN, 2023, 2030, & 2035~ Power Generation: Investment Forecast, ANZ & Pacific, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, ANZ & Pacific, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, ANZ & Pacific, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, ANZ & Pacific, 2023, 2030, & 2035~ Power Generation: Investment Forecast, Sub-Saharan Africa, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, Sub-Saharan Africa, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, Sub-Saharan Africa, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, Sub-Saharan Africa, 2023, 2030, & 2035~ Power Generation: Investment Forecast, Russia and CIS, 2023–2035~ Power Generation: Annual Installations by Key Country and Fuel Type, Russia + CIS, 2023–2035~ Power Generation: Installed Capacity by Fuel Type, Russia and CIS, 2023, 2030, & 2035~ Power Generation: Electricity Generated by Fuel Type, Russia and CIS, 2023, 2030, & 2035~ |
Podcast | No |
WIP Number | MH85-01-00-00-00 |