PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1498283
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1498283
US Power Generation Equipment Market is valued approximately at USD 2.14 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 3.72% over the forecast period 2024-2032. Power generation equipment is essential for converting various energy sources into usable electrical power and is a critical component of the infrastructure that provides electricity to homes, businesses, and industries. Common types of power generation equipment encompass generators, turbines, transformers, boilers, solar panels, wind turbines, hydroelectric plants, and nuclear reactors. These technologies utilize various energy sources, including fossil fuels (coal, natural gas, oil), renewable sources (solar, wind, hydro), and nuclear reactions, to generate electricity. Power generation equipment plays a crucial role in meeting the energy demands of industries, commercial establishments, residential areas, and infrastructure, thereby contributing to the functioning of modern societies and economies. The integration of energy storage solutions like batteries is gaining traction in the US power generation sector. Energy storage systems help improve grid flexibility, manage peak demand, and enhance the reliability of renewable energy sources by storing excess energy for use during periods of high demand or low generation
The abundance of domestic natural gas resources and the development of hydraulic fracturing (fracking) technology have led to a boom in natural gas production in the US. As a result, there's significant demand for gas-fired power generation equipment, including turbines and combined cycle power plants, to capitalize on the availability of low-cost natural gas. Furthermore, the US Power Generation Equipment Market is driven by Renewable Energy Expansion and adoption of smart grid technologies. However, Infrastructure and Grid Integration Challenges, on the other hand, will stifle market growth between 2022 and 2032.
US Power Generation Equipment market, company market share analysis (2023)