Global electricity generation has increased significantly over the past three decades, rising from less than 12,000 terawatt-hours in 1990 to almost 30,000 terawatt-hours in 2023. During this period, electricity generation worldwide only registered an annual decline twice: in 2009, following the global financial crisis, and in 2020, amid the coronavirus pandemic. Sources of electricity generation The share of global electricity generated from clean energy sources –including renewables and nuclear power- amounted to almost 40 percent in 2023, up from approximately 32 percent at the beginning of the decade. Despite this growth, fossil fuels are still the main source of electricity generation worldwide. In 2023, almost 60 percent of the electricity was produced by coal and natural gas-fired plants. Regional differences Water, wind, and sun contribute to making Latin America and the Caribbean the region with the largest share of renewable electricity generated in the world. By comparison, several European countries rely on nuclear energy. However, the main electricity sources in the United States and China, the leading economic powers of the world, are respectively natural gas and coal.

Fossil fuels remain the greatest source of electricity generation worldwide. In 2023, coal accounted for roughly 35.5 percent of the global power mix, while natural gas followed with a 23 percent share. China, India, and the United States accounted for the largest share of coal used for electricity generation. The future of renewable energy Fossil fuel use notwithstanding, the share of renewables in global electricity has seen a more pronounced year-on-year growth in recent years, following increased efforts by governments to combat global warming and a decrease in levelized costs. Projections indicate that renewables will surpass fossil fuels as the main power source by 2040. Electricity consumption in the world China is the largest electricity consumer in the world, requiring more than 8,000 terawatt-hours of electricity every year. However, this economic power accounts for the largest population in the world and its electricity consumption per capita is almost tenfold smaller than the consumption of Iceland, although the power used in this country came almost completely from clean sources.

Coal has been the main source of electricity generation worldwide for the last three decades. In 2023, global coal power generation stood at almost 10,500 terawatt-hours. Overall, coal, natural gas, and other fossil fuels accounted for approximately 60 percent of the global electricity production that year. Renewable energy sources of electricity generation The production of renewable energy has been increasing steadily over the past decades, with solar and wind energy showing the largest year-over-year growth between 2022 and 2023. However, the contribution of renewables to the world’s electric power mix remains small when compared to fossil fuel sources. Electricity demand vs production The volume of electricity generated worldwide surpassed the global consumption of electricity by a small margin. This figure is directly affected by the fact that the number of people without access to electricity in the world has shrunk over the past decade and is continuously decreasing.

According to Cognitive Market Research, the global Electricity Generation market size will be USD 2154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.80% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 646.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 495.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 107.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 43.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
Thermal Generation is the market leader in the Electricity Generation industry

Market Dynamics of Electricity Generation Market

Key Drivers for Electricity Generation Market

Rising need for cooling boosts the electricity generation market

The increased demand for cooling is projected to drive the electricity generating market in the future years. Cooling is the process of lowering the temperature of an object or environment, which is usually accomplished by transporting heat away from the intended location, typically utilizing air or a cooling medium. Power generation can be utilized to cool by running air conditioning (AC) and fans to keep indoor temperatures comfortable. For instance, According to the International Energy Agency, an autonomous intergovernmental body located in France, in July 2023, more than 90% of households in the United States and Japan had an air conditioner. Cooling accounts for around 10% of global electricity use. In warmer countries, this might result in a more than 50% increase in power demand during the summer months. As a result, increased demand for cooling is likely to drive expansion in the power generating industry.

Increasing applications of electricity in the transportation industry

The growing use of energy in the transportation industry is predicted to increase demand for electricity, hence pushing the power generation market. The electrification of railways in underdeveloped and developing countries, the establishment of public transportation networks such as rapid metro transit systems, and the growing use of electric vehicles in developed countries will all create significant market opportunities for power generation companies. For instance, in order to achieve net-zero carbon emissions, the Office of Rail and Road (ORR) predicts that 13,000 track kilometers - or roughly 450 km per year - of track in the UK will need to be electrified by 2050, with 179 km electrified between 2020 and 2021. According to the Edison Electric Institute (EEl), yearly electric car sales in the United States are estimated to exceed 1.2 million by 2025. Electric vehicles are projected to account for 9% of worldwide electricity demand by 2050.

Restraint Factor for the Electricity Generation Market

High initial capital investment for renewable projects

The high initial capital for renewable projects is indeed a limiting factor for the market growth of the electricity generation sector, as most such technologies, infrastructure, and installation depend on significant up-front funding. For instance, most renewable energy technologies are highly capital intensive-solar, and wind, in particular, scares investors away from taking action, especially if they are small or developing firms. There is thus an economic limitation that restricts competition and contributes toward slower development of cleaner energy solutions. Moreover, funding can be quite tricky and challenging-especially for a poor economic climate. The payback times attached to these investment options are long, leading to uncertainty and making stakeholders reluctant to commit. These financial constraints are, therefore, blighting the transition to renewable energy as well as, more broadly, the overall electricity generation market

Impact of Covid-19 on the E...

It is projected that electricity generated worldwide will increase by nearly 50 percent in the coming three decades, to reach some 42 thousand terawatt-hours by 2050. That year, renewables are expected to be the largest source of global electricity, accounting for some 50 percent of electric power produced.

The boom of renewables

Electricity generation from renewable sources is expected to experience the largest growth in the displayed period, almost tripling between 2022 and 2050. The past decade saw the beginning of a boom in global installed renewable capacity, which recently surpassed three terawatts. In 2021, Asia was the region with the largest renewable electricity production, at 3.4 petawatt-hours.

Electricity from fossil fuels

Conventional sources like coal are increasingly being replaced. After peaking at more than 68 percent in 2007, the fossil fuel share in the global power generation has decreased steadily ever since. However, in 2022, coal was still the largest source of electricity generation worldwide, with a share of 34 percent.

This dataset provides values for ELECTRICITY PRODUCTION reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

China increased 4.7% of Electricity Generation in 2019, compared to a year earlier.

The average for 2022 based on 189 countries was 44.94 million kilowatts. The highest value was in China: 2586.46 million kilowatts and the lowest value was in Kiribati: 0.01 million kilowatts. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

Electricity generation worldwide is forecast to almost triple in the next three decades when compared to 2023. With a growth rate of approximately 20,000 terawatt-hours per decade between 2030 and 2050, this figure will reach 79,000 terawatt-hours by 2050. Electrification and decarbonization The growth in worldwide power generation will largely be driven by decarbonization efforts, including the electrification of the transportation and building sectors. For instance, the global sales of electric vehicles have grown five-fold between 2018 and 2022.In the building sector, efforts to decarbonize heating systems also rely on clean electricity. The share of renewable energy used to power heat pumps worldwide is increasing, although it was below 30 percent in 2022. Global electricity trends Since 1990, global power generation has increased every year except in 2009, following the global financial crisis, and in 2020, in the midst of the COVID-19 pandemic. Increasing power demand is the result of various factors, including economic development and increasing access to electricity throughout the world.

As of 2023, China was the largest producer of electricity globally by a significant margin with over 9.4 petawatt-hours generated, followed by the United States with 4.5 petawatt-hours. Both countries generated a considerable amount more than the next highest producer, India, where almost two petawatt-hours were produced. Coal and natural gas remain the primary sources of energy worldwide, maintaining a high global reliance on fossil-based fuels. For instance, natural gas was the largest source of electricity generation in the U.S. in 2023, followed by renewables.

Global expansion of electricity networks Energy networks have been undergoing expansion and modernization to tackle challenges such as the climate crisis and a growing global population through electrification. As a result of this, there has been significant growth in electricity access, with almost 100 million more people gaining access to energy networks worldwide in 2022, of which 44 million were in Central and Southern Asia. With increased electricity access, electricity production increases will become increasingly necessary.

Transitioning towards renewables Use of both coal and renewable electricity has grown worldwide, particularly in the European Union and China, where the largest year-on-year change in coal and renewable generation was recorded in 2022, with renewable electricity growth outpacing coal. As part of its increase in power generation, China has the largest share of clean electricity capacity installed by country worldwide, amounting to approximately 1.27 terawatts.

Explore the Power Generation Market trends! Covers key players, growth rate 5.7% CAGR, market size $2755.36 Billion, and forecasts to 2034. Get insights now!

Global Electric Power Generation, Transmission, And Distribution Market to hit USD 6861.95B by 2029 growing at 5.7% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.

Top Countries by Electricity Generation, 2016 Discover more data with ReportLinker!

The Global Solar Power Tracker is a worldwide dataset of utility-scale solar PV facilities. It includes solar farm phases with capacities of 20 megawatts (MW) or more (10 MW or more in Arabic-speaking countries). A solar project phase is generally defined as a group of one or more solar units that are installed under one permit, one power purchase agreement, and typically come online at the same time. The Global Solar Power Tracker catalogs every solar farm phase at these capacity thresholds of any status, including operating, announced, under development, under construction, shelved, cancelled, mothballed, or retired. Each solar farm included in the tracker is linked to a wiki page on the GEM wiki.

Architecture

Global Energy Monitor’s Global Solar Power Tracker uses a two-level system for organizing information, consisting of both a database and wiki pages with further information. The database tracks individual solar farm phases and includes information such as project owner, status, and location. A wiki page for each solar farm is created within the Global Energy Monitor wiki. The database and wiki pages are updated annually.

Status Categories

• Announced: Proposed projects that have been described in corporate or government plans but have not yet taken concrete steps such as applying for permits.
• Development: Projects that are actively moving forward in seeking governmental approvals, land rights, or financing.
• Construction: Site preparation and equipment installation are underway.
• Operating: The project has been formally commissioned; commercial operation has begun.
• Shelved: Suspension of operation has been announced, or no progress has been observed for at least two years.
• Cancelled: A cancellation announcement has been made, or no progress has been observed for at least four years.
• Retired: The project has been decommissioned.
• Mothballed: The project is disused, but not dismantled.

Research Process

The Global Solar Power Tracker data set draws on various public data sources, including: - Government data on individual power solar farms (such as India Central Electricity Authority’s “Plant Wise Details of All India Renewable Energy Projects” and the U.S. EIA 860 Electric Generator Inventory), country energy and resource plans, and government websites tracking solar farm permits and applications; - Reports by power companies (both state-owned and private); - News and media reports; - Local non-governmental organizations tracking solar farms or permits.

Wiki Pages

For each solar farm, a wiki page is created on Global Energy Monitor’s wiki. Under standard wiki convention, all information is linked to a publicly-accessible published reference, such as a news article, company or government report, or a regulatory permit. In order to ensure data integrity in the open-access wiki environment, Global Energy Monitor researchers review all edits of project wiki pages.

Mapping

To allow easy public access to the results, Global Energy Monitor worked with GreenInfo Network to develop a map-based and table-based interface using the Leaflet Open-Source JavaScript library. In the case of exact coordinates, locations have been visually determined using Google Maps, Google Earth, Wikimapia, or OpenStreetMap. For proposed projects, exact locations, if available, are from permit applications, or company or government documentation. If the location of a solar farm or proposal is not known, Global Energy Monitor identifies the most accurate location possible based on available information.

Key information about Ecuador Electricity Production

• Electricity Production in Ecuador reached 36,683 GWh in Dec 2023, compared with 33,479 GWh in the previous year.
• Electricity Production data of Ecuador is updated yearly averaging at 10,332 GWh from Dec 1971 to Dec 2023.
• The data reached an all-time high of 36,683 GWh in Dec 2023 and a record low of 1,050 GWh in Dec 1971.

Energy Information Administration (2015). International Energy Statistics: Electricity Consumption | Indicator: Total Electricity Net Consumption (Billion Kilowatthours), 1980-2010. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. [Data-file]. Dataset-ID: 004-014-026. Dataset: Provides statistics on electricity consumption by country, as available. For all countries except the United States, total electric power consumption = total net electricity generation + electricity imports - electricity exports – electricity transmission and distribution losses. For the United States, data are drawn from the Energy Information Administration Annual Energy Review, Table 1, which provides a total of electricity retail sales to ultimate customers by electric utilities and, beginning in 1996, other energy service providers; and direct use, ie, use of electricity that is self-generated, produced by either the same entity that consumes the power or an affiliate, and used in direct support of a service or industrial process located within the same facility or group of facilities that house the generating equipment. Data are reported as net consumption, which excludes the energy consumed by the generating units, as opposed to gross consumption. The dataset provides data for 220 countries, as available, on energy-related metrics, including total and crude oil production, oil consumption, natural gas production and consumption, coal production and consumption, electricity generation and consumption, primary energy, energy intensity, CO2 emissions and imports and exports for all fuels. Data are sourced from Energy Information Administration research, as well as from national and international agencies, listed at http://www.eia.gov/cfapps/ipdbproject/docs/sources.cfm. Category: Energy Resources and Industries, International Relations and Trade Source: Energy Information Administration The Energy Information Administration (EIA), created by Congress in 1977, is an independent statistical and analytical agency within the United States Department of Energy. Its mission is to provide policy-independent data, forecasts, and analyses to promote sound policy making, efficient markets, and public understanding regarding energy and its interaction with the economy and the environment. http://www.eia.doe.gov/ Subject: Energy Consumption, Electricity

Coal power generation worldwide grew to approximately 10,480 terawatt hours in 2023. This was the highest figure in the 24-year period shown and up from 10,288 terawatt hours the previous year. Coal electricity production in China is responsible for more than half of the worldwide total, having reached 5,742 terawatt hours in 2023.

Coal power plants generate electricity by burning coal and are the most common type of power plant worldwide. This article explores the key steps involved in electricity generation in coal power plants and discusses their advantages, environmental impacts, and efforts to mitigate them.

The average for 2022 based on 25 countries was 19.8 billion kilowatthours. The highest value was in the USA: 434.3 billion kilowatthours and the lowest value was in Antigua and Barbuda: 0 billion kilowatthours. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

Sources: official statistics; corporation statistics