GITNUXREPORT 2025

Power Industry Statistics

Global power market grows with renewables, smart grid, and increased efficiency.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

Coal still supplies approximately 36% of the world's electricity, making it the largest single source

Statistic 2

The global electricity demand is expected to see an annual growth rate of 2.4% from 2023 to 2028

Statistic 3

Nuclear power generated about 10.4% of global electricity in 2022

Statistic 4

The share of coal-fired power plants retrofitted with carbon capture technology is less than 0.3% of total capacity globally

Statistic 5

The United States generated about 19% of its electricity from natural gas in 2022

Statistic 6

The European Union plans to phase out coal power plants by 2030, with some regions set for earlier closures

Statistic 7

The share of electricity generated from natural gas is expected to increase in several regions, including the Middle East and Africa, by 2025

Statistic 8

The global power market is projected to reach a value of $4.8 trillion by 2027

Statistic 9

According to IRENA, investing $131 trillion globally in renewable energy could help meet climate goals by 2050

Statistic 10

The global power transmission and distribution equipment market is expected to reach $313 billion by 2027

Statistic 11

Electricity prices in the US have increased by an average of 3.2% annually over the past decade

Statistic 12

The total investment in grid modernization reached approximately $600 billion globally between 2020 and 2023

Statistic 13

Investment in smart meters worldwide was over $20 billion in 2022, facilitating better energy management

Statistic 14

Investment in offshore wind farms worldwide reached nearly $30 billion in 2023, with Europe leading in capacity additions

Statistic 15

Asia Pacific remains the largest market for power generation, accounting for over 50% of global capacity additions in 2022

Statistic 16

Renewable energy accounted for nearly 29% of global electricity generation in 2022

Statistic 17

Solar power capacity worldwide exceeded 940 GW in 2023

Statistic 18

The levelized cost of electricity (LCOE) for utility-scale solar has dropped by 89% since 2010

Statistic 19

Hydropower remains the largest source of renewable electricity, accounting for about 16% of global electricity production in 2022

Statistic 20

The wind power capacity installed globally reached over 830 GW in 2023

Statistic 21

The EU aims to produce at least 45% of its energy needs from renewables by 2030

Statistic 22

The cost of onshore wind energy has decreased by 70% since 2010, making it one of the cheapest renewable options

Statistic 23

Nearly 60% of new power capacity installed globally in 2022 was renewable

Statistic 24

The average capacity factor for offshore wind farms is around 45%, higher than onshore wind

Statistic 25

The adoption of decentralized power generation (like rooftop solar) grew by 22% globally in 2022

Statistic 26

Global waste-to-energy capacity was estimated at over 100 GW in 2023, supporting waste management and energy needs

Statistic 27

The capacity of global geothermal power reached approximately 15 GW in 2023, representing steady growth

Statistic 28

Global employment in the renewable energy sector exceeded 12 million jobs in 2023, with solar being the largest employer

Statistic 29

Electric power generation from biomass contributed approximately 3.2% of global electricity in 2022

Statistic 30

China led the world with over 350 GW of solar capacity installed in 2023, maintaining its position as the largest solar market

Statistic 31

The global market for power electronics in renewable energy systems is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% through 2027

Statistic 32

The adoption of smart grid technology is growing at a compound annual growth rate of 18% from 2022 to 2027

Statistic 33

Battery storage capacity worldwide surpassed 17 GW in 2023, representing a significant increase from previous years

Statistic 34

The increase in global electricity storage deployments could enable a 45% rise in renewable energy integration by 2030

Statistic 35

The global electric vehicle (EV) stock reached 45 million units in 2023, increasing energy demand for charging

Statistic 36

The global energy intensity (energy per unit of GDP) has decreased by about 1.8% annually since 2010, indicating increased efficiency

Statistic 37

According to BloombergNEF, the levelized cost of battery storage has fallen by 55% since 2018, boosting grid resilience

Statistic 38

Power outages in the US caused economic losses exceeding $150 billion annually, primarily due to aging infrastructure

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Key Highlights

The global power market is projected to reach a value of $4.8 trillion by 2027
Renewable energy accounted for nearly 29% of global electricity generation in 2022
Solar power capacity worldwide exceeded 940 GW in 2023
The levelized cost of electricity (LCOE) for utility-scale solar has dropped by 89% since 2010
Hydropower remains the largest source of renewable electricity, accounting for about 16% of global electricity production in 2022
Coal still supplies approximately 36% of the world's electricity, making it the largest single source
The global electricity demand is expected to see an annual growth rate of 2.4% from 2023 to 2028
The adoption of smart grid technology is growing at a compound annual growth rate of 18% from 2022 to 2027
Nuclear power generated about 10.4% of global electricity in 2022
Battery storage capacity worldwide surpassed 17 GW in 2023, representing a significant increase from previous years
The wind power capacity installed globally reached over 830 GW in 2023
The EU aims to produce at least 45% of its energy needs from renewables by 2030
According to IRENA, investing $131 trillion globally in renewable energy could help meet climate goals by 2050

The power industry is undergoing a seismic shift, with renewable energy poised to dominate a global market projected to hit $4.8 trillion by 2027, as innovations lower costs, expand capacity, and reshape the energy landscape worldwide.

Fossil Fuels and Transition Strategies

Coal still supplies approximately 36% of the world's electricity, making it the largest single source
The global electricity demand is expected to see an annual growth rate of 2.4% from 2023 to 2028
Nuclear power generated about 10.4% of global electricity in 2022
The share of coal-fired power plants retrofitted with carbon capture technology is less than 0.3% of total capacity globally
The United States generated about 19% of its electricity from natural gas in 2022
The European Union plans to phase out coal power plants by 2030, with some regions set for earlier closures
The share of electricity generated from natural gas is expected to increase in several regions, including the Middle East and Africa, by 2025

Fossil Fuels and Transition Strategies Interpretation

As the world charts a 2.4% annual growth in electricity demand amid a sluggish 0.3% adoption of cleaner coal technology and ambitious EU coal phase-outs, it seems we’re balancing on a power roulette wheel—betting on natural gas’s expansion while nuclear and renewables still strive to tip the scales toward a sustainable grid.

Investment and Market Economics

The global power market is projected to reach a value of $4.8 trillion by 2027
According to IRENA, investing $131 trillion globally in renewable energy could help meet climate goals by 2050
The global power transmission and distribution equipment market is expected to reach $313 billion by 2027
Electricity prices in the US have increased by an average of 3.2% annually over the past decade
The total investment in grid modernization reached approximately $600 billion globally between 2020 and 2023
Investment in smart meters worldwide was over $20 billion in 2022, facilitating better energy management
Investment in offshore wind farms worldwide reached nearly $30 billion in 2023, with Europe leading in capacity additions

Investment and Market Economics Interpretation

As the global power industry surges toward a $4.8 trillion valuation and a $131 trillion renewable ambition—fueling a $313 billion equipment market, a $600 billion grid upgrade, and a $20 billion smart meter boost—it's clear that while electricity prices rise and offshore wind leads Europe's charge, the true challenge lies in transforming investments into a sustainable, resilient energy future.

Regional Development and Policy Initiatives

Asia Pacific remains the largest market for power generation, accounting for over 50% of global capacity additions in 2022

Regional Development and Policy Initiatives Interpretation

Asia Pacific’s dominance in power generation, contributing over half of global capacity additions in 2022, underscores its pivotal role in shaping the future of global energy—where growth is no longer just a trend, but a regional statement of power.

Renewable Energy and Power Generation Trends

Renewable energy accounted for nearly 29% of global electricity generation in 2022
Solar power capacity worldwide exceeded 940 GW in 2023
The levelized cost of electricity (LCOE) for utility-scale solar has dropped by 89% since 2010
Hydropower remains the largest source of renewable electricity, accounting for about 16% of global electricity production in 2022
The wind power capacity installed globally reached over 830 GW in 2023
The EU aims to produce at least 45% of its energy needs from renewables by 2030
The cost of onshore wind energy has decreased by 70% since 2010, making it one of the cheapest renewable options
Nearly 60% of new power capacity installed globally in 2022 was renewable
The average capacity factor for offshore wind farms is around 45%, higher than onshore wind
The adoption of decentralized power generation (like rooftop solar) grew by 22% globally in 2022
Global waste-to-energy capacity was estimated at over 100 GW in 2023, supporting waste management and energy needs
The capacity of global geothermal power reached approximately 15 GW in 2023, representing steady growth
Global employment in the renewable energy sector exceeded 12 million jobs in 2023, with solar being the largest employer
Electric power generation from biomass contributed approximately 3.2% of global electricity in 2022
China led the world with over 350 GW of solar capacity installed in 2023, maintaining its position as the largest solar market
The global market for power electronics in renewable energy systems is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% through 2027

Renewable Energy and Power Generation Trends Interpretation

With nearly 29% of global electricity now generated from renewables—powered by over 940 GW of solar, 830 GW of wind, and a steady rise in hydro, geothermal, and waste-to-energy—it's clear that the energy transition is not just on the horizon but rapidly transforming the grid into a cleaner, more decentralized, and cost-effective reality, even as China continues to lead the charge.

Technological Advancements and Infrastructure

The adoption of smart grid technology is growing at a compound annual growth rate of 18% from 2022 to 2027
Battery storage capacity worldwide surpassed 17 GW in 2023, representing a significant increase from previous years
The increase in global electricity storage deployments could enable a 45% rise in renewable energy integration by 2030
The global electric vehicle (EV) stock reached 45 million units in 2023, increasing energy demand for charging
The global energy intensity (energy per unit of GDP) has decreased by about 1.8% annually since 2010, indicating increased efficiency
According to BloombergNEF, the levelized cost of battery storage has fallen by 55% since 2018, boosting grid resilience
Power outages in the US caused economic losses exceeding $150 billion annually, primarily due to aging infrastructure

Technological Advancements and Infrastructure Interpretation

As the power industry accelerates its smart grid adoption at an 18% CAGR and battery storage capacity surges beyond 17 GW, these technological strides—but also the rapid EV boom and aging infrastructure—highlight that while we're charging ahead toward a more efficient and renewable future, critical investments are still urgently needed to prevent costly outages from flashing a warning sign.