What it holds
Power Generation follows the money through the Electrification bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Fossil Fuel Generation | fossil power generation, gas turbines |
| Nuclear Power Generation | nuclear power generation, nuclear reactors components, nuclear fuel cycle |
| Renewable Power Generation | renewable power producers, solar equipment, wind equipment |
How it breaks down
- United States76%
- Germany9%
- Canada8%
- China4%
- Japan3%
- Mega cap (over $200bn)4%
- Large cap ($10bn to $200bn)51%
- Mid cap ($2bn to $10bn)25%
- Small cap (under $2bn)19%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Xcel Energy | XEL.XNAS | $48 billion |
| Southern | SO.XNYS | $103 billion |
| Nextera Energy | NEE.XNYS | $169 billion |
| First Solar | FSLR.XNAS | $19 billion |
| Duke Energy | DUK.XNYS | $96 billion |
| Canadian Solar | CSIQ.XNAS | $650 million |
| Enphase Energy | ENPH.XNAS | $3 billion |
| Brookfield Renewable Partners L.P. | BEP-UN.TO | $8 billion |
| Clearway Energy | CWEN.XNYS | $7 billion |
| Array Technologies | ARRY.XNAS | $548 million |
| Nextpower | NXT.XNAS | $11 billion |
| GE Vernova | GEV.XNYS | $232 billion |
| Siemens Energy AG | ENR.XETRA | $128 billion |
| Nordex SE | NDX1.XETRA | $10 billion |
| Tongwei | 600438.SHG | $8 billion |
The market
Power generation equipment
Market.us, 2024Wind energy market (broader, less clearly defined than turbines alone)
Global Market Insights, 2024All gas turbines
Research and Markets, 2024Nuclear power
MarketsandMarkets, 2024No single figure covers the whole segment; whole-segment equipment estimates range from USD 99.3 bn to 236.14 bn for 2024, and the parts (gas turbines, nuclear, solar, wind) use different scopes, so vendor figures disagree widely and are forecasts rather than measured volumes.
All 30 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Power generation equipment (growth, a year) | +5.1% | 2025-2034 | Market.us |
| Power generation equipment (growth, a year) | +5.0% | 2025-2035 | Market Research Future |
| Power generation equipment | $99bn | 2024 | Market.us |
| Power generation equipment | $236bn | 2024 | Market Research Future |
| Wind energy market (broader, less clearly defined than turbines alone) (growth, a year) | +11% | to 2034 | Global Market Insights |
| Wind energy market (broader, less clearly defined than turbines alone) | $174bn | 2024 | Global Market Insights |
| All gas turbines (growth, a year) | +3.1% | 2025-2033 | Research and Markets |
| All gas turbines | $26bn | 2024 | Research and Markets |
| Gas turbines (growth, a year) | +3.9% | to 2034 | Polaris Market Research |
| Gas turbines | $11bn | unconfirmed | Polaris Market Research |
| Gas turbines for power generation only (growth, a year) | +5.7% | 2025-2034 | Global Market Insights |
| Gas turbines for power generation only | $6.5bn | 2024 | Global Market Insights |
| Industrial power generation equipment only (growth, a year) | +5.3% | 2025-2034 | Global Market Insights |
| Industrial power generation equipment only | $76bn | 2024 | Global Market Insights |
| Large wind turbines (growth, a year) | +6.3% | 2025-2034 | Market.us |
| Large wind turbines | $61bn | 2024 | Market.us |
| Nuclear power (growth, a year) | +2.9% | 2024-2029 | MarketsandMarkets |
| Nuclear power (growth, a year) | +3.1% | 2024-2032 | Straits Research |
| Nuclear power | $39bn | 2024 | MarketsandMarkets |
| Nuclear power | $35bn | 2024 | Straits Research |
| Nuclear power | 35,501.0 USD million | 2024 | Credence Research |
| Solar power equipment (growth, a year) | +9.4% | to 2034 | Market.us |
| Solar power equipment | $180bn | 2024 | Market.us |
| Solar power equipment | $100bn | 2024 | Market Research Future |
| Solar PV manufacturing equipment (factory tools, not panels) (growth, a year) | +23% | 2025-2034 | Global Market Insights |
| Solar PV manufacturing equipment (factory tools, not panels) | $17bn | 2024 | Global Market Insights |
| Uranium enrichment only (growth, a year) | +4.1% | 2024-2031 | Kings Research |
| Uranium enrichment only | $14bn | 2024 | Kings Research |
| Wind turbines (growth, a year) | +11% | 2023-2024 (historical period) | The Business Research Company |
| Wind turbines | $168bn | 2024 | The Business Research Company |
Questions
- What is Power Generation?
- Fossil, nuclear and renewable generation and the equipment behind it.
- What does Power Generation hold?
- Listed companies that earn their revenue from the parts it takes to build Electrification Supercycle: Fossil Fuel Generation, Nuclear Power Generation, Renewable Power Generation. 37 companies as of 2026-10-28.
- What is not in Power Generation?
- Gas turbines and reciprocating gas gensets: Fossil Fuel Generation, not Energy Storage & Grid Flexibility; only behind-the-meter systems sold as a microgrid package: Energy Storage & Grid Flexibility Solar panels, inverters and wind turbines: Renewable Power Generation, not Energy Storage & Grid Flexibility; distributed generation holds only non-renewable onsite generation and integrated systems Solar and wind inverters and converters: Renewable Power Generation, not Power Solutions & Components; UPS, data center power supplies and discrete semiconductors: Power Solutions & Components
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: about.bnef.com/insights/clean-energy/bloombergnef-finds-glob · cryptobriefing.com/iea-us-coal-gas-power-spending-50b/ · globalenergymonitor.org/article/press-releases/report-global · globalenergymonitor.org/report/betting-big-on-data-centers-u · globalenergymonitor.org/sites/default/files/2026-05/GEM-Boom · iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3c · rmi.org/resources/five-takeaways-from-ieas-report-on-world-e · axios.com/2026/08/26/global-energy-monitor-us-natural-gas-pr · cfainstitute.org/insights/articles/new-tech-driving-nuclear- · gminsights.com/industry-analysis/gas-turbine-market · iea.org/news/impacts-of-middle-east-conflict-set-to-reshape- · iea.org/reports/the-path-to-a-new-era-for-nuclear-energy/out · iea.org/reports/world-energy-investment-2025/executive-summa · iea.org/reports/world-energy-investment-2026 · industrialinfo.com/iirenergy/industry-news/article/iea-globa · industrialinfo.com/news/article/iea-global-energy-capex-to-g · nucnet.org/news/nuclear-energy-making-strong-comeback-with-i · sec.gov/Archives/edgar/data/1996810/000199681025000159/gev3q · winssolutions.org/renewable-investment-h1-2026-bnef/
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Gas turbines and reciprocating gas gensets: Fossil Fuel Generation, not Energy Storage & Grid Flexibility; only behind-the-meter systems sold as a microgrid package: Energy Storage & Grid Flexibility
- Solar panels, inverters and wind turbines: Renewable Power Generation, not Energy Storage & Grid Flexibility; distributed generation holds only non-renewable onsite generation and integrated systems
- Solar and wind inverters and converters: Renewable Power Generation, not Power Solutions & Components; UPS, data center power supplies and discrete semiconductors: Power Solutions & Components
- Nuclear island and steam turbine equipment for nuclear plants: Nuclear Power Generation, not Fossil Fuel Generation; gas turbines: Fossil Fuel Generation
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.