# Power Generation
Fossil, nuclear and renewable generation and the equipment behind it.
Theme: Electrification (Energy and resources). Page: https://thematiq.io/themes/electrification/power-generation/
## Key facts
- **The market: $99bn** Power generation equipment (Market.us, 2024)
- **Growth: +5.1%** Power generation equipment (growth, a year) (Market.us, 2025-2034)
- **The build: 3** of the 8 parts in the Electrification Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 37** companies worth $1.3 trillion, earning on average 72% of their revenue here (Annual reports and exchange data, 2026-10-28)
## What it holds
Listed companies that earn their revenue supplying these parts of the Electrification Supercycle bill of materials, each read from its own reports.
| Part | 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 |
## 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 |
By listing country: United States 76%, Germany 9%, Canada 8%, China 4%, Japan 3%, Israel 0%.
## The market
- Power generation equipment: $99bn (2024), Market.us
- Power generation equipment (growth, a year): +5.1% (2025-2034), Market.us
- Power generation equipment: $236bn (2024), Market Research Future
- Power generation equipment (growth, a year): +5.0% (2025-2035), Market Research Future
- Industrial power generation equipment only: $76bn (2024), Global Market Insights
- Industrial power generation equipment only (growth, a year): +5.3% (2025-2034), Global Market Insights
- All gas turbines: $26bn (2024), Research and Markets
- All gas turbines (growth, a year): +3.1% (2025-2033), Research and Markets
- Gas turbines: $11bn (unconfirmed), Polaris Market Research
- Gas turbines (growth, a year): +3.9% (to 2034), Polaris Market Research
- Gas turbines for power generation only: $6.5bn (2024), Global Market Insights
- Gas turbines for power generation only (growth, a year): +5.7% (2025-2034), Global Market Insights
- Nuclear power: $39bn (2024), MarketsandMarkets
- Nuclear power (growth, a year): +2.9% (2024-2029), MarketsandMarkets
- Nuclear power: $35bn (2024), Straits Research
- Nuclear power (growth, a year): +3.1% (2024-2032), Straits Research
- Nuclear power: 35,501.0 USD million (2024), Credence Research
- Uranium enrichment only: $14bn (2024), Kings Research
- Uranium enrichment only (growth, a year): +4.1% (2024-2031), Kings Research
- Solar power equipment: $180bn (2024), Market.us
- Solar power equipment (growth, a year): +9.4% (to 2034), Market.us
- Solar power equipment: $100bn (2024), Market Research Future
- Solar PV manufacturing equipment (factory tools, not panels): $17bn (2024), Global Market Insights
- Solar PV manufacturing equipment (factory tools, not panels) (growth, a year): +23% (2025-2034), Global Market Insights
- Wind turbines: $168bn (2024), The Business Research Company
- Wind turbines (growth, a year): +11% (2023-2024 (historical period)), The Business Research Company
- Large wind turbines: $61bn (2024), Market.us
- Large wind turbines (growth, a year): +6.3% (2025-2034), Market.us
- Wind energy market (broader, less clearly defined than turbines alone): $174bn (2024), Global Market Insights
- Wind energy market (broader, less clearly defined than turbines alone) (growth, a year): +11% (to 2034), Global Market Insights
No 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.
### 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
## What it is not
- 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
Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.