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Electric Power Transmission, Control, And Distribution Market Size, Share Analysis, Growth Rate, Trends And Global Forecast To 2032
Electric Power Transmission, Control, And Distribution Market Analysis
The Business Research Company's Electric Power Transmission, Control, And Distribution Global Market Report 2024 identifies increasing applications of electricity in the transportation industry as the major driver for the electric power transmission, control, and distribution market's growth in the forecast period. The electrification of railways in underdeveloped and developing countries; the setting up of public transportation networks such as rapid metro transit systems; and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market.
The electric power transmission, control, and distribution market size has grown strongly in recent years. It will grow from $2,861.55 billion in 2023 to $3,034.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to electrification, population growth, urbanization, industrialization, grid modernization.
The electric power transmission, control, and distribution market size is expected to see strong growth in the next few years. It will grow to $3,740.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to renewable energy integration, energy storage, electrification of transportation, grid resilience and security, decentralization. Major trends in the forecast period include smart grids, distributed energy resources (ders), grid digitalization, electrification of heating and cooling, resilience and microgrid development.
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Major competitors in the electric power transmission, control, and distribution market are Tokyo Electric Power Co Holdings Incorporated, Korea Electric Power Corporation, Iberdrola SA, Electricite De France SA, E.ON SE, American Electric Power Co Inc.
A key trend in the electric power transmission, control, and distribution market includes evolving utility business models in the power generation market. Distributed generation refers to localized power generation using solar panels and other low-cost technologies to produce electricity close to the point of consumption. Consumers are switching to more cost-effective and controlled distributed generation networks. Therefore, electric power generation companies should now focus on distributed generation rather than a centralized electricity generation model. Many companies are also using new revenue models and incentives instead of traditional cost-of-service models. For instance, New York's (Reforming Energy Vision) REV docket is focused on distributed generation and performance-based incentives to push utilities to serve grid needs. Electric utilities in states like California, Minnesota, and Massachusetts are also involved with the REV initiative. According to the IEA's semi-annual Power Market Report, worldwide electricity demand increased by roughly 5% in 2021 and is expected to increase by 4% in 2022, owing to the global economic recovery.
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The electric power transmission, control, and distribution market is segmented -
1) By Type: Electric Power Distribution, Electric Bulk Power Transmission And Control
2) By Distribution Channel: Online, Offline
3) By Application: Government, Commercial, Residential
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the electric power transmission, control, and distribution market.
The Business Research Company's "Global Electric Power Transmission, Control, And Distribution Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Power Transmission, Control, And Distribution Market Include:
1. Executive Summary
2. Electric Power Transmission, Control, And Distribution Market Characteristics
3. Electric Power Transmission, Control, And Distribution Product/Service Analysis -Product/Service Examples
4. Electric Power Transmission, Control, And Distribution Market Trends And Strategies
5. Electric Power Transmission, Control, And Distribution Market - Macro Economic Scenario
…….
68. Global Electric Power Transmission, Control, And Distribution Market Competitive Benchmarking
69. Global Electric Power Transmission, Control, And Distribution Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Electric Power Transmission, Control, And Distribution Market
71. Electric Power Transmission, Control, And Distribution Market Future Outlook and Potential Analysis
72. Appendix
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