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Electric Power Generation, Transmission, And Distribution Market Size, Share Growth 2024-2033
Electric Power Generation, Transmission, And Distribution Market
Electric Power Generation, Transmission, And Distribution Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6423.68 billion In 2028 At A CAGR Of 6.0% :
The electric power generation, transmission, and distribution market size has grown strongly in recent years. It will grow from $4775.54 billion in 2023 to $5089.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to fossil fuel-based generation, industrialization, population growth, grid expansion, advancements in power generation technologies.
The electric power generation, transmission, and distribution market size is expected to see strong growth in the next few years. It will grow to $6423.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to renewable energy transition, decentralization and distributed energy resources (ders), energy storage integration, electrification of transportation, grid modernization and digitalization. Major trends in the forecast period include smart grids, microgrids, electrification of heating and cooling, grid resilience and security, hydrogen as an energy carrier.
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Electric Power Generation, Transmission, And Distribution Market Major Segments
The electric power generation, transmission, and distribution market covered in this report is segmented -
1) By Type: Electric Power Transmission, Control, And Distribution, Power Generation
2) By Type of Operator: Public Operator, Private Operator
3) By End-User: Residential, Commercial, Industrial
Subsegments Covered: Electric Power Distribution, Electric Bulk Power Transmission And Control, Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
Key Driver - Increased Investment Activity Expected To Boost Power Generation Industry
The power generation industry is expected to see increased investment activity in the forecast period. Investments in microgrid technology, renewable energy, and other advanced technologies are expected to drive the market. According to the Global Innovation Report, the total capacity of microgrids is expected to reach 1.2 GW by 2024 in North America, with an annual revenue of $4.2 billion. The United States Senate enacted a $1.2 trillion infrastructure bill in August 2021, which includes financing to accelerate clean energy initiatives. The growing investment in power generation will drive the growth of the electric power generation, transmission, and distribution markets.
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Prominent Trend - Growing Role Of Battery-Based Solar Energy Storage In Power Generation
Electric power generation companies are increasingly using batteries to store solar energy during daylight hours. These energy-storage sites consist of large lithium-ion batteries. These batteries store enough energy to serve as a backup in case of fuel shortages. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital-intensive power generation plants, thereby enhancing transmission and distribution efficiencies and thus reducing operational costs. For instance, by 2025, the World Bank Group aims to fund 17.5-gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations.
Electric Power Generation, Transmission, And Distribution Market Players
Major companies operating in the electric power generation, transmission, and distribution market include Electricite De France SA, Enel SpA, Tokyo Electric Power Co Holdings Incorporated, E.ON SE, Korea Electric Power Corporation, State Power Investment Corporation, Iberdrola SA, Exelon Corp, Engie SA, Duke Energy Corp, American Electric Power Co Inc., Ameren Corporation, American Transmission Co, Avangrid Inc., Berkshire Hathaway Inc., Black Hills Corporation, Calpine Corp, CenterPoint Energy Inc., Dominion Energy Inc., Southern California Edison Company, El Paso Electric Railway Company, Engie North America Inc., Entergy Corporation, Exelon Corporation, FirstEnergy Corp, Great Plains Energy Incorporated, Hawaiian Electric Industries Inc., Idaho Power Co, MidAmerican Energy Co, National Grid Plc, NextEra Energy Inc., NRG Energy Inc., Oncor Inc., Pacific Gas and Electric Company, Pennsylvania Power & Light Corp, Public Service Enterprise Group Inc., Southern Company, Xcel Energy Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric power generation, transmission, and distribution market in 2023. Western Europe was the second largest region in the electric power generation, transmission, and distribution market. The regions covered in the electric power generation, transmission, and distribution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Power Generation, Transmission, And Distribution Market Report Structure
3. Electric Power Generation, Transmission, And Distribution Market Trends And Strategies
4. Electric Power Generation, Transmission, And Distribution Market - Macro Economic Scenario
5. Electric Power Generation, Transmission, And Distribution Market Size And Growth
…..
27. Electric Power Generation, Transmission, And Distribution Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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