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Power Generation, Transmission And Control Equipment Market Industry Share And Forecast To 2033
Power Generation, Transmission And Control Equipment Market
As per the report, the power generation, transmission and control equipment market size has grown strongly in recent years. It will grow from $554.3 billion in 2023 to $583.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The power generation, transmission and control equipment market size is expected to see steady growth in the next few years. It will grow to $697.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
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Elevated Demand For Electricity Drives Future Growth In The Power Generation, Transmission, And Control Equipment Market
The rising demand for electricity is expected to propel the growth of the power generation, transmission, and control equipment market going forward. Electricity is a form of energy resulting from the existence of charged particles (such as electrons or protons), either statically as an accumulation of charge or dynamically as a current of electrons. Electricity demand attracts investments, spur innovation, and lead to the development of more advanced and efficient technologies, and further encourages research and development efforts to improve the efficiency and reliability of power generation, transmission, and control equipment. For instance, in August 2023, according to Exxon Mobil Corporation, a US-based natural gas company, electricity demand would rise by 1.8%-year, accounting for roughly 50% of this industry by the year 2050. Therefore, rising electricity demand is driving the growth of the power generation, transmission, and control equipment market .
Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
Major companies operating in the power generation, transmission, and control equipment market are focusing on innovative products such as mainspring linear generator to provide reliable services to their customers. A linear generator refers to a type of electrical generator that converts mechanical energy, typically linear (straight-line) motion, directly into electrical energy. For instance, in March 2021, Mainspring Energy Inc. a US-based power generation equipment manufacturing company launched Mainspring Linear Generator. This is a novel low-cost, fully dispatchable, and fuel-flexible power production system for commercial and industrial buildings, utilities, and microgrids. The Mainspring Linear Generator uses a low-temperature, uniform reaction that maintains peak temperatures below the levels in which NOx forms (1500°C), resulting in near-zero NOx emissions .
The power generation, transmission and control equipment market covered in this report is segmented -
1) By Type: Transformer, Electric Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Controls
2) By Application: Residential, Commercial, Automotive, Other Applications
3) By End User Sector: Private, Public
Subsegments Covered: Low Power Transformers (100 MVA to 500 MVA), Medium Power Transformers (501 MVA to 800 MVA), High Power Transformers (801 MVA to 1200 MVA), Electric Motors, Electric Generators, Switchboard, Switchgear, Relays, Industrial Controls
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Major companies operating in the power generation, transmission and control equipment market report are Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Hanwha Group, Schneider Electric SE, Mitsubishi Electric Corp., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Corporation, Cummins Inc., Legrand S.A., Eaton Corporation, Larsen & Toubro Limited, Alstom SA, Nidec Corp., Rolls-Royce Holdings plc, Emerson Electric Co., Amphenol Corp., Kawasaki Heavy Industries Ltd., Rockwell Automation Inc., Fuji Electric Co. Ltd., Wärtsilä Corporation, Bharat Forge Limited, Bharat Heavy Electricals Limited, Bharat Electronics Limited, Crompton Greaves Ltd., Doosan Heavy Industries & Construction Co. Ltd.
Contents of the report:
1. Executive Summary
2. Power Generation, Transmission And Control Equipment Market Report Structure
3. Power Generation, Transmission And Control Equipment Market Trends And Strategies
4. Power Generation, Transmission And Control Equipment Market - Macro Economic Scenario
5. Power Generation, Transmission And Control Equipment Market Size And Growth
…..
27. Power Generation, Transmission And Control Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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