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Power Generation, Transmission And Control Equipment Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033
Power Generation, Transmission And Control Equipment Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to growth in industrialization, grid expansion, rural electrification programs, nuclear power development, government incentives.
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%. The growth in the forecast period can be attributed to growing decentralized energy systems, electric vehicle charging infrastructure, resilience planning, economic growth, demand for smart appliances. Major trends in the forecast period include digitalization and industry 4.0, cybersecurity for critical infrastructure, hybrid power systems, artificial intelligence (ai) in grid management, carbon capture and storages.
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Market Drivers and Trends:
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 .
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 .
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Major Key Players of the Market:
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.
Power Generation, Transmission And Control Equipment Market 2024 Key Insights:
• 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%.
• Elevated Demand For Electricity Drives Future Growth In The Power Generation, Transmission, And Control Equipment Market
• Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
• Asia-Pacific was the largest region in the power generation, transmission and control equipment market in 2023
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