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In-Depth Analysis of the Electric Power Generation, Transmission, And Distribution Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Electric Power Generation, Transmission, And Distribution Market
The size of the electric power generation, transmission, and distribution market has experienced a robust growth in the past few years. The market, which is expected to climb from $5167.14 billion in 2024 to $5501.22 billion in 2025, anticipates a compound annual growth rate (CAGR) of 6.5%. Factors contributing to the growth during the historic period include growth in the use of fossil fuel for power generation, industrial advancement, increase in population, expansion of the power grid, and the development in power generation technologies.
The market size of electric power generation, transmission, and distribution is projected to experience significant expansion in the forthcoming years. By 2029, the market is predicted to surge to $6861.95 billion at a compound annual growth rate (CAGR) of 5.7%. This growth during the forecast period is primarily attributed to the shift towards renewable energy, decentralization and evolution of distributed energy resources (ders), incorporation of energy storage, electrification of the transportation sector, and modernizing and digitilization of the grid. Notable trends projected for the forecast period include the adoption of smart grids, microgrids, electrification of heating and cooling systems, resilience and security of the grid, and hydrogen's role as an energy carrier.
What Is Driving the Growth Trajectory of the Electric Power Generation, Transmission, And Distribution Market?
The anticipated forecast period is predicted to witness an upsurge in investment activity within the power generation sector. The market is likely to be propelled by investments in advanced technologies, renewable energy, and microgrid technology. The Global Innovation Report suggests that by 2024, microgrids' total capacity in North America is going to peak at 1.2 GW, generating an annual revenue of $4.2 billion. Additionally, a $1.2 trillion infrastructure bill was passed by the United States Senate in August 2021 aimed at hastening clean energy initiatives. This increasing influx of investment in power generation is slated to spur the growth of the electric power generation, transmission, and distribution markets.
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Which Leading Companies Are Shaping the Growth of the Electric Power Generation, Transmission, And Distribution Market?
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.
What Are the Major Trends Shaping the Electric Power Generation, Transmission, And Distribution Market?
Leading companies in the industry of electric power creation, transmission, and distribution are concentrating on creating solutions like state-of-the-art nationwide load dispatching systems. This kind of system is a centralized platform fashioned to balance the electricity supply and demand over wide geographical areas, thereby ensuring efficient management of the power grid. Key aspects of this system include load frequency control (LFC), nationwide generator initiation and termination planning, optimization of supply and demand, inclusion of renewable power sources, scalability, versatility and a unified user interface for a multitude of operators to guarantee heightened resilience, cost decrease and meeting regulatory criteria. For example, in November 2024, Hitachi, Ltd., a multinational firm based in Japan that operates in fields such as engineering and electronics, nuclear, transportation, and industrial systems, was contracted to construct a first-rate nationwide load dispatching system for Transmission and Distribution IT & OT Systems LLC, a consortium from Japan's top electricity transmission firms. The system will use Hitachi Energy's globally acclaimed Network Manager package to streamline power distribution across Japan, heighten resilience and back the country's shift towards carbon neutrality via enhanced energy management and inclusion of renewable energy.
What Are the Key Segments of the Electric Power Generation, Transmission, And Distribution Market?
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:
1) By Electric Power Transmission: Overhead Transmission Lines, Underground Transmission Lines, High-Voltage Direct Current (HVDC) Transmission, Substations
2) By Control: Grid Management Systems, SCADA (Supervisory Control and Data Acquisition) Systems, Protection and Automation Systems, Power Control Systems, Voltage Regulation Equipment
3) By Distribution: Low-Voltage Distribution Systems, Medium-Voltage Distribution Systems, Smart Grid Technology, Distribution Transformers, Distribution Substations
4) By Power Generation: Fossil Fuel-Based Power Generation, Nuclear Power Generation, Renewable Energy Generation, Hydroelectric Power Generation, Combined Heat and Power (CHP) Generation, Distributed Power Generation
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Which Region Dominates the Electric Power Generation, Transmission, And Distribution 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.
What Is Covered In The Electric Power Generation, Transmission, And Distribution Global Market Report?
- Market Size Analysis: Analyze the Electric Power Generation, Transmission, And Distribution Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Power Generation, Transmission, And Distribution Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Power Generation, Transmission, And Distribution Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Power Generation, Transmission, And Distribution Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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