Electric Power Transmission, Control, And Distribution Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers

How Will the Electric Power Transmission, Control, And Distribution Market Grow, and What Is the Projected Market Size?
The market size for the control, transmission and distribution of electric power has seen considerable expansion in recent years. It is projected to increase from $3095.08 billion in 2024 to $3294.94 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.5%. The growth witnessed in the past period is largely due to factors such as electrification, a growing population, urbanization, industrial developments, and modernization of the grid.

In the coming years, the market size for electric power transmission, control, and distribution is anticipated to experience substantial growth. The sector is projected to expand to a valuation of $4106.59 billion by 2029, with a compound annual growth rate (CAGR) of 5.7%. This projected growth in the forecast period can be credited to factors such as renewable energy integration, energy storage, transportation electrification, grid resilience and security, and decentralization. The key trends likely to shape the forecast period involve smart grids, distributed energy resources (ders), grid digitalization, electrification of heating and cooling systems, resilience and the development of microgrids.

What Key Elements Are Boosting Growth in the Electric Power Transmission, Control, And Distribution Market?
The mounting use of electricity in the transport sector is expected to amplify the demand for electricity, thereby propelling the market for electric power transmission, control, and distribution. Using electrical power as the main source of energy for running vehicles and infrastructure in the transport industry ensures efficient and sustainable mobility solutions. Other factors driving the amplified use of electricity in this sector include improvements in battery technology, incentives from the government, urgent requirements to minimize carbon emissions, and increased investments in the electric vehicle infrastructure. The transmission, control, and distribution of electric power facilitate the effective delivery and control of electricity, maintaining reliable electricity supply and grid stability for the growing electric transport systems. For example, the US-based non-profit organization, the International Council on Clean Transportation, reported in January 2024 that EV sales have consistently increased quarter by quarter since the third quarter of 2021, with their fraction of total light-duty vehicle sales rising from roughly 3% in the first quarter of 2021 to over 10% by the third quarter of 2023. Therefore, the increased use of electricity in the transport industry is predicted to further boost the market for electric power transmission, control, and distribution.

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Who Are the Major Industry Players Fueling Electric Power Transmission, Control, And Distribution Market Expansion?
Major companies operating in the electric power transmission, control, and distribution market include Tokyo Electric Power Co Holdings Incorporated, Korea Electric Power Corporation, Iberdrola SA, Electricite De France SA, E.ON SE, American Electric Power Co Inc., Ameren Corporation, American Transmission Co, Avangrid Inc., Berkshire Hathaway Inc., Black & Veatch Corp, Schneider Electric SE, Burns & Mcdonnell Engineering India Private Ltd., Dominion Energy Inc., Duke Energy Corporation, Southern California Edison Company, Engie SA, Exelon Corporation, Great Southwestern Construction Inc., R. & J Electric LLC, National Grid Plc, NextEra Energy Inc., NRG Energy Inc., Oncor Inc., Pacific Gas and Electric Company, PAR Electrical Contractors LLC., PPL Electric Utilities Corporation, Power Engineers Company, Power Consulting Associates LLC, Quanta Services Inc., Sargent & Lundy LLC, Southwestern Public Service Company, Tennessee Valley Authority, Western Area Power Administration Company.

Which Key Developments Are Influencing the Electric Power Transmission, Control, And Distribution Market?
The progression of utility business structures is relentless, transitioning from conventional electricity production systems to innovative arrangements such as distributed generation models to lower costs and enhance transmission and distribution effectiveness. The concept of distributed generation points to the localized creation of power via cost-efficient tools like solar panels which generate electricity near the consumption point. Consumers are increasingly opting for distributed generation networks as they are more economical and manageable. Generally, this implies electricity production firms should prioritize distributed generation over the centralized electricity production model. A number of firms are shifting from the time-honored cost-of-service models to modern revenue structures and incentives. For instance, New York's Reinventing Energy Vision (REV) program is centered around distributed generation and the implementation of performance-based rewards to persuade utilities towards grid needs. Electric utility firms in states such as California, Minnesota, and Massachusetts are also participating in the REV initiative. As per the IEA's six-monthly Power Market Report, the global electricity demand rose by nearly 5% in 2021 and anticipates to grow by 4% in 2022, triggered by worldwide economic recuperation.

How Is the Segmentation of the Electric Power Transmission, Control, And Distribution Market Defined?
The electric power transmission, control, and distribution market covered in this report 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

Subsegments:
1) By Electric Power Distribution: Low-Voltage Distribution, Medium-Voltage Distribution, High-Voltage Distribution
2) By Electric Bulk Power Transmission And Control: High-Voltage Transmission, Substations, Transmission Lines, Grid Control Systems, Voltage Regulators, Switchgear And Protection Systems

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What Is the Leading Region in the Electric Power Transmission, Control, And Distribution Market?
Asia-Pacific was the largest region in the electric power transmission, control, and distribution market in 2023. Western Europe was the second largest region in the electric power transmission, control, and distribution market. The regions covered in the electric power transmission, control, 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 Transmission, Control, And Distribution Global Market Report?

- Market Size Analysis: Analyze the Electric Power Transmission, Control, And Distribution Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Power Transmission, Control, 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 Transmission, Control, 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 Transmission, Control, And Distribution Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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