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Elevated Demand For Electricity Drives Future Growth In The Power Generation, Transmission, And Control Equipment Market: Key Factor Driving The Growth In The Power Generation, Transmission And Control Equipment Market
Power Generation, Transmission And Control Equipment Market
What Is the Current Power Generation, Transmission And Control Equipment Market Size and Its Estimated Growth Rate?
In the past few years, there has been notable growth in the market size of power generation, transmission and control equipment. The market, which stood at $541.24 billion in 2024, is forecasted to increase to $571.12 billion in 2025, marking a compound annual growth rate (CAGR) of 5.5%. The historical growth has been driven by factors such as increased industrialization, grid expansion, programs for rural electrification, nuclear power progress, and government incentives.
The size of the market for power generation, transmission, and control equipment is projected to experience consistent growth in the upcoming years, expecting to reach $679.7 billion by 2029 at a compound annual growth rate (CAGR) of 4.4%. The predicted growth through the forecast period can be linked to the expansion of decentralized energy systems, infrastructure for charging electric vehicles, resilience planning, economic advancement, and the demand for intelligent appliances. Key trends during the forecast period encompass digitalization and industry 4.0, cybersecurity intended for crucial infrastructure, hybrid power systems, the integration of artificial intelligence (AI) in grid control, and carbon capture and storage systems.
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How Are Emerging Segments Shaping the Power Generation, Transmission And Control Equipment Market Landscape?
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:
1) By Transformer: Power Transformer, Distribution Transformer, Instrument Transformer
2) By Electric Motor And Generator: AC Motors, DC Motors, Synchronous Generators, Asynchronous Generators
3) By Switchgear And Switchboard Apparatus: High Voltage Switchgear, Low Voltage Switchgear, Circuit Breakers, Disconnect Switches
4) By Relay And Industrial Controls: Electromechanical Relays, Solid State Relays, Programmable Logic Controllers (PLCs), Control Panels
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Which Growth Factors Are Influencing Power Generation, Transmission And Control Equipment Market Expansion?
The power generation, transmission, and control equipment market is poised for growth due to escalating electricity demand. Electricity, produced by charged particles like electrons or protons, becomes a catalyst that draws investment, sparks innovation, and prompts the creation of more sophisticated and efficient technologies. This cycle reinforces and deepens research and development work aimed at enhancing the efficiency and reliability of power generation, transmission, and control equipment. Exxon Mobil Corporation, a US-based natural gas company, predicted in August 2023 that electricity demand will grow annually by 1.8%, making up approximately half of the industry by 2050. Thus, the surge in electricity demand is propelling the expansion of the power generation, transmission, and control equipment market.
Who Are the Dominant Players Across Different Power Generation, Transmission And Control Equipment Market Segments?
Major companies operating in the power generation, transmission and control equipment market include Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Schneider Electric SE, Mitsubishi Electric Corp., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Corporation, Cummins Inc., Eaton Corporation, Larsen & Toubro Limited, Alstom SA, Nidec Corp., Rolls-Royce Holdings plc, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Rockwell Automation Inc., Fuji Electric Co. Ltd., Wärtsilä Corporation, Bharat Heavy Electricals Limited, Bharat Electronics Limited, Crompton Greaves Ltd., Doosan Heavy Industries & Construction Co. Ltd.
What Power Generation, Transmission And Control Equipment Market Trends Are Gaining Traction Across Different Segments?
Prominent firms involved in the market for power generation, transmission, and control equipment are placing emphasis on pioneering products like liquid-cooled motors. These motors use circulating liquid to regulate their temperature, thwart overheating, and enhance performance by dispersing surplus heat through a cooling system. For example, ABB Ltd., an automation enterprise based in Switzerland, launched the IE5 SynRM motor in February 2024. By combining ultra-efficient SynRM technology with high-powered liquid cooling, IE5 SynRM liquid-cooled motors provide compact yet potent solutions that minimize energy and maintenance costs, making them a preferable substitute for traditional induction motors.
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Which Geographic Regions Are Expected to Dominate the Power Generation, Transmission And Control Equipment Market in the Coming Years?
Asia-Pacific was the largest region in the power generation, transmission and control equipment market in 2024. Western Europe was the second largest region in the power generation, transmission and control equipment market. The regions covered in the power generation, transmission and control equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Generation, Transmission And Control Equipment Market?
2. What is the CAGR expected in the Power Generation, Transmission And Control Equipment Market?
3. What Are the Key Innovations Transforming the Power Generation, Transmission And Control Equipment Industry?
4. Which Region Is Leading the Power Generation, Transmission And Control Equipment Market?
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