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Increased Investment Activity Expected To Boost Power Generation Industry: Transformative Forces Shaping the Electric Power Generation, Transmission, And Distribution Market Landscape in 2025
Electric Power Generation, Transmission, And Distribution
What Will the Electric Power Generation, Transmission, And Distribution Industry Market Size Be by 2025?
In recent years, there has been significant growth in the market size of electric power generation, transmission, and distribution. The market which is estimated to be worth $5041.61 billion in 2024, is projected to rise to $5295.44 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historic period is due to factors like generation based on fossil fuel, industrial growth, population expansion, enhancement in power generation technologies, and the expansion of the grid.
What's the Long-Term Growth Forecast for the Electric Power Generation, Transmission, And Distribution Market Size Through 2029?
The market size for electric power generation, transmission, and distribution is projected to witness substantial growth in the forthcoming period, scaling up to a value of $6601.28 billion by 2029, with a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this predicted growth within the projected period include the shift towards renewable energy, decentralization and implementation of distributed energy resources (ders), the inclusion of energy storage, the electrification of transport routes, as well as advancements in grid modernization and digitalization. The forecast period also expects to see key trends such as the emergence of smart grids and microgrids, the electrification of heating and cooling systems, enhancements in grid resilience and security, and the adoption of hydrogen as an energy carrier.
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What Are the Key Growth Drivers Fueling the Electric Power Generation, Transmission, And Distribution Market Expansion?
The forecast period is set to witness a surge in investment activity within the power generation sector. The market is poised to be propelled by investments in renewable energy, microgrid technology, and other advanced solutions. As per the Global Innovation Report, North America's microgrid capacity is projected to hit 1.2 GW by 2024, pulling in an annual revenue of $4.2 billion. In August 2021, the US Senate passed an infrastructure bill worth $1.2 trillion, which earmarks funds to expedite clean energy efforts. This escalating investment in power generation is predicted to spur growth in the electric power generation, transmission, and distribution market spaces.
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What Are the Key Trends Driving Electric Power Generation, Transmission, And Distribution Market Growth?
Leaders in the electric power generation, transmission, and distribution industry are putting their efforts towards devising solutions including next-generation nationwide load dispatching systems. Such systems are centralized platforms tailored to balance the supply and demand of electricity across vast geographic areas, resulting in effective grid management. These systems are equipped with features such as load frequency control (LFC), nationwide generator start-stop planning, optimal supply-demand balance, the inclusion of renewable energy sources, scalability, flexibility, and a joint interface for multiple operators to ensure improved resilience, cost-effectiveness, and legal compliance. An example is Hitachi, Ltd., a Japan-based multinational company operating in sectors like engineering and electronics, nuclear, transportation, and industrial systems. In November 2024, the company was contracted to construct a next-generation nationwide load dispatching system for Transmission and Distribution IT & OT Systems LLC, an amalgamation of Japan's leading power transmission companies. Utilizing the widely-recognized Network Manager package from Hitachi Energy, the system will streamline electricity distribution all over Japan, bolster resilience, and facilitate the nation's shift to carbon neutrality via enhanced energy management and incorporation of renewable energy.
How Is the Electric Power Generation, Transmission, And Distribution Market Segmented?
The electric power generation, transmission, and distributionmarket 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 Companies Are Leading the Charge in Electric Power Generation, Transmission, And Distribution Market Innovation?
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.
Which Regions Are Leading the Global Electric Power Generation, Transmission, And Distribution Market in Revenue?
Asia-Pacific was the largest region in the electric power generation, transmission, and distribution market in 2024. 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.
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