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Growing Use Of Electricity In The Transportation Industry Boosts Electric Power Transmission, Control, And Distribution Market: The Driving Engine Behind Electric Power Transmission, Control, And Distribution Market Evolution in 2025
Electric Power Transmission, Control, And Distribution Market
Electric Power Transmission, Control, And Distribution Market Size Growth Forecast: What to Expect by 2025?
The market size for electric power transmission, control, and distribution has witnessed a significant growth in the past few years. It is forecasted to expand from $3024.41 billion in 2024 to $3178.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.1%. Factors such as electrification, population increase, urbanization, industrialization, and grid modernization contributed to the growth observed during the historic time frame.
How Will the Electric Power Transmission, Control, And Distribution Market Size Evolve and Grow by 2029?
The market for electric power transmission, control, and distribution is predicted to witness significant expansion in the forthcoming years. The market is expected to escalate to a value of $3967.99 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth during this period can be linked to factors such as the incorporation of renewable energy, energy storage, the electrification of transport, grid toughness, and privacy, and decentralization. Some of the key trends predicted for this period are the adoption of smart grids, introduction of distributed energy resources (ders), digitalization of the grid, electrification of heating and cooling systems, resilience, and the evolution of microgrids.
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What Drivers Are Propelling the Growth of Electric Power Transmission, Control, And Distribution Market Forward?
Expected growth in the use of electricity for powering vehicles in the transportation sector signifies increased electricity demand, and is anticipated to push the electric power transmission, control, and distribution market forward. Use of electricity in the transportation industry pertains to employing electrical power as the chief energy source for running vehicles and infrastructure, thereby promoting eco-friendly and efficient mobility options. Progress in battery technology, government incentives, the urgent need to cut down on carbon emissions, and increased investments in electric vehicle infrastructure are factors propelling the broader use of electricity in the transportation industry. Electric power transmission, control, and distribution procedures facilitate effective delivery and regulation of electricity, ensuring dependable electric supply and grid stability for the burgeoning electric transportation systems. For instance, data from the International Council on Clean Transportation, a non-profit organization in the US, shows that since the third quarter of 2021, quarterly sales of electric vehicles (EVs) have been consistently on the rise, with their proportion of total sales of light-duty vehicles escalating from around 3% in Q1 of 2021 to over 10% by Q3 of 2023. Consequently, the amplified use of electricity in the transportation industry is projected to further stimulate the electric power transmission, control, and distribution market.
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Which Emerging Trends Are Transforming the Electric Power Transmission, Control, And Distribution Market in 2025?
The paradigm of utility business models is in a state of constant flux, shifting from traditional modes of electricity generation toward newer, more cost-efficient models such as distributed generation. The concept of distributed generation centers around local power production using affordable technologies like solar panels, providing electricity in close proximity to where it is needed. This shift has led consumers to adopt more cost-effective, controlled distributed generation networks. Consequently, electric power generation corporations must now prioritize distributed generation over centralized models. Many enterprises are swapping traditional cost-of-service models for innovative revenue models and incentives. For instance, New York's REV initiative, aimed at distributed generation and performance-based incentives, encourages utilities to fulfill grid requirements. Electric utility companies in states like California, Minnesota, and Massachusetts are also participating in the REV movement. The IEA's semi-annual Power Market Report highlighted that global electricity demand escalated by around 5% in 2021, and it is predicted to surge by 4% in 2022, driven by worldwide economic resurgence.
What Are the Key Segments in the Electric Power Transmission, Control, And Distribution Market?
The electric power transmission, control, and distributionmarket 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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Who Are the Key Players Shaping the Electric Power Transmission, Control, And Distribution Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth 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 2024. 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.
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