Electric Power Generation, Transmission, And Distribution Market
Overview and Scope
Electric power generation and transmission refer to the different stages of carrying electricity over poles and wires from generators to a home or a business. Electricity distribution refers to the activities of managing and operating electricity works in order to transmit electric energy from the transmission grids to electricity-using organizations and individuals.
Sizing and Forecast
The electric power generation, transmission, and distribution market size has grown strongly in recent years. It will grow from $4775.54 billion in 2023 to $5089.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to fossil fuel-based generation, industrialization, population growth, grid expansion, advancements in power generation technologies.
The electric power generation, transmission, and distribution market size is expected to see strong growth in the next few years. It will grow to $6423.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to renewable energy transition, decentralization and distributed energy resources (ders), energy storage integration, electrification of transportation, grid modernization and digitalization. Major trends in the forecast period include smart grids, microgrids, electrification of heating and cooling, grid resilience and security, hydrogen as an energy carrier.
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Segmentation & Regional Insights
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 Covered: Electric Power Distribution, Electric Bulk Power Transmission And Control, Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
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.
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Major Driver Impacting Market Growth
The power generation industry is expected to see increased investment activity in the forecast period. Investments in microgrid technology, renewable energy, and other advanced technologies are expected to drive the market. According to the Global Innovation Report, the total capacity of microgrids is expected to reach 1.2 GW by 2024 in North America, with an annual revenue of $4.2 billion. The United States Senate enacted a $1.2 trillion infrastructure bill in August 2021, which includes financing to accelerate clean energy initiatives. The growing investment in power generation will drive the growth of the electric power generation, transmission, and distribution markets.
Key Industry Players
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.
The electric power generation, transmission, and distribution market report table of contents includes:
1. Executive Summary
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