The Electric Power Transmission, Control, And Distribution Global Market Report 2023 by The Business Research Company, provides electric power transmission, control, and distribution market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Electric Power Transmission, Control, And Distribution Global Market Report 2023, the global electric power transmission, control, and distribution market size will grow from $2,702.0 billion in 2022 to $2,883.31 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The size of electric power transmission, control, and distribution market is expected to grow to $3,637.43 billion in 2027 at a compound annual growth rate (CAGR) of 6%.
The increasing applications of electricity in the transportation industry are expected to increase the electricity demand, driving the power generation market. The electrification of railways in underdeveloped and developing countries; the setting up of public transportation networks such as rapid metro transit systems; and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market.
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The electric power transmission, control, and distribution market is segmented:
1) By Type: Electric Power Distribution, Electric Bulk Power Transmission And Control
2) By Application: Government, Commercial, Residential
3) By Distribution Channel: Online, Offline
Utility business models are continuously evolving from traditional electricity generation models to new business models such as distributed generation models to cut costs and improve transmission and distribution efficiencies. Distributed generation refers to localized power generation using solar panels and other low-cost technologies to produce electricity close to the point of consumption. Consumers are switching to more cost-effective and controlled distributed generation networks. Therefore, electric power generation companies should now focus on distributed generation rather than a centralized electricity generation model. Many companies are also using new revenue models and incentives instead of traditional cost-of-service models. For instance, New York’s (Reforming Energy Vision) REV docket is focused on distributed generation and performance-based incentives to push utilities to serve grid needs. Electric utilities in states like California, Minnesota, and Massachusetts are also involved with the REV initiative. According to the IEA’s semi-annual Power Market Report, worldwide electricity demand increased by roughly 5% in 2021 and is expected to increase by 4% in 2022, owing to the global economic recovery.
The electric power transmission, control, and distribution market report table of contents includes:
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