Electric power transmission refers 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 transmission, control, and distribution market size has grown strongly in recent years. It will grow from $2861.55 billion in 2023 to $3034.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to electrification, population growth, urbanization, industrialization, grid modernization.
The electric power transmission, control, and distribution market size is expected to see strong growth in the next few years. It will grow to <b>$3740.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. </b> The growth in the forecast period can be attributed to renewable energy integration, energy storage, electrification of transportation, grid resilience and security, decentralization. Major trends in the forecast period include smart grids, distributed energy resources (ders), grid digitalization, electrification of heating and cooling, resilience and microgrid development.
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Segmentation & Regional Insights
The electric power transmission, control, and distribution market 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
Asia-Pacific was the largest region in the electric power transmission, control, and distribution market in 2023. 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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Major Driver Impacting Market Growth
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. For instance, to attain net-zero carbon emissions, the Office of Rail and Road (ORR) estimates that 13,000 track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK, and 179 km kilometers were electrified between 2020 and 2021. According to the Edison Electric Institute (EEI), annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050. Hence, the growing applications of electricity in the transportation industry will further drive the electric power transmission, control, and distribution market.
Key Industry Players
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.
The electric power transmission, control, and distribution market report table of contents includes:
1. Executive Summary
2. Electric Power Transmission, Control, And Distribution Market Characteristics
3. Electric Power Transmission, Control, And Distribution Product/Service Analysis -Product/Service Examples
4. Electric Power Transmission, Control, And Distribution Market Trends And Strategies
5. Electric Power Transmission, Control, And Distribution Market – Macro Economic Scenario
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68. Global Electric Power Transmission, Control, And Distribution Market Competitive Benchmarking
69. Global Electric Power Transmission, Control, And Distribution Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Electric Power Transmission, Control, And Distribution Market
71. Electric Power Transmission, Control, And Distribution Market Future Outlook and Potential Analysis
72. Appendix
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