The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global electric power transmission, control, and distribution market are poised for substantial growth, driven by rising electricity demand and evolving utility business models. Let’s explore the key factors propelling this growth and the transformative trends shaping the electric power sector.

Robust Market Growth and Projections

• Market Growth Projection:
  • Expected growth from $2,702.0 billion (2022) to $2,883.31 billion (2023) at a CAGR of 6.7%.
  • Anticipated market size of $3,637.43 billion in 2027 at a CAGR of 6%.

Electrifying the Transportation Industry

• Electricity Applications in Transportation:
  • Increasing applications of electricity in transportation industries drive power generation.
  • Electrification of railways in underdeveloped and developing countries creates opportunities.
  • Public transportation networks, like rapid metro transit systems, contribute to growing electricity demand.
  • Growing use of electric vehicles in developed countries fuels electricity demand.
  • The Office of Rail and Road estimates 13,000 track kilometers need electrification by 2050 in the UK.
  • Edison Electric Institute predicts annual electric vehicle sales in the USA to surpass 1.2 million by 2025.
  • Electric vehicles expected to account for 9% of global electricity demand by 2050.

Evolution in Utility Business Models

• Major Companies in the Market:
  • Tokyo Electric Power Co Holdings Inc., Korea Electric Power Corporation, Iberdrola, Electricite De France SA, and E.ON SE.
  • Utility business models shifting from traditional to distributed generation models.
  • Distributed generation involves localized power generation using solar panels and low-cost technologies.
  • Focus on cutting costs and improving transmission and distribution efficiencies.
  • Consumers embracing cost-effective and controlled distributed generation networks.
  • Transition from centralized to distributed generation model for improved efficiency.

New Revenue Models and Incentives

• Innovative Business Approaches:
  • Shift from traditional cost-of-service models to new revenue models.
  • Incentives and performance-based models gaining prominence.
  • New York’s Reforming Energy Vision (REV) docket emphasizes distributed generation and incentives.
  • Electric utilities in states like California, Minnesota, and Massachusetts actively involved in the REV initiative.

Global Electricity Demand and Economic Recovery

• Worldwide Electricity Demand:
  • According to IEA’s semi-annual Power Market Report, global electricity demand increased by 5% in 2021.
  • Expected to rise by 4% in 2022 due to ongoing global economic recovery.
  • The economic rebound contributes to increased energy consumption and electricity demand.

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The Electric Power Transmission, Control, And Distribution Global Market Report 2023  provides comprehensive insights on the electric power transmission, control, and distribution market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the electric power transmission, control, and distribution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Electric Power Generation, Transmission, And Distribution Global Market Report 2023
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