Electric Power Transmission, Control, And Distribution Global Market Report 2024

The electric power transmission, control, and distribution market size has grown strongly in recent years. It will grow from $2,861.55 billion in 2023 to $3,034.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed during the historical period can be attributed to several key factors, including electrification, population growth, urbanization, industrialization, and 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 $3,740.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be ascribed to various factors, including the integration of renewable energy sources, the adoption of energy storage solutions, the electrification of transportation, grid resilience and security enhancements, and the trend towards decentralization. Notable trends in this projected period encompass the development of smart grids, the utilization of distributed energy resources (DERs), grid digitalization, the electrification of heating and cooling systems, and the advancement of resilience and microgrid technologies.

The expanding use of electricity in the transportation sector is anticipated to drive an increased demand for electricity, thereby stimulating growth in the power generation market. This rise in demand for electricity can be attributed to several factors, including the electrification of railways in underdeveloped and developing countries, the establishment of public transportation networks like rapid metro transit systems, and the growing adoption of electric vehicles in developed nations. These developments present significant opportunities for power generation companies operating in the market. For instance, in the UK, to achieve net-zero carbon emissions, the Office of Rail and Road (ORR) estimates that approximately 13,000 track kilometers, or roughly 450 kilometers per year, will need to be electrified by 2050, with 179 kilometers being electrified between 2020 and 2021. Additionally, according to the Edison Electric Institute (EEI), electric vehicle sales in the USA are projected to exceed 1.2 million annually by 2025. Furthermore, it is expected that electric vehicles will account for 9% of the global electricity demand by 2050. Consequently, the increasing utilization of electricity in the transportation sector will play a vital role in driving growth in the electric power transmission, control, and distribution market.

The primary categories within the realm of electric power transmission, control, and distribution comprise electric power distribution and electric bulk power transmission and control. Electric power distribution represents the final leg of the electric power delivery process, responsible for transporting electricity from the transmission lines to potential end-users. These services are made available through both online and offline channels.

The electric power transmission, control, and distribution market research report is one of a series of new reports that provides electric power transmission, control, and distribution market statistics, including electric power transmission, control, and distribution industry global market size, regional shares, competitors with an electric power transmission, control, and distribution market share, detailed electric power transmission, control, and distribution market segments, market trends and opportunities, and any further data you may need to thrive in the electric power transmission, control, and distribution industry. This electric power transmission, control, and distribution market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The surging demand for electricity is poised to drive the expansion of the electric power transmission, control, and distribution market in the foreseeable future. Electricity, defined as the flow of electric charge through conductors, serves as the power source for various electrical devices and systems. Power transmission, control, and distribution play a critical role in the efficient and safe delivery of electricity from generation sources to end-users while upholding reliability. For example, in September 2023, as reported by the International Energy Agency, an autonomous intergovernmental organization headquartered in France, Colombia recorded a total net electricity production of 7.0 terawatt-hours (TWh) in June 2023, marking a 1.1% increase on a year-to-date basis. This underscores the growing demand for electricity and its pivotal role in driving the growth of the electric power transmission, control, and distribution market.

The outbreak of the COVID-19 disease (COVID-19) had a substantial restraining effect on the electric power generation, transmission, and distribution markets in 2020. This was due to reduced demand for utility services from industrial and commercial establishments caused by trade restrictions and government-imposed lockdowns worldwide. Many manufacturing facilities globally suspended their operations to mitigate the virus's spread among their workforce, resulting in decreased requirements for utility services, including electricity and wastewater treatment. COVID-19, an infectious disease with symptoms resembling the flu, such as fever, cough, and breathing difficulties, was initially identified in 2019 in Wuhan, Hubei province, China, and subsequently spread globally to regions including Western Europe, North America, and Asia. National governments took measures to contain the virus's transmission, leading to a decline in economic activity and the imposition of lockdowns in many countries. The outbreak continued to negatively impact businesses throughout 2020 and into 2021. However, it is anticipated that the electric power generation, transmission, and distribution markets will recover from this unforeseen 'black swan' event over the forecast period. This recovery is expected because the event is not linked to any ongoing or fundamental weaknesses in the market or the global economy.

Utility business models are in a continuous state of evolution, shifting from traditional electricity generation models to more modern approaches such as distributed generation models aimed at reducing costs and enhancing transmission and distribution efficiencies. Distributed generation involves localized power generation through the use of technologies like solar panels and other cost-effective methods to produce electricity in proximity to where it will be consumed. Consumers are increasingly adopting these distributed generation networks due to their cost-effectiveness and control. Consequently, electric power generation companies should shift their focus towards distributed generation rather than adhering to the centralized electricity generation model. Additionally, many companies are exploring new revenue models and incentives as alternatives to the traditional cost-of-service models. For example, New York's Reforming Energy Vision (REV) docket concentrates on distributed generation and performance-based incentives to encourage utilities to meet grid requirements. Electric utilities in states like California, Minnesota, and Massachusetts are actively participating in the REV initiative. According to the International Energy Agency's (IEA) semi-annual Power Market Report, global electricity demand witnessed an approximate 5% increase in 2021, and it is projected to grow by 4% in 2022, primarily driven by the global economic recovery.

Prominent companies in the electric power transmission, control, and distribution market are placing a significant emphasis on the development of sustainable products, including green product label cables, to secure a competitive advantage in the market. Green product labels represent certifications or designations given to products that meet specific environmental standards, signifying their commitment to sustainability and reduced environmental impact. For instance, in April 2021, Prysmian Group, an Italian company specializing in electrical cable manufacturing, introduced ECO CABLE, marking the cable industry's first certifiable green product label for the energy transition. The ECO CABLE label is automatically awarded, utilizing well-established and quantifiable criteria derived from EU Ecolabel Regulation No. 66/2010. It aligns closely with key regulatory frameworks and requirements, with a particular focus on cable products. These criteria encompass considerations such as the product's carbon footprint, the absence of substances of very high concern, recyclability or circularity, recycling input rate, environmental benefits, and cable transmission efficiency. This initiative highlights the industry's dedication to sustainable and environmentally responsible practices.

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.

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.

The countries covered in the electric power transmission, control, and distribution market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The electric power transmission, control, and distribution market include revenues earned by entities by providing services such as single-phase AC system, two-phase AC system, three-phase AC system, and DC system. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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