Power Generation, Transmission and Control Equipment Market Report 2025

The power generation, transmission and control equipment market size has grown strongly in recent years. It will grow from $541.24 billion in 2024 to $571.12 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to growth in industrialization, grid expansion, rural electrification programs, nuclear power development, government incentives.

The power generation, transmission and control equipment market size is expected to see steady growth in the next few years. It will grow to $679.7 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to growing decentralized energy systems, electric vehicle charging infrastructure, resilience planning, economic growth, demand for smart appliances. Major trends in the forecast period include digitalization and industry 4.0, cybersecurity for critical infrastructure, hybrid power systems, artificial intelligence (AI) in grid management, carbon capture and storages.

The anticipated increase in electricity demand is expected to drive the growth of the power generation, transmission, and control equipment market in the future. Electricity, a form of energy generated by charged particles, attracts investments, stimulates innovation, and encourages the development of advanced and efficient technologies. This growing demand for electricity also fosters research and development efforts to enhance the efficiency and reliability of power generation, transmission, and control equipment. For instance, Exxon Mobil Corporation reported in August 2023 that electricity demand is projected to increase by 1.8% annually, constituting about 50% of the industry by 2050. Thus, the upward trajectory in electricity demand propels the expansion of the power generation, transmission, and control equipment market.

The relay and industrial control sector are increasingly incorporating SCADA (Supervisory Control and Data Acquisition) systems to elevate process efficiency and productivity. SCADA systems enable the remote control of industrial processes, including power generation, manufacturing, and refining, through coded signals transmitted over cloud channels. The rising applications of SCADA systems can be attributed to their scalability, ease of upgrading, the emergence of global smart grid projects, and the growing utilization of cloud technologies. The market is further benefiting from the increased demand for energy and renewable resource projects. For example, in May 2022, Electronics Corporation of India Limited (ECIL), a government-owned company in India, launched programmable logic controllers (PLC) and supervisory control and data acquisition (SCADA) software. The introduction of PLC and SCADA software is expected to drive the adoption of automation and controls across various industries, enhancing the efficiency and reliability of industrial processes through real-time monitoring and control.

Leading companies in the power generation, transmission, and control equipment market are prioritizing the development of innovative products like liquid-cooled motors. These motors use circulating liquid to regulate temperature, effectively preventing overheating and enhancing performance by dispersing excess heat through a cooling system. For example, in February 2024, ABB Ltd., a Switzerland-based automation company, introduced the IE5 SynRM motor. The IE5 SynRM liquid-cooled motors combine ultra-efficient SynRM technology with high-performance liquid cooling, providing compact and powerful solutions that reduce energy and maintenance costs, making them an excellent alternative to traditional induction motors.

Major companies operating in the power generation, transmission and control equipment market include Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Schneider Electric SE, Mitsubishi Electric Corp., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Corporation, Cummins Inc., Eaton Corporation, Larsen & Toubro Limited, Alstom SA, Nidec Corp., Rolls-Royce Holdings plc, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Rockwell Automation Inc., Fuji Electric Co. Ltd., Wärtsilä Corporation, Bharat Heavy Electricals Limited, Bharat Electronics Limited, Crompton Greaves Ltd., Doosan Heavy Industries & Construction Co. Ltd.

Asia-Pacific was the largest region in the power generation, transmission and control equipment market in 2024. Western Europe was the second largest region in the power generation, transmission and control equipment market. The regions covered in the power generation, transmission and control equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the power generation, transmission and control equipment 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 power generation, transmission, and control equipment market consist of sales of low-power transformers, medium-power transformers, high-power transformers, electric motors, electric generators, switchboards, switchgear, relays, industrial controls, and other power generation, transmission, and control equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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).

Power generation equipment refers to electrical machinery and apparatus employed in generating electric power. Power transmission equipment aids in transferring energy from its source to a location where it can be utilized for various activities. Power control equipment encompasses devices designed to restrict or regulate steady-state currents.

The primary categories of power generation, transmission, and control equipment include transformers, electric motors and generators, switchgear and switchboard apparatus, relays, and industrial controls. A transformer is a device that alters electric energy from one alternating-current circuit to one or more other circuits by either increasing (stepping up) or decreasing (stepping down) the voltage. This equipment finds applications in residential, commercial, automotive, and other sectors, serving both private and public end-users.

The power generation, transmission, and control equipment market research report is one of a series of new reports that provides power generation, transmission, and control equipment market statistics, including power generation, transmission, and control equipment industry global market size, regional shares, competitors with a power generation, transmission and control equipment market share, detailed power generation, transmission, and control equipment market segments, market trends and opportunities, and any further data you may need to thrive in the power generation, transmission, and control equipment industry. This power generation, transmission, and control equipment 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 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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