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

The electric power generation, transmission, and distribution market size has grown strongly in recent years. It will grow from $4,775.54 billion in 2023 to $5,089.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth witnessed during the historical period can be ascribed to several key factors, including the prevalence of fossil fuel-based electricity generation, the effects of industrialization, population growth, the expansion of electrical grids, and advancements in power generation technologies.

The electric power generation, transmission, and distribution market size is expected to see strong growth in the next few years. It will grow to $6,423.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to a range of factors, including the shift towards renewable energy sources, the adoption of decentralization and distributed energy resources (DERs), the integration of energy storage, the electrification of transportation, and the modernization and digitalization of electrical grids. Notable trends in this projected period encompass the development of smart grids, microgrids, the electrification of heating and cooling systems, the enhancement of grid resilience and security, and the increasing use of hydrogen as an energy carrier.

The power generation industry is poised for increased investment activities in the forecast period. These investments will primarily focus on microgrid technology, renewable energy, and other advanced technologies, contributing to market growth. According to the Global Innovation Report, it is projected that the total capacity of microgrids in North America will reach 1.2 GW by 2024, with an annual revenue of $4.2 billion. Notably, the United States Senate passed a $1.2 trillion infrastructure bill in August 2021, which includes funding to expedite clean energy initiatives. This growing investment in power generation is expected to propel the expansion of the electric power generation, transmission, and distribution markets.

The primary categories within the domain of electric power generation, transmission, and distribution are electric power transmission, control, and distribution, as well as power generation. Power generation denotes the process of generating electricity or the quantity of electricity generated by converting various energy sources into electrical energy. These operations involve a range of operators, including both public and private entities, and cater to the needs of residential, commercial, and industrial consumers.

The electric power generation, transmission, and distribution market research report is one of a series of new reports that provides electric power generation, transmission, and distribution market statistics, including electric power generation, transmission, and distribution industry global market size, regional shares, competitors with an electric power generation, transmission, and distribution market share, detailed electric power generation, transmission, and distribution market segments, market trends and opportunities, and any further data you may need to thrive in the electric power generation, transmission, and distribution industry. This electric power generation, transmission, 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 surge in electricity demand is anticipated to drive the growth of the electric power generation, transmission, and distribution market in the future. Electricity, which represents the movement of electric charge through conductors, is the energy source that powers various electrical devices and systems. Electric power generation, transmission, and distribution collectively form the critical infrastructure responsible for generating electricity from energy sources, transmitting it efficiently across a grid, and delivering it to consumers. 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. Consequently, the escalating demand for electricity serves as a primary driver behind the growth of the electric power generation, transmission, and distribution market.

The electric power generation, transmission, and distribution markets experienced a significant setback in 2020 due to the outbreak of the COVID-19 disease (COVID-19). This pandemic led to reduced demand for utility services from industrial and commercial establishments as a result of trade restrictions and global government-imposed lockdowns. Many manufacturing facilities worldwide had to temporarily cease operations to prevent the virus's spread among their workforce, consequently diminishing the necessity for utility services like electricity and wastewater treatment. COVID-19, characterized by flu-like symptoms such as fever, cough, and breathing difficulties, was initially identified in Wuhan, Hubei province of China in 2019 and subsequently spread globally to regions including Western Europe, North America, and Asia. To curb transmission, national governments implemented lockdown measures, causing a decline in economic activity. The pandemic had an adverse impact on businesses throughout 2020 and into 2021. However, it is anticipated that the electric power generation, transmission, and distribution markets will rebound from this unforeseen 'black swan' event during 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.

Electric power generation companies are increasingly adopting battery technology to capture and store solar energy during daylight hours. These energy-storage facilities are equipped with large lithium-ion batteries capable of storing a significant amount of energy, serving as a backup in case of fuel shortages. Their primary function is to absorb solar power and inject it back into the grid, effectively reducing the reliance on capital-intensive power generation plants. This, in turn, leads to improved efficiency in transmission and distribution and a subsequent reduction in operational costs. For example, the World Bank Group has set a target to provide funding for 17.5 gigawatt hours (GWh) of battery storage by 2025, a significant increase from the current 4-5 GWh installed in developing nations. This underscores the growing global interest in battery storage solutions for enhancing the sustainability and reliability of power generation.

Prominent companies operating in the electric power generation, transmission, and distribution market are placing a significant focus on the development of green product label cables to gain a competitive advantage. A green product label represents a certification or designation granted to products that adhere to specific environmental standards, signifying their commitment to sustainability and reduced environmental impact. For example, in April 2021, Prysmian Group, an Italian company specializing in electrical cable manufacturing, introduced ECO CABLE, which marked the cable industry's first certifiable green product label for the energy transition. The ECO CABLE label is automatically assigned based on recognized 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 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 commitment to sustainable and environmentally friendly practices.

Major companies operating in the electric power generation, transmission, and distribution market include Electricite De France SA, Enel SpA, Tokyo Electric Power Co Holdings Incorporated, E.ON SE, Korea Electric Power Corporation, State Power Investment Corporation, Iberdrola SA, Exelon Corp, Engie SA, Duke Energy Corp, American Electric Power Co Inc., Ameren Corporation, American Transmission Co, Avangrid Inc., Berkshire Hathaway Inc., Black Hills Corporation, Calpine Corp, CenterPoint Energy Inc., Dominion Energy Inc., Southern California Edison Company, El Paso Electric Railway Company, Engie North America Inc., Entergy Corporation, Exelon Corporation, FirstEnergy Corp, Great Plains Energy Incorporated, Hawaiian Electric Industries Inc., Idaho Power Co, MidAmerican Energy Co, National Grid Plc, NextEra Energy Inc., NRG Energy Inc., Oncor Inc., Pacific Gas and Electric Company, Pennsylvania Power & Light Corp, Public Service Enterprise Group Inc., Southern Company, Xcel Energy Inc.

Asia-Pacific was the largest region in the electric power generation, transmission, and distribution market in 2023. Western Europe was the second largest region in the electric power generation, transmission, and distribution market. The regions covered in the electric power generation, transmission, 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 generation, transmission, 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 generation, transmission, and distribution market include revenues earned by entities by providing services such as single-phase AC systems, two-phase AC systems, three-phase AC systems, and DC systems. 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.


This product will be delivered within 3-5 business days.