Electric Power Transmission, Control, And Distribution Market 2024-2033: Trends, Analysis & Growth 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 $3740.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. 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.

Market Overview -
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.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=5465&type=smp

Growing Use Of Electricity In The Transportation Industry Boosts Electric Power Transmission, Control, And Distribution Market
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.

Competitive Landscape -
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.

Evolving Utility Business Models In The Power Generation Market
Utility business models are continuously evolving from traditional electricity generation models to new business models such as distributed generation models to cut costs and improve transmission and distribution efficiencies. Distributed generation refers to localized power generation using solar panels and other low-cost technologies to produce electricity close to the point of consumption. Consumers are switching to more cost-effective and controlled distributed generation networks. Therefore, electric power generation companies should now focus on distributed generation rather than a centralized electricity generation model. Many companies are also using new revenue models and incentives instead of traditional cost-of-service models. For instance, New York's (Reforming Energy Vision) REV docket is focused on distributed generation and performance-based incentives to push utilities to serve grid needs. Electric utilities in states like California, Minnesota, and Massachusetts are also involved with the REV initiative. According to the IEA's semi-annual Power Market Report, worldwide electricity demand increased by roughly 5% in 2021 and is expected to increase by 4% in 2022, owing to the global economic recovery.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/electric-power-transmission-control-and-distribution-global-market-report

Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model "

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.