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Electric Power Generation, Transmission, And Distribution Global Market Report 2023: Increasing Use of Batteries to Store Solar Energy Presents Opportunities

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Global Electric Power Generation, Transmission, and Distribution Market

Global Electric Power Generation, Transmission, and Distribution Market
Global Electric Power Generation, Transmission, and Distribution Market

Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Electric Power Generation, Transmission, And Distribution Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global electric power generation, transmission, and distribution market grew from $4,478.61 billion in 2022 to $4,796.70 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%.

The electric power generation, transmission, and distribution market is expected to grow to $6,180.66 billion in 2027 at a compound annual growth rate (CAGR) of 6.5%.

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Electric power generation companies are increasingly using batteries to store solar energy during daylight hours. These energy-storage sites consist of large lithium-ion batteries. These batteries store enough energy to serve as a backup in case of fuel shortages. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital-intensive power generation plants, thereby enhancing transmission and distribution efficiencies and thus reducing operational costs. For instance, by 2025, the World Bank Group aims to fund 17.5-gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations.

The power generation industry is expected to see increased investment activity in the forecast period. Investments in microgrid technology, renewable energy, and other advanced technologies are expected to drive the market. According to the Global Innovation Report, the total capacity of microgrids is expected to reach 1.2 GW by 2024 in North America, with an annual revenue of $4.2 billion. The United States Senate enacted a $1.2 trillion infrastructure bill in August 2021, which includes financing to accelerate clean energy initiatives. The growing investment in power generation will drive the growth of the electric power generation, transmission, and distribution markets.

Asia-Pacific was the largest region in the electric power generation, transmission, and distribution market in 2022. 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 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 Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

Scope
Markets Covered:

1) By Type: Electric Power Transmission, Control, And Distribution; Power Generation
2) By End-User: Residential; Commercial; Industrial
3) By Type of Operator: Public Operator; Private Operator

Key Attributes:

Report Attribute

Details

No. of Pages

400

Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$4796.7 billion

Forecasted Market Value (USD) by 2027

$6180.66 billion

Compound Annual Growth Rate

6.5%

Regions Covered

Global

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Electric Power Generation, Transmission, And Distribution Market Characteristics

4. Electric Power Generation, Transmission, And Distribution Market Product Analysis

5. Electric Power Generation, Transmission, And Distribution Market Supply Chain

6. Electric Power Generation, Transmission, And Distribution Market Customer Information

7. Electric Power Generation, Transmission, And Distribution Market Trends And Strategies

8. Electric Power Generation, Transmission, And Distribution Market - Macro Economic Scenario

9. Electric Power Generation, Transmission, And Distribution Market Size And Growth

10. Electric Power Generation, Transmission, And Distribution Market Regional Analysis

11. Electric Power Generation, Transmission, And Distribution Market Segmentation

12. Electric Power Generation, Transmission, And Distribution Market Segments

13. Electric Power Generation, Transmission, And Distribution Market Metrics

A selection of companies mentioned in this report includes

  • Electricite De France SA

  • Enel SpA

  • Tokyo Electric Power Co Holdings Incorporated

  • E.ON SE

  • Korea Electric Power Corporation

  • State Power Investment Corporation

  • Iberdrola

  • Exelon Corp

  • Engie

  • Duke Energy Corp

For more information about this report visit https://www.researchandmarkets.com/r/2jfbzz

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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