Major companies 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, Exelon Corp, Engie and Duke Energy Corp.
New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Power Generation, Transmission, And Distribution Global Market Report 2022" - https://www.reportlinker.com/p06193688/?utm_source=GNW
The global electric power generation, transmission, and distribution market is expected to grow from $4,091.77 billion in 2021 to $4,433.15 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5,932.43 billion in 2026 at a CAGR of 7.6%.
The electric power generation, transmission, and distribution market consists of sales of electric power by entities (organizations, sole traders and partnerships) that generate, transmit, and/or distribute electric power. Establishments in this market are engaged in operating generation facilities that produce electric energy; operating transmission systems that convey the electricity from the generation facility to the distribution system; or operating distribution systems that convey electric power received from the generation facility or the transmission system to the final consumer.
The main types of electric power generation, transmission, and distribution are electric power transmission, control, and distribution, and power generation. Power generation is referred to the process of producing electric energy or the amount of electric energy created by converting other sources of energy into electrical energy The different types of operators include public operators and private operators and the services are used by residential, commercial, and industrial users.
Asia Pacific was the largest region in the electric power generation, transmission, and distribution market in 2021.Western Europe was the second largest region in the electric power generation, transmission, and distribution market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The power generation industry is expected to see increased investment activity in the forecast period.Investments in microgrid technology, renewables and other advanced technologies are expected to drive the market.
According to Global Innovation Report, the total capacity of microgrid 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 the power generation will drive the growth of electric power generation, transmission, and distribution market.
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 back-up 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 reduce 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 outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the electric power generation, transmission, and distribution market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally.Many manufacturing facilities globally halted operations to contain the spread of virus among its workforce, thereby limiting the need for utility services such as electricity and wastewater treatment.
COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.
Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the electric power generation, transmission, and distribution market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
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.
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