Major companies in the electric power generation, transmission, and distribution market include Électricité de France; Enel; Engie; Iberdrola and Exelon. The global electric power generation, transmission, and distribution market is expected to grow from $3262.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Power Generation, Transmission, And Distribution Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018942/?utm_source=GNW
34 billion in 2020 to $3451.79 billion in 2021 at a compound annual growth rate (CAGR) of 5.8%. 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 $4526.55 billion in 2025 at a CAGR of 7%.
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 electric power generation, transmission, and distribution market is segmented into electric power transmission, control, and distribution and power generation.
Asia Pacific was the largest region in the global electric power generation, transmission, and distribution market, accounting for 44% of the market in 2020. Western Europe was the second largest region accounting for 26% of the global electric power generation, transmission, and distribution market. Africa was the smallest region in the global 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, World Bank Group is planning to invest USD 1 billion for a new global program to accelerate investments in battery storage for energy systems.
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 is expected to continue to have 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 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. In the forecast period, the USA is expected to see investments of about $12.5 billion in microgrid. The renewable energy investments are expected to reach $ 1,000 billion in the USA during the forecast period.
Read the full report: https://www.reportlinker.com/p06018942/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001