Major companies in the electric power transmission, control and distribution market include Tokyo Electric Power Co Holdings Incorporated; Korea Electric Power Corporation; Iberdrola; Electricite De France SA and E.
New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Power Transmission, Control, And Distribution Global Market Report 2022" - https://www.reportlinker.com/p06193684/?utm_source=GNW
The global electric power transmission, control, and distribution market is expected to grow from $2,477.75 billion in 2021 to $2,669.96 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. 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 $3,470.07 billion in 2026 at a CAGR of 6.8%.
The electric power transmission, control, and distribution market consists of sales of electric power by entities (organizations, sole traders and partnerships) that operate electric power transmission systems, control (i.e., regulate voltages) the transmission of electricity, and/or distribute electricity. The transmission system includes lines and transformer stations. Establishments in this market arrange, facilitate, or coordinate the transmission of electricity from the generating source to the distribution centers, other electric utilities, or final consumers. The distribution system consists of lines, poles, meters, and wiring that deliver the electricity to final consumers.
The main types of electric power transmission, control and distribution are electric power distribution and electric bulk power transmission and control. Electric power distribution is the last phase of electric power delivery; it transports electricity from the transmission line to potential customer.
Asia Pacific was the largest region in the electric power transmission, control, and distribution market in 2021.Western Europe was the second largest region in the electric power transmission, control, 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 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, Network Rail estimates that 13,000 single track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK and around 251 kilometers were electrified between 2019 and 2020. According to the Edison Electric Institute (EEI), the 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.
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.Also, many companies are 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.
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 continues 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 countries covered in the electric power transmission, control, 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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