Major companies in the electric power transmission, control, and distribution market include Duke Energy; Engie SA; National Grid; NextEra and Elctricit de France. The global electric power transmission, control, and distribution market is expected to grow from $2138.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Power Transmission, Control, And Distribution Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018909/?utm_source=GNW
34 billion in 2020 to $2283.49 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. 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 $3042.54 billion in 2025 at a CAGR of 7%.
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 electric power transmission, control, and distribution market is segmented into electric power distribution and electric bulk power transmission and control.
Asia Pacific was the largest region in the global electric power transmission, control, and distribution market, accounting for 45% of the market in 2020. Western Europe was the second largest region accounting for 27% of the global electric power transmission, control, and distribution market. Africa was the smallest region in the global 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 Citigroup, in next two decades the European decentralized electricity market will grow to one-third of total utility market.
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 increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries, setting up of public transportation networks such as rapid metro transit systems, and increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. India, for example, has planned to complete the electrification of its rail network by 2020, while European countries such as the UK have also planned large-scale rail electrification projects in the forecast period. 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.
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