Global Electric Power Transmission, Control and Distribution Market Report 2022
Major companies in the electricity transmission, control and distribution market include Tokyo Electric Power Co Holdings Incorporated; Korean Electricity Company; Iberdrola; Electricité De France SA and E.
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Electric Power Transmission, Control, And Distribution Global Market Report 2022” – https://www.reportlinker.com/p06193684/?utm_source=GNW
The global electricity 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 companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 3,470.07 billion in 2026 at a CAGR of 6.8%.
The electricity transmission, control and distribution market comprises the sales of electricity by entities (organizations, sole proprietorships and partnerships) that operate electricity transmission systems, control (i.e. ie regulate voltages) transmit electricity and / or distribute electricity. The transport network includes lines and transformer stations. Establishments in this market organize, facilitate or coordinate the transmission of electricity from the generation source to distribution centers, other electric utilities or end consumers. The distribution system consists of lines, poles, meters and cables that deliver electricity to end consumers.
The main types of electric power transmission, control and distribution are electric power distribution and bulk electric power transmission and control. Electric power distribution is the last phase of electric power delivery; it carries electricity from the transmission line to the potential customer.
Asia-Pacific was the largest region in the power transmission, control and distribution market in 2021. Western Europe was the second largest region in the transmission, control and distribution market electricity.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the market for power generation. The electrification of railways in underdeveloped and developing countries, the establishment of public transport networks such as rapid metro systems and the use of electric vehicles in developed countries will create significant opportunities for them. power generation companies in the market.
For example, to achieve zero carbon emissions, Network Rail estimates that 13,000 single track kilometers – or about 450 km per year – of track will need to be electrified by 2050 in the UK and around 251 kilometers have been electrified between 2019 and 2020. According to the Edison Electric Institute (EEI), annual sales of electric vehicles in the United States are expected to exceed 1.2 million by 2025. Electric vehicles are expected to account for 9% of global electricity demand. by 2050. Therefore, the increasing applications of electricity in the transportation industry will further stimulate the market of electricity transmission, control and distribution.
Utility business models are continually evolving from traditional models of power generation to new business models such as distributed generation models to reduce costs and improve transmission and distribution efficiency. Distributed generation refers to the localized generation of electricity using solar panels and other low-cost technologies to generate electricity close to the point of consumption.
Consumers are turning to more profitable and controlled distributed generation networks. Therefore, power generation companies should now focus on distributed generation rather than a centralized power generation model. Additionally, many companies are using new revenue models and incentives instead of the traditional cost price. -the service models.
For example, New York’s REV (Reforming Energy Vision) case focuses on distributed generation and performance-based incentives to push utilities to meet grid needs. Electric utilities in states like California, Minnesota, and Massachusetts are also involved in the REV initiative.
According to the IEA’s semi-annual electricity market report, global demand for electricity increased by around 5% in 2021 and is expected to increase by 4% in 2022, due to the global economic recovery.
The coronavirus disease (COVID-19) outbreak acted as a significant constraint on the electricity generation, transmission and distribution market in 2020, as the demand for utilities from industrial and commercial establishments declined due to trade restrictions and blockages imposed by governments around the world. Many manufacturing facilities around the world have halted operations to contain the spread of the virus among their workforce, limiting the need for utilities such as electricity and sewage treatment.
COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including in Western Europe, North America and Asia.
Measures taken by national governments to contain transmission have resulted in a decline in economic activity, with countries entering a state of “lockdown” and the epidemic continues to negatively impact businesses throughout 2020 and in 2021. However, it is expected that the Electricity generation, transmission and distribution market will recover from the shock during the forecast period, as it is an event of ” black swan ”and not tied to persistent or fundamental weaknesses in the market or the global economy.
Countries Covered in Electricity 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, United Arab Emirates, United Kingdom, United States United, Venezuela and Vietnam.
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