Leading 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, 29 Dec. 2021 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Electric Power Generation, Transmission, And Distribution Global Market Report 2022” – https://www.reportlinker.com/p06193688/?utm_source=GNW
The global 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 companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $5,932.43 billion in 2026 with a CAGR of 7.6%.
The electricity generation, transmission and distribution market includes sales of electricity by entities (organizations, sole proprietorships and partnerships) that generate, transmit and/or distribute electricity. Establishments in this market are engaged in the operation of generation facilities that produce electrical energy; operate transmission networks that deliver electricity from the generation facility to the distribution network; or operating distribution systems that carry electrical energy received from the generation facility or transmission network to the end consumer.
The main types of electric power generation, transmission and distribution are electric power transmission, control and distribution, and power generation. Electricity generation refers to the process of generating electrical energy or the amount of electrical energy created by converting other sources of energy into electrical energy Different types of operators include public operators and private operators and the services are used by private, 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 of electrical power distribution.
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 during the forecast period. Investments in microgrid technology, renewable energy, and other advanced technologies are expected to drive the market.
According to the Global Innovation Report, total microgrid capacity is expected to reach 1.2 GW by 2024 in North America with annual revenue of $4.2 billion. The United States Senate signed into law a $1.2 trillion infrastructure bill in August 2021, which includes funding to accelerate clean energy initiatives. The growing investment in power generation will drive the growth of the power generation, transmission and distribution market.
Electricity companies are increasingly using batteries to store solar energy during the day. These energy storage sites consist of large lithium-ion batteries.
These batteries store enough energy to serve as a back-up in the event of a fuel shortage. They are designed to absorb solar energy and feed it back into the grid.
These systems minimize the need for capital-intensive power generation plants, improving transmission and distribution efficiency and reducing operating costs. For example, by 2025, the World Bank Group aims to fund 17.5 gigawatt hours (GWh) of battery storage, more than tripling the 4-5 GWh currently installed in all developing countries.
The coronavirus disease (COVID-19) outbreak has acted as a significant restraint in the power generation, transmission and distribution market in 2020 as demand for utilities from industrial and commercial establishments has decreased due to trade restrictions and lockdowns imposed by governments around the world. Many manufacturing facilities around the world have halted operations to contain the spread of the virus among their staff, 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 from China, and has spread all over the world, especially in Western Europe, North America and Asia.
Measures taken by national governments to contain transmission have led to a decline in economic activity as countries enter a state of ‘lockdown’ and the outbreak has negatively impacted businesses throughout 2020 and into ‘ in 2021. However, the electric power generation, transmission and distribution market is expected to recover from the shock throughout the forecast period, as it is a “black swan” event and not related to persistent 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, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193688/?utm_source=GNW
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