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An increase in investments in the Electric Power Generation, Transmission, and Distribution Market will accelerate the growth by 7.6 percent CAGR by 2026.
FREMONT CA: During the projected period, the power generating industry is likely to see bigger investment activity. The market is expected to be driven by investments in microgrid technology, renewables, and other innovative technologies. According to the Global Innovation Report, the total capacity of microgrids in North America is predicted to reach 1.2 GW by 2024, with an annual income of $4.2 billion. In August 2021, the United States Senate passed a $1.2 trillion infrastructure bill, which consists of financing to accelerate clean energy inventiveness. Growing investment in power generation will promote the expansion of the electric power generation, transmission, and distribution markets.
To store solar energy during daytime, electric power generation companies are using large lithium-ion batteries and in case of fuel shortages these batteries serve as a back-up. They are developed to absorb solar energy and return it to the grid. These systems eliminate the need for capital-intensive electricity production units, improving transmission and distribution efficiencies, and lowering operational costs. For example, the World Bank Group wants to fund 17.5 gigatonne hours (GWh) of battery storage by 2025, more than tripling the existing 4-5 GWh installed across all developing nations.
In 2022, the global electric power generation, transmission, and distribution market size is expected to grow $4.43 trillion at a CAGR rate of 8.3 percent annually. The expansion of the electric power generation, transmission, and distribution market is primarily due to companies reorganising their operations and recovering from the COVID-19 impact, which had previously resulted in restrictive containment measures involving social distancing, remote working, and the closure of commercial activities, resulting in operational challenges. This market is expected to grow at a 7.6 percent CAGR and reach $5.93 trillion in 2026.
The regions surrounded in the electric power generation, transmission, and distribution market study are Eastern Europe, South America, Middle East, Asia-Pacific, Western Europe, and Africa. Previously, after Asia-Pacific, Western Europe was the second largest region in the electric power generation, transmission, and distribution market.
