The power generation, transmission and control equipment market consists of sales of power generation, transmission and control equipment by entities (organizations, sole traders and partnerships) that produce power, distribution, and specialty transformers; electric motors, generators, and motor generator sets; switchgear and switchboard apparatus; relays; and industrial controls. The power generation, transmission and control equipment market is segmented into transformer; motor and generator; switchgear and switchboard apparatus and relay and industrial controls.
The global power generation, transmission and control equipment market is expected to grow from $450.24 billion in 2020 to $487.7 billion in 2021 at a compound annual growth rate (CAGR) of 8.3%. 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 $615.02 billion in 2025 at a CAGR of 6%.
