The power generation, transmission, and control equipment market has demonstrated robust growth, escalating from $554.3 billion in 2023 to $583.66 billion in 2024, showcasing a CAGR of 5.3%. This growth can be attributed to industrialization, grid expansion, and nuclear power development. Projections indicate the market will reach $697.58 billion by 2028 at a CAGR of 4.6%, fueled by increasing deployment of decentralized energy systems and demand for smart appliances.
Major Driver In The Power Generation Transmission And Control Equipment Market
The escalating demand for electricity is anticipated to drive the expansion of the power generation, transmission, and control equipment market in the foreseeable future. Electricity, a form of energy generated by charged particles, attracts investments, fosters innovation, and spurs the development of advanced technologies. In August 2023, according to Exxon Mobil Corporation, electricity demand is projected to rise by 1.8% annually, constituting approximately 50% of the industry by 2050. Thus, the burgeoning electricity demand propels the growth of the power generation, transmission, and control equipment market. It is essential to consider market sizes for 2023, 2024, and 2028 to gauge market dynamics accurately.
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Power Generation Transmission And Control Equipment Market Competitive Landscape
Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Hanwha Group, Schneider Electric SE, Mitsubishi Electric Corp., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Corporation, Cummins Inc., Legrand S.A., Eaton Corporation, Larsen & Toubro Limited, Alstom SA, Nidec Corp., Rolls-Royce Holdings plc, Emerson Electric Co., Amphenol Corp., Kawasaki Heavy Industries Ltd., Rockwell Automation Inc., Fuji Electric Co. Ltd., Wärtsilä Corporation, Bharat Forge Limited, Bharat Heavy Electricals Limited, Bharat Electronics Limited, Crompton Greaves Ltd., Doosan Heavy Industries & Construction Co. Ltd.
Key Power Generation Transmission And Control Equipment Market Trend
Major companies operating in the power generation, transmission, and control equipment market are focusing on innovative products such as mainspring linear generator to provide reliable services to their customers. A linear generator refers to a type of electrical generator that converts mechanical energy, typically linear (straight-line) motion, directly into electrical energy. For instance, in March 2021, Mainspring Energy Inc. a US-based power generation equipment manufacturing company launched Mainspring Linear Generator. This is a novel low-cost, fully dispatchable, and fuel-flexible power production system for commercial and industrial buildings, utilities, and microgrids. The Mainspring Linear Generator uses a low-temperature, uniform reaction that maintains peak temperatures below the levels in which NOx forms (1500°C), resulting in near-zero NOx emissions .
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Power Generation Transmission And Control Equipment Market Segmentation
The power generation, transmission and control equipment market covered in this report is segmented –
1) By Type: Transformer, Electric Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Controls
2) By Application: Residential, Commercial, Automotive, Other Applications
3) By End User Sector: Private, Public
Subsegments Covered: Low Power Transformers (100 MVA to 500 MVA), Medium Power Transformers (501 MVA to 800 MVA), High Power Transformers (801 MVA to 1200 MVA), Electric Motors, Electric Generators, Switchboard, Switchgear, Relays, Industrial Controls
By Geography:The regions covered in the power generation, transmission and control equipment market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the power generation, transmission and control equipment market in 2023.
The Power Generation Transmission And Control Equipment Global Market Report 2024 furnishes information about the global power generation transmission and control equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
