According to the latest report by the TBRC Business Research, titled “Electric Power Generation, Transmission, And Distribution Global Market Report 2022 – Market Size, Trends, And Global Forecast,” the power generation industry is expected to see increased investment activity. Investments in microgrid technology, renewables and other advanced technologies are expected to drive the market.
According to the Global Innovation Report, the total capacity of microgrid is expected to reach 1.2 GW by 2024 in North America with an annual revenue of $4.2 billion. The United States Senate enacted a $1.2 trillion infrastructure bill in August 2021, which includes financing to accelerate clean energy initiatives. The growing investment in the power generation will drive the growth of electric power generation, transmission, and distribution market.
According to the TBRC researchers, electric power generation companies are increasingly using batteries to store solar energy during daylight hours. These energy-storage sites consist of large lithium-ion batteries. These batteries store enough energy to serve as a back-up in case of fuel shortages. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital intensive power generation plants, thereby enhancing transmission and distribution efficiencies and thus reduce operational costs. For instance, by 2025, the World Bank Group aims to fund 17.5 Gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations.
They feel that the global electric power generation, transmission, and distribution market size is expected to grow from $4.09 trillion in 2021 to $4.43 trillion in 2022 at a Compound Annual Growth Rate (CAGR) of 8.3%. The growth in the electric power generation, transmission, and distribution market 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 electric power generation, transmission, and distribution market growth is expected to reach $5.93 trillion in 2026 at a CAGR of 7.6%.
They find that the 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.
For further information: https://www.thebusinessresearchcompany.com/report/electric-power-generation,-transmission,-and-distribution-global-market-report