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The Global Electricity Transmission Infrastructure Market is projected to reach US$ 58.8 Bn in 2032. The Growing concerns about the supply of electricity, the use of new transmission technologies, and the utilization of huge central station generating units are primary drivers influencing the Electricity Transmission Infrastructure Market growth.
According to FMI, the Global Electricity Transmission Infrastructure Market is estimated to be valued at US$ 39.9 Bn in 2022 and is projected to increase at a CAGR of 4.40% in the forecast period from 2022 to 2032.
Attributes | Details |
---|---|
Market Size 2021 | US$ 38.2 Billion |
Market Size 2022 | US$ 39.9 Billion |
Market Size 2032 | US$ 58.8 Billion |
Value CAGR (2022 to 2032) | 4.40% |
The transmission of electricity from power plants and other points of power generation to substations leads to power distribution systems, individual consumers, and other electrical loads. Electricity transmission is a primary role of any electrical grid and its infrastructure is accomplished in all major grids at high voltage.
With the advent of electricity and early electrical grids, the transmission was accomplished with direct current (DC), although all electric power transmission systems and grids today use alternating current (AC) – the exception being select long-distance high voltage DC (HVDC) lines.
The expansion of the market for infrastructure supporting energy transmission has received significant attention. The drivers extending the expansion in the market for electricity transmission infrastructure include economic growth, population growth, legislative measures, and linking to renewable energy sources.
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The analysis of Electricity Transmission Infrastructure demand from 2017 to 2021 showed a historical growth rate of 4.0% CAGR, the rapidly rising demand for electricity in far-off, remote areas has historically been the main driver of market expansion.
World electricity generation and transmission were impacted negatively and somewhat positively by the COVID-19 pandemic. Due to an increase in the infection graph, the lockdown was imposed in some of the regions of the world, due to which demand and transmission of electricity increased, but supply was seen to decrease.
However, during the lockdown coal production and supply chain was restricted and electricity generation operation might get hampered in some of the regions globally, this factor also restricted the targeted market to grow in a historical period.
However, when infection curves started to decrease at the start of 2022. The surge in Electric vehicle development program, electrical and electronic sector, growth in industrial and commercial sector is result in growth of targeted market. As a result, FMI’s Global Electricity Transmission Infrastructure demand projection predicts a CAGR of 4.40% by 2032.
An increase in electricity demand, the installation of additional power production capacity, and the development of the transmission and distribution infrastructure are the main drivers of this market. The market for electric transmission and distribution equipment has prospects in the power utilities, residential, commercial, and industrial sectors, where the targeted market has a tremendous opportunity in the coming years.
The growing demand for electricity transmission infrastructure is thought to be primarily driven by factors like the need for electricity and substantial capital investments. A large portion of the market is being accounted for by investments in smart grids. Also, new transmission lines are being developed, and existing systems are being upgraded to increase capacity and provide improved monitoring facilities.
However, the increasing regulatory standards have strongly contributed to the demand for the global electricity transmission infrastructure market. The rapid population growth, increased digitalization, and the expansion of the industrial sector are also predicted to increase the production and consumption of electricity, which will help the targeted market growth.
Many obstacles significantly hinder the expansion of the global electricity transmission infrastructure market for instance, loss of electrical energy in long-distance transmission which cannot be stored and increasing pricing of transformers due to their production cost and market demand are some of the major restraints in the global electricity transmission infrastructure market.
Long-distance networks are required for the transmission of electricity from massive power plants to the end users. Losses in electricity are a result of long transmission distances These energy losses have become a major hindrance to a targeted market. Similarly, expenses associated with transmission infrastructure are likely to have a major impact on the price of electricity transmission infrastructure development.
The Middle Eastern and Asian economies are increasing and requiring more power, and the transformer demand is increasing due to an increase in electricity requirement and consumption. This raises the demand for metals like steel, copper, and Aluminum required to produce transformers in addition to rising metal prices and increased demand from other industries.
However, the aforementioned factors of loss of electricity due to long distances and costs associated with infrastructure development may hamper the targeted market in the upcoming years.
Over the forecast period, the global market for Electricity Transmission Infrastructure is anticipated to expand significantly. The region of North America and the Asia Pacific is expected to experience a relatively enormous development of Electricity Transmission Infrastructure because of the expanding population, and rise in the residential and industrial sectors in this region.
Because of the considerable presence of end-use industries, China is expected to maintain its position as one of the top countries for developing electricity transmission infrastructure. The considerable presence of big corporations, easy access to abundant resources, and increased investments in product development are only a few of the key reasons driving this market's expansion in this area.
In addition, several significant projects have just started in the country. For instance, the State Grid Corporation of China has declared that it will build a 1.1-million-volt transmission line in March 2019 that can move the output of 12 large power plants over 2,000 kilometres.
In December 2020, Energy China decided to invest $3.6 billion in an Erdos-integrated energy project. These investments is a significant driving factor behind China's electricity transmission infrastructure, which will drive the market growth of transmission infrastructure in the Asia-Pacific region.
Similarly, Numerous initiatives have recently been launched in the United States of America. The Grain Belt Express Clean Line is one of the biggest transmission projects in the United States.
About 4,000MW of less expensive wind energy produced in western Kansas will be sent over the Grain Belt Express Clean Line to Missouri, Illinois, Indiana, and other surrounding states with significant demand for dependable, clean energy. This electricity will be sent above through a 780-mile DC transmission line. These major investments in the energy sector are the main driving factor for the growth of the targeted market in the North American region.
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Key players operating in the Global Electricity Transmission Infrastructure Market include ABB Limited, Alstom SA, Mitsubishi Electric, Eaton, General Electric Company, Hitachi Limited, Siemens AG, Toshiba Corporation and OSRAM Licht AG, etc.
Due to the rising electricity demand, industry participants in this market will have certain profitable growth opportunities in the future. Implementing long-term supply agreements and developing new projects are two of the most prominent strategies employed by major firms to keep up their competitiveness in the market. Owing to these factors, market participants have ample opportunities to grow their consumer bases and earnings.
Attribute | Details |
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Growth Rate | CAGR of 4.40% from 2022 to 2032 |
Base Year for Estimation | 2021 |
Historical Data | 2017 to 2021 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered |
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Region Covered |
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Key Countries Covered |
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Key Companies Profiled |
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Customization & Pricing | Available upon Request |
In 2021, the value of the Global Electricity Transmission Infrastructure Market reached over US$ 38.2 Bn.
During the forecast period, the Global Electricity Transmission Infrastructure Market is estimated to expand at a CAGR of 4.40% during 2022-2032.
The Global Electricity Transmission Infrastructure Market is projected to reach US$ 58.8 Bn by the end of 2032.
North America and the Asia Pacific are projected to lead the Global Electricity Transmission Infrastructure Market in the forecast period.
The key players operating in the Global Electricity Transmission Infrastructure Market are ABB Limited, Alstom SA, Mitsubishi Electric, Eaton, General Electric Company, Hitachi Limited, Siemens AG, Toshiba Corporation and OSRAM Licht AG, etc.
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