Electric power generation, transmission and distribution market to top $6.6t

RE transition and decentralisation are some of the factors that will support this.

The market for electric power generation, transmission, and distribution is projected to reach $6.601t by 2029, with a compound annual growth rate of 5.7%.

According to The Business Research Company, this trend will be supported by factors such as the transition to renewable energy, decentralisation, and distributed energy resources, the integration of energy storage, the electrification of transportation, and advancements in grid modernisation and digitalisation.

For this year, the market is expected to hit $5.3t from $5.04t in 2024, thanks to fossil fuel-based generation, industrialisation growth, an increase in population, expansion of the grid, and breakthroughs in power generation technologies.

Asia-Pacific held the top spot in the market for electric power generation, transmission, and distribution in 2024.

The company said key trends expected in the coming years include the implementation of smart grids, microgrids, the electrification of heating and cooling, enhancements in grid resilience and security, and increased usage of hydrogen as an energy carrier.