Electric Power Transmission Market Overview
As per MRFR analysis, the Electric Power Transmission Market Size was estimated at 13.28 (USD Billion) in 2022. The Electric Power Transmission Market Industry is expected to grow from 13.81 (USD Billion) in 2023 to 19.7 (USD Billion) by 2032. The Electric Power Transmission Market CAGR (growth rate) is expected to be around 4.02% during the forecast period (2024 - 2032).
Key Electric Power Transmission Market Trends Highlighted
The electric power transmission market is also expected to grow rapidly due to increasing electricity consumption in turn to the clean energy transition. Promotion of electric vehicles, the data centers market growth, or state programs targeting zero emissions from electric grids are a few factors driving the market forward. The scope for others is in the newer technologies like HVDC transmission and blending in of distributed generation. These trends have shown an inclination towards smart electric grids, which incorporate advanced enabled functionalities that enhance efficiency, dependability, and flexibility. Also, there is more interest in the subsurface transmission extension so that the negative impact on the environment will be limited and the grid enhanced in terms of resilience and stability.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Transmission Market Drivers
Growing Demand for Renewable Energy Sources
The surging demand for Global Electric Power Transmission is attributable to the growing participation of renewable energy sources like solar and wind energy. Renewable energy sources are not only variable but also dispersed, thereby needing a proper transmission network to ensure that electricity gets to the end-users. It is also anticipated that the increase in renewable energy capacity will persist for the next few years, thus increasing the supply of electrical power transmission solutions.
Modernization of Aging Infrastructure
The aging electricity transmission infrastructure in many regions is another driver of the market growth. After the life span, utilities have been replacing and upgrading and will likely continue to do so. The modernization of transmission systems involves the adoption of new technologies – smart grids and advanced metering infrastructure, to make the grid more stable.
Government Initiatives and Regulations
In addition to this, the increasing emphasis on lowering the carbon emissions and following sustainable energy procedures by the government and adhering to the guidelines provided by them, is also propelling the growth of the Electric Power Transmission Market Industry. Many governments all over the globe are focusing on promoting the use of renewable sources of energy and smart grid technology and, in order to hold the same, are developing policies and incentives.
Thereby creating a propitious situation for the investment in the electric power transmission infrastructure.
Electric Power Transmission Market Segment Insights
Electric Power Transmission Market Voltage Level Insights
Voltage level plays a significant role in the Electric Power Transmission Market, influencing the design, operation, and efficiency of power transmission systems. High Voltage (above 100 kV) High voltage transmission lines operate at voltages exceeding 100,000 volts, enabling the efficient transmission of power over long distances with minimal losses. This segment held a major share of over 55% in 2023 and is projected to maintain its dominance throughout the forecast period. The growing demand for electricity, coupled with the increasing adoption of renewable energy sources such as offshore wind and solar, is driving the growth of this segment.
Medium Voltage (from 1 kV to 33 kV) Medium voltage transmission lines operate at voltages ranging from 1,000 to 33,000 volts, catering to the distribution of power from substations to local distribution networks. This segment accounted for a substantial portion of the Electric Power Transmission Market revenue in 2023 and is expected to witness steady growth in the coming years. The expansion of urban grids and the rising demand for reliable power supply in remote areas are contributing to the growth of this segment. Low Voltage (below 1 kV) Low voltage transmission lines operate at voltages below 1,000 volts, primarily used for last-mile distribution to residential, commercial, and industrial consumers.
This segment is poised to experience significant growth in the future, driven by the increasing penetration of distributed energy resources and smart grid technologies. The integration of rooftop solar panels, electric vehicles, and energy storage systems is expected to boost the demand for low voltage transmission infrastructure. Overall, the segmentation of the Electric Power Transmission Market based on voltage level offers valuable insights into the market dynamics and growth potential of each segment. This segmentation aids stakeholders in developing targeted strategies, optimizing investments, and identifying opportunities for innovation within the industry.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Transmission Market Transmission Line Type Insights
The Electric Power Transmission Market is segmented by Transmission Line Type into Overhead Lines, Underground Lines, and HVDC Lines. Among these, Overhead Lines held the largest market share in 2023, accounting for approximately 70% of the global market. The dominance of Overhead Lines can be attributed to their lower installation and maintenance costs compared to Underground Lines and HVDC Lines. Overhead Lines are also preferred in remote areas where access to underground infrastructure is limited. Underground Lines are expected to witness significant growth in the coming years due to increasing urbanization and the need for reliable power transmission in densely populated areas.
HVDC Lines are gaining traction for long-distance power transmission due to their ability to transmit power with minimal losses. The Electric Power Transmission Market for HVDC Lines is projected to grow at a CAGR of 6.5% from 2024 to 2032, reaching a value of USD 12.5 billion by 2032.
Electric Power Transmission Market Application Insights
The Electric Power Transmission Market segmentation by application is broadly classified into Transmission and Distribution, Renewable Energy Integration, Subsea Transmission, and Industrial Power. Among these, the Transmission and Distribution segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for reliable and efficient power transmission and distribution networks. The Renewable Energy Integration segment is expected to witness significant growth in the coming years due to the rising adoption of renewable energy sources, such as solar and wind power.
The Subsea Transmission segment is also expected to grow at a steady pace, driven by the increasing demand for offshore wind farms. The Industrial Power segment is expected to grow at a moderate pace, driven by the increasing demand for electricity from industrial and manufacturing sectors.
Electric Power Transmission Market Component Insights
The Electric Power Transmission Market is segmented into components such as Conductors, Insulators, Towers or Poles, and Substations. Among these segments, the Conductors segment is expected to account for the largest share of the market in 2024, owing to the increasing demand for efficient power transmission. The Insulators segment is also expected to witness significant growth during the forecast period due to the rising need for reliable and safe power transmission systems. The Towers or Poles segment is expected to account for a significant share of the market, primarily driven by the growing demand for electricity in developing regions.
The Substations segment is also expected to witness steady growth during the forecast period, owing to the increasing need for efficient power distribution.
Electric Power Transmission Market Smart Grid Integration Insights
Smart Grid Integration plays a pivotal role in the Electric Power Transmission Market, fostering efficiency and reliability in power distribution. Digital substations, a key component of smart grids, are expected to witness significant growth due to their ability to automate operations and enhance grid stability. The global market for digital substations is projected to reach USD 16.3 billion by 2026, growing at a CAGR of 8.2%. Smart meters, another crucial element, enable real-time monitoring of energy consumption, empowering consumers to manage their usage and reduce costs.
The global smart meter market is anticipated to surpass USD 35 billion by 2027, driven by government initiatives and rising demand for energy efficiency. Wide Area Monitoring Systems (WAMS) play a vital role in enhancing grid visibility and control. By providing real-time data on system performance, WAMS contributes to improved grid reliability and reduced outages. The global WAMS market is estimated to reach USD 3.4 billion by 2024, growing at a CAGR of 12.5%. Distribution Automation, a key aspect of smart grids, involves the use of intelligent devices and systems to automate the distribution network.
This automation enhances reliability, reduces operating costs, and improves grid resilience. The global distribution automation market is projected to exceed USD 18 billion by 2027, driven by increasing grid complexity and the need for improved efficiency. Overall, the Smart Grid Integration segment is poised for substantial growth, driven by the increasing adoption of smart technologies and the need for efficient and reliable power transmission.
Electric Power Transmission Market Regional Insights
The regional segmentation of the Electric Power Transmission Market reveals distinct growth patterns and market dynamics. North America holds a significant market share, driven by increasing demand for renewable energy sources and investments in grid infrastructure. Europe follows closely, with a focus on sustainable energy practices and aging grid networks. APAC presents immense growth potential as developing economies invest heavily in expanding their power transmission networks. South America offers opportunities for market expansion due to growing industrialization and urbanization.
MEA shows promise with increasing investments in renewable energy projects and infrastructure development. By understanding the regional nuances and market dynamics, businesses can tailor their strategies to capitalize on growth prospects in specific regions.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Transmission Market Key Players And Competitive Insights
Major players in the Electric Power Transmission Market industry are constantly striving to gain a competitive edge through strategic partnerships, acquisitions, and product innovations. Leading Electric Power Transmission Market players are investing heavily in research and development to enhance their product offerings and expand their market share. The Electric Power Transmission Market development is driven by increasing demand for reliable and efficient power transmission systems, rising environmental concerns, and government initiatives to promote renewable energy sources. The Electric Power Transmission Market Competitive Landscape is characterized by the presence of established global players as well as emerging regional players.
ABB is a leading player in the Electric Power Transmission Market, offering a comprehensive range of products and services for power transmission and distribution. The company has a strong presence in both developed and emerging markets, with a focus on providing innovative and sustainable solutions. ABB's commitment to research and development has resulted in a portfolio of advanced technologies, including HVDC (high-voltage direct current) systems, power transformers, and switchgear. The company's global reach and expertise enable it to cater to the diverse needs of its customers.
Siemens Energy is a prominent competitor in the Electric Power Transmission Market, providing a wide range of power transmission and distribution solutions. The company has a strong presence in Europe, the Americas, and Asia and is known for its reliable and efficient products. Siemens Energy's focus on innovation has led to the development of cutting-edge technologies, such as digital substations and smart grids. The company's commitment to sustainability and environmental responsibility aligns well with the growing demand for renewable energy solutions.
Key Companies in the Electric Power Transmission Market Include
- Toshiba
- LS Industrial Systems
- GE
- Siemens
- ABB
- Mitsubishi Electric
- Hitachi
- ZTT
- Hyundai Heavy Industries
- Eaton
- Prysmian Group
- Crompton Greaves
- Schneider Electric
- Nexans
- NKT Cables
Electric Power Transmission Market Industry Developments
The Electric Power Transmission Market is poised to grow significantly over the coming years, driven by increasing demand for electricity and the need to upgrade aging infrastructure. The market is expected to reach a valuation of USD 19.7 billion by 2032, exhibiting a CAGR of 4.02% during the forecast period (2024-2032). Recent developments in the market include the growing adoption of smart grid technologies, the integration of renewable energy sources, and the increasing focus on energy efficiency. Key players in the market are investing in research and development to enhance the efficiency and reliability of power transmission systems. The market is also witnessing a trend towards digitalization, with the adoption of advanced metering infrastructure (AMI) and other technologies to improve grid management and reduce energy losses.
Electric Power Transmission Market Segmentation Insights
- Electric Power Transmission Market Voltage Level Outlook
- High Voltage (above 100 kV)
- Medium Voltage (from 1 kV to 33 kV)
- Low Voltage (below 1 kV)
- Electric Power Transmission Market Transmission Line Type Outlook
- Overhead Lines
- Underground Lines
- HVDC Lines
- Electric Power Transmission Market Application Outlook
- Transmission and Distribution
- Renewable Energy Integration
- Subsea Transmission
- Industrial Power
- Electric Power Transmission Market Component Outlook
- Conductors
- Insulators
- Towers or Poles
- Substations
- Electric Power Transmission Market Smart Grid Integration Outlook
- Digital Substations
- Smart Meters
- Wide Area Monitoring Systems (WAMS)
- Distribution Automation
- Electric Power Transmission Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2022
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13.28 (USD Billion)
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Market Size 2023
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13.81 (USD Billion)
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Market Size 2032
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19.7 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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4.02% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Toshiba, LS Industrial Systems, GE, Siemens, ABB, Mitsubishi Electric, Hitachi, ZTT, Hyundai Heavy Industries, Eaton, Prysmian Group, Crompton Greaves, Schneider Electric, Nexans, NKT Cables
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Segments Covered
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Voltage Level, Transmission Line Type, Application, Component, Smart Grid Integration, Regional
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Key Market Opportunities
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Upgrading aging infrastructure Smart grid modernization Renewable energy integration Distributed energy resources Energy storage deployment
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Key Market Dynamics
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Rising Global Energy Demand Technological Advancements in Power Transmission Increasing Adoption of Renewable Energy Sources Growing Focus on Smart Grid Infrastructure Government Incentives and Regulatory Support
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Electric Power Transmission Market is expected to reach USD 19.7 billion by 2032, witnessing a CAGR of 4.02% from 2024 to 2032.
North America is anticipated to dominate the market, capturing 40% of the global market share by 2032. Increasing investments in smart grid infrastructure and rising electricity consumption in countries like Canada and the US are key factors driving the regional market growth.
Electric Power Transmission systems are primarily used for transmitting electricity from power generation plants to distribution networks. They also play a crucial role in interconnecting different regions and countries, ensuring a reliable and efficient power supply.
Major players in the Electric Power Transmission Market include Siemens, ABB, General Electric, Toshiba, and Alstom. These companies offer a wide range of products, including transformers, substations, and transmission lines, and are actively involved in developing innovative solutions to meet the evolving demands of the industry.
Growing demand for electricity, increasing investments in renewable energy sources, and government initiatives to modernize and expand power grids are some of the primary factors fueling the growth of the Electric Power Transmission Market.
The Electric Power Transmission Market faces several challenges, such as the high cost of infrastructure development, stringent regulatory requirements, and the need for continuous technological advancements to meet the evolving needs of the industry.
