1 Global Electricity Transmission Market Size (Revenue) and CAGR (2024-2033)
Global Electricity Transmission market generated revenue of USD 112,290 Million in 2024 with a CAGR of 6.44% during 2024 to 2033.
The current situation of the Electricity Transmission market is characterized by steady growth, driven by increasing global electricity demand due to industrialization and urbanization. The market is also influenced by the transition towards green and low-carbon development, with a focus on integrating renewable energy sources into the grid. This shift is prompting investments in clean energy infrastructure, including smart grids and advanced transmission technologies. The market is further expected to expand with the development of new power systems that emphasize digitalization, intelligence, and efficiency. However, the market faces challenges such as regulatory constraints, high entry barriers, and vulnerabilities to extreme weather events, which can disrupt transmission and distribution networks. Despite these challenges, the market is poised for continued growth.
Figure Global Electricity Transmission Market Size (M USD) Outlook (2024-2033)
2 Electricity Transmission Industry Future Investment Trends and Key Investment Drivers
Transmission is one of the functions of power system, which enables the development and utilization of electric energy beyond the limitation of region. Therefore, the demand for electricity is one of the key driving factors for the development of this industry. With the development of global economy, industrialization and urbanization, the increase in electricity demand will continue to promote the growth of the electricity market. According to the International Energy Agency’s 2023 Electricity Market Report, global electricity demand in 2022 will grow by about 2% year-on-year. In 2022, the demand for electricity in the Asia-Pacific region maintained an upward trend, with an increase of about 3.3%. In the region, India is the fastest growing country in electricity demand at about 8.4%, while China is growing at about 2.6%. Electricity demand in the Americas increased by 2.3% year-on-year. Electricity demand in the European region increased by 11% in 2021 and decreased by about 3% in 2022, mainly due to the energy crisis caused by the Russia-Ukraine war, resulting in higher electricity prices; Driven by population growth, the expansion of energy-intensive enterprises, and increased demand for air conditioning and seawater desalination, power demand in the Middle East increased by more than 2.6% year-on-year. The African region will grow by 1.5% in 2022. Therefore, the growth of global electricity demand will bring great opportunities for the power transmission market and is one of the main drivers of investment in this market.
3 Global Electricity Transmission Market by Type in 2024
The global Electricity Transmission market is segmented by Type into Direct Current (DC) and Alternating Current (AC).
DC Transmission: DC Transmission is anticipated to account for a significant portion of this market, with a value of 35,753 million USD in 2024. Its market share is expected to be 31.84%, indicating its importance in long-distance and international power transmission projects.
AC Transmission: AC Transmission, with a market value of 76,537 million USD, dominates the electricity transmission market with a share of 68.16%. This prevalence can be attributed to AC’s compatibility for local distribution and its compatibility with a wide range of end-user applications.
In conclusion, while AC transmission maintains the largest market share due to its established presence and adaptability, DC transmission is poised for the fastest growth, driven by the need for efficient, long-distance power transmission and the integration of renewable energy. As the global energy landscape continues to evolve, the electricity transmission industry remains at the forefront of enabling a more sustainable and interconnected future.
Table Global Electricity Transmission Market Size and Share by Type in 2024
Type | Market Size (M USD) | Market Share (%) |
|---|---|---|
DC | 35,753 | 31.84 |
AC | 76,537 | 68.16 |
Total | 112,290 | 100 |
4 Global Electricity Transmission Market by Application in 2024
The electricity transmission market is primarily segmented into three applications: Residential, Industrial, and Commercial. Each sector has its own unique characteristics and requirements.
Residential: Residential applications are expected to account for a market value of 31,767 million USD, holding a market share of 28.29%. This significant share underscores the consistent and essential nature of electricity demand in residential settings.
Industrial: Industrial applications dominate the market with a value of 52,091 million USD, capturing a market share of 46.39%. The large market share of the industrial sector is attributable to the high power consumption in manufacturing and production processes, which are the backbone of many economies.
Commercial: Commercial applications are projected to have a market value of 23,536 million USD, with a market share of 20.96%. This sector is expected to grow as the global economy expands and the demand for commercial spaces increases.
The electricity transmission market is a complex ecosystem, serving various applications with distinct demands. In 2024, the Industrial application holds the biggest market share, reflecting the sector’s high power consumption and economic significance. While the Residential application grows steadily with population growth and improving living standards, the Commercial application may exhibit the fastest growth rate, particularly in regions with a booming service industry and digital economy. As the world continues to urbanize and digitize, the dynamics of the electricity transmission market by application will play a crucial role in shaping the future of global energy distribution.
Table Global Electricity Transmission Market Size and Share by Application in 2024
Application | Market Size (M USD) | Market Share (%) |
|---|---|---|
Residential | 31,767 | 28.29 |
Industrial | 52,091 | 46.39 |
Commercial | 23,536 | 20.96 |
Others | 4,896 | 4.36 |
Total | 112,290 | 100 |
5 Global Electricity Transmission Market by Region in 2024
The global electricity transmission market is a diverse landscape, with regions such as North America, Europe, China, Japan, the Middle East and Africa, India, and South America playing significant roles. Each region brings its own set of challenges and opportunities, shaping the market’s global dynamics.
North America: North America is projected to have a market value of 22,527 million USD in 2024, holding a share of 20.06%. This region’s mature market and focus on optimizing industrial structures contribute to its significant market share.
Europe: Europe follows with a market value of 17,837 million USD, capturing a 15.88% share. The region’s economic stability and investment in renewable energy sources are key factors in its market position.
China: China stands out with a substantial market value of 33,605 million USD, accounting for 29.93% of the global market. The country’s rapid economic growth and large-scale infrastructure development have propelled it to a leading position in the electricity transmission market.
Japan: Japan contributes a market value of 7,125 million USD, with a 6.35% share. Despite its smaller size compared to other regions, Japan’s focus on technological advancement in power transmission secures its place in the global market.
Middle East and Africa: The Middle East and Africa region is expected to have a market value of 8,118 million USD, representing a 7.23% share. The region’s market is influenced by its abundant energy resources and growing industrialization.
India: India is projected to have a market value of 6,992 million USD, holding a 6.23% share. The country’s rapid economic development and increasing energy demands are driving its market growth.
South America: South America contributes a market value of 6,163 million USD, with a 5.49% share. The region’s market is influenced by its natural resource wealth and efforts to expand its energy infrastructure.
The electricity transmission market is a global endeavor, with each region contributing to its growth and development. In 2024, China stands as the biggest regional market by revenue, driven by its massive economy and infrastructure development. Meanwhile, India is set to be the fastest-growing region, fueled by its rapid economic expansion and the urgent need to upgrade its energy infrastructure. As the global energy landscape continues to evolve, these regional dynamics will play a critical role in shaping the future of electricity transmission worldwide.
Table Global Electricity Transmission Market Size, Region Wise in 2024
Region | Market Size (M USD) | Market Share (%) |
|---|---|---|
North America | 22,527 | 20.06 |
Europe | 17,837 | 15.88 |
China | 33,605 | 29.93 |
Japan | 7,125 | 6.35 |
Middle East and Africa | 8,118 | 7.23 |
India | 6,992 | 6.23 |
South America | 6,163 | 5.49 |
Others | 9,922 | 8.84 |
Total | 112,290 | 100 |
Figure Global Electricity Transmission Revenue Market Share by Region in 2024
6 Global Electricity Transmission Market Top 3 Players
State Grid Corporation of China
Company Introduction and Business Overview: State Grid Corporation of China, the largest electric utility company in the world, operates under the auspices of the Chinese government. It is primarily engaged in the construction and management of power grids, supplying electricity across China. Established in 2002, State Grid has grown to become a state-authorized investment institution and a state holding company, playing a pivotal role in China’s power transmission infrastructure.
Products Offered: State Grid specializes in the operation of Ultra High Voltage (UHV) projects, which include both AC and DC transmission lines. They are also at the forefront of integrating smart grid technologies to enhance the efficiency and reliability of power distribution.
Revenue in 2024: With a projected value of 17,296 million USD in 2024, State Grid Corporation of China continues to lead the global electricity transmission market. Their extensive network, coupled with aggressive expansion plans, positions them as a dominant force in the industry.
Company Introduction and Business Overview: Duke Energy Corporation, established in 1904, is a major electric power holding company in the United States. It engages in the generation, transmission, distribution, and sale of electricity, as well as the transportation and sale of natural gas. The company operates through registered subsidiaries across multiple states in the U.S., providing services to a wide range of customers.
Products Offered: Duke Energy offers a comprehensive suite of electricity transmission services, including the operation and maintenance of high-voltage transmission lines. They also have a significant footprint in renewable energy, with investments in wind and solar power generation facilities.
Revenue in 2024: Duke Energy Corporation is expected to generate a revenue of 6,580 million USD in 2024. Their long-standing presence in the U.S. energy market, combined with strategic investments in renewable energy, contributes to their stable revenue projection.
China Southern Power Grid Co Ltd
Company Introduction and Business Overview: China Southern Power Grid Co Ltd., established in 2002, is responsible for the investment, construction, operation, and management of the Southern regional power grid in China. The company is involved in power purchase and sale business, power trading and dispatching, and provides supply service guarantees for several provinces and regions in Southern China.
Products Offered: China Southern Power Grid offers a range of transmission and distribution services, with a focus on enhancing grid reliability and integrating smart grid technologies. They are also expanding their capabilities to include more renewable energy sources in their power mix.
Revenue in 2024: China Southern Power Grid Co Ltd. is projected to achieve a revenue of 6,470 million USD in 2024. Their strategic location in the rapidly developing southern region of China, along with their commitment to technological innovation, underpins their strong market position.
Table Global Electricity Transmission Revenue Share of Top3 Players in 2024
Company | 2024 |
State Grid Corporation of China | 15.40% |
Duke Energy Corporation | 5.86% |
China Southern Power Grid | 5.76% |