HYDERABAD, India, June 21, 2019 /PRNewswire/ -- The Electric Power System Market is expected to reach $3bn by 2025, and is estimated to grow at a CAGR of 10.29% during the forecast period 2019-2025. The growth of the market is led by innovations in generation, transmission, distribution and utilization of electrical energy. Increasing adoption of smart grid technologies by hotels, data centers, offices and hospitals will drive the growth of electric power system market.
The Electric Power system market is focusing on innovating and enhancing electric transmission and distribution systems. As per the International Energy Agency, 70% of global energy investments will be government-driven, which already started in 2018. . Majorly the investment will be done by the government organizations such as Clean Energy Ministerial (CEM), International Energy Forum (IEF), and International Renewable Energy Agency (IRENA) in new energy supply system. In 2019, PUC Distribution Inc., in Canada's Sault Ste. Marie, received $12m funding from the federal government for upgrading the city's electrical distribution system. Investments and funding will lead to increased innovations in the smart electric power management, thereby increasing the electric power system market growth.
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North America has a wide variety of power system technologies which allow large industrial and commercial customers to be served by transmission directly, and lower voltage distribution systems majorly serve the residential areas. In North America, the power delivery system consist of more than 200,000 miles of transmission lines, operating above 230, serves over 300 million customer in North America. APAC is the fastest growing region in electric power system market due to the presence of a high number of industries such as IT firms, data centers, oil and gas refineries, hospital, hotels, education institutions and others in this region. The growing expansion of infrastructure creates an opportunity for electric power system industries to support the growing power generation. Rapid development of infrastructure will increase the electricity consumption and existing lack of suitable facilities for power transfer would propel the installations of distribution transformers in the APAC region.
Electrical Power System Market Growth Drivers:
- Smart grid technology maintaining a sustainable power: Smart grid technology facilitate efficient and reliable electric power systems. The smart grid technology functions to provide advanced metering infrastructure, smart grid distribution management, smart gird network management, and grid asset management. The operation helps in maintaining timely generation of electricity, with proper distribution with respect to automated command technology, . Thereby, driving growth for the electric power system market.
- Use of renewable sources such as wind, solar, and gas for electricity generation: In the past few years, performance of natural gas-fired generation units have improved. Implementing energy storage systems in gas plants can improve the speed and flexibility of electricity generation, and thus result in high efficiency and low carbon emissions. According to Multidisciplinary Digital Publishing Institute (MDPI), growing concern of improper transmission channels of electricity, has anticipated to bring change in infrastructural development in 17,000 renewable power generation plants across the globe, which is expected to start from mid-2019. This is expected to increase the demand for electric power systems in the future. The integration of electric power system with renewable energy sources improved the performance of new and existing plants, and this is anticipated to drive electric power system market growth.
R&D Investment and Initiative, Funding:
In May 2019, Cambodia received $7m as loan from the Asian Development Bank (ADB) to ramp up technological developments in the energy generation sector. The efforts in structuring of electric power plants will enhance the electricity accessibility for around four million people, who lack electricity access. Hence, the investment in technological development will contribute towards the global growth of electric power system market.
In May 2019, Singapore's Energy Market Authority (EMA) announced its partnerships with Shell and PSA Singapore, amounting to $12m, in a bid to develop local energy solutions. The EMA and PSA Singapore's partnership will include R&D towards providing innovative solutions for smart grid technologies and energy management. This will play an important role for driving the growth of smart electric power system market.
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The Major Players in this Market
The major players in Electric Power System market are ABB Ltd., Eaton Corporation, General Electric, Itron Inc., Schneider Electric, SEL, Siemens AG and others.
Above mentioned are some leading companies involved in the power grid industry. In the latest update, ABB and SUSI signed an agreement in January 2019, to develop clean energy infrastructure and energy storage solutions. The development will benefit industries to optimize their costs and minimize carbon emissions. The energy storage devices will be connected in parallel to smart grid technology which automatically function to store energy in the storage solution.
As per the analysis, all current and under-construction energy infrastructure will be driven by improving demand response technologies, such as smart meters and battery storage technologies in the electric power industry in the coming future. It is expected that new power system will have a major impact in controlling the complete power generation and supply management process, which will function under the adoption of micro grid electric powers system. Presently, the existing electric power plants are re-structuring their electrification system, and modernizing the grid, to generate clean output. The re-structuring of this sector is poised to raise power industry efficiency for end-consumers, which is anticipated to have a steady growth during forecast period.
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