Global power generation, transmission and control equipment market expected to reach $794.67 B in 2026
The global power generation, transmission and control equipment market is expected to grow to $538.91 B in 2022 at CAGR of 11.3 %.
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The global power generation, transmission and control equipment market is expected to grow to $538.91 B in 2022 at CAGR of 11.3 %.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $794.67 B in 2026 at a CAGR of 10.2 %.
The power generation, transmission and control equipment market consists of sales of power generation, transmission and control equipment by entities (organizations, sole traders and partnerships) that produce power, distribution, and specialty transformers, electric motors, generators, and motor generator sets, switchgear and switchboard apparatus, relays, and industrial controls.
Asia Pacific was the largest region in the power generation, transmission and control equipment market in 2021. Western Europe was the second largest region in the power generation, transmission and control equipment market.
The relay and industrial control industry is increasingly adopting SCADA (supervisory control and data acquisition) systems to enhance process efficiency and productivity. SCADA systems are used to remotely control industrial processes such as power generation, fabrication and refining through coded signals over cloud channels. The applications of these SCADA systems is expected to rise mainly due to their scalability, ease of upgrading, emergence of global smart grid projects and increased use of cloud technologies. The market is also benefitting from high demand for energy and renewable resource projects. The SCADA systems market grew at a CAGR of 7.2 % in 2020.
Major companies in the power generation, transmission and control equipment market include Siemens AG, Schneider Electric SE, ABB Ltd, Nidec Corp, General Electric Company, etc.
Source: Research and Markets
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