The electric power market is expected to increase in the coming years. Electrical energy is the energy derived from electron mobility. Electrical energy is a term used to describe energy that has been converted from electric potential energy. This energy is provided through an electrical circuit that delivers a combination of electric current and electric potential (for example, provided by an electric power utility). Electricity is necessary in all areas for a variety of applications to be completed. In comparison to residential areas, industry use a large amount of electric power. Electricity can be created using either renewable or non-renewable resources. The generation, transmission, distribution, and the sale of electric power to the general public are all covered under the electric power industry. When electricity was first produced for electric lights in 1882, commercial distribution of electric power began. Growing economic and safety concerns led to industrial regulation in the 1880s and 1890s. What was once a pricey novelty restricted to the most densely populated areas, reliable and affordable electric power has become a necessary component of the normal operation of all aspects of industrialized economies. The demand for electric power increases as a result of efforts to make it more widely available and less expensive.
COVID-19 Impact Analysis
- The COVID-19 pandemic impacted the electric power market and caused a decline in the market growth.
- The supply chain was interrupted and the availability of raw material was hindered due to the shutdown of the industries.
- The industrial sector was shut down as per the government guideline to prevent the spread of virus. This caused a decline in demand of electric power from these sectors.
- The commercial sector was also impacted due to the pandemic and caused a decline in the growth of electric power market.
- The economy of countries faced a slump due to the pandemic wand no new development and investment were done in any sector.
- The outbreak of COVID-19 has acted as a significant restraint on the electric power generation, transmission, and distribution market in 2020 as the demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally.
- However, now the lockdown restriction upliftment and the resumption of industries has increased the demand for electric power and helped the market to grow again.
Top Impacting Factors
Electrical power demand generates by commercial, government, and household needs, which are mostly determined by economic activity and population expansion. The electric power industry is predicted to grow as a result of emerging technology. Through research and development, private distribution utilities and service providers, governments, and equipment manufacturers are attempting to combine their current technologies and develop modern ones for a wider range of applications. The efficient use of automation distribution systems will be critical to the market's expansion. However, the power sector is experiencing issues in all three of its main areas of operation: generation, transmission, and distribution. The most typical issue in the power sector is the distribution segment's unavailability. During the transmission of power, there is a technical malfunction, as well as a loss of power during the transmission. The financial health of state-specific distribution corporations has a significant impact on both generating and distribution. Another issue to consider is that certain companies are encountering significant challenges due to a lack of solid financial backgrounds, limiting their ability to create and transmit appropriate power to the areas.
Increased investment in the power generating industry, as well as investments in microgrid technology, renewable energy, and other sophisticated technologies, are likely to help the market grow.
- The Gulf Cooperation Council (GCC) region experienced a dramatic shift in traditional power generation models in October 2016. As the sector witnesses a huge transformation in power generation and distribution, an integrated smart power system across the GCC region is becoming probable. The smart grid allows users to relocate specific power usage or use a differential pricing mechanism to know when and how much power to consume.
- In recent years, there have been significant advancements in tiny generators. These compact generators have nearly the same cost and efficiency advantages as large generators.
- The adoption of renewable energy seems to be only increasing, partly driven by consumer interest. Coupled with more efficient energy storage options, renewable energy is on track to become an even bigger source of energy generation as the industry shifts toward grid parity.
- Georgia Tech's George W. Woodruff School of Mechanical Engineering is testing a conversion energy engine that generates electricity utilizing sodium's isothermal and solar heat. Na-TECC (Na-sodium and “Thermo-Electro-Chemical Converter”) was the name given to this innovative engine. Essentially, this machine increases energy efficiency, resulting in less heat leakage. This means higher electricity savings. The experiments involved using solar power to run the machine and power a whole house. If it’s fully developed, it can be recommended by electrical subcontractors for new building construction.
Key Benefits of Report
- This study presents the analytical depiction of the electric power market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electric power market share.
- The current market is quantitatively analyzed to highlight the electric power market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electric power market analysis based on competitive intensity and how the competition will take shape in coming years
Electric Power Market Report Highlights
Key Market Players
General Electric Co, Iberdrola, KEPCO, Enel, EDF, NTPC, Engie, TEPCO, State Grid Corporation of China