Power Generation, Transmission and Control Equipment Global Market Report 2024

The power generation, transmission and control equipment market size has grown strongly in recent years. It will grow from $554.3 billion in 2023 to $583.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historical period can be attributed to the expansion of industrialization, grid development, rural electrification programs, advancements in nuclear power, and government incentives.

The power generation, transmission and control equipment market size is expected to see steady growth in the next few years. It will grow to $697.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecasted period can be attributed to the rise in decentralized energy systems, the development of electric vehicle charging infrastructure, increased focus on resilience planning, economic growth, and the demand for smart appliances. Major trends in the forecast period include the adoption of digitalization and Industry 4.0, enhanced cybersecurity measures for critical infrastructure, the implementation of hybrid power systems, the integration of artificial intelligence (AI) in grid management, and advancements in carbon capture and storage.

The anticipated increase in electricity demand is expected to drive the growth of the power generation, transmission, and control equipment market in the future. Electricity, a form of energy generated by charged particles, attracts investments, stimulates innovation, and encourages the development of advanced and efficient technologies. This growing demand for electricity also fosters research and development efforts to enhance the efficiency and reliability of power generation, transmission, and control equipment. For instance, Exxon Mobil Corporation reported in August 2023 that electricity demand is projected to increase by 1.8% annually, constituting about 50% of the industry by 2050. Thus, the upward trajectory in electricity demand propels the expansion of the power generation, transmission, and control equipment market.

The relay and industrial control sector are increasingly incorporating SCADA (Supervisory Control and Data Acquisition) systems to elevate process efficiency and productivity. SCADA systems enable the remote control of industrial processes, including power generation, manufacturing, and refining, through coded signals transmitted over cloud channels. The rising applications of SCADA systems can be attributed to their scalability, ease of upgrading, the emergence of global smart grid projects, and the growing utilization of cloud technologies. The market is further benefiting from the increased demand for energy and renewable resource projects. For example, in May 2022, Electronics Corporation of India Limited (ECIL), a government-owned company in India, launched programmable logic controllers (PLC) and supervisory control and data acquisition (SCADA) software. The introduction of PLC and SCADA software is expected to drive the adoption of automation and controls across various industries, enhancing the efficiency and reliability of industrial processes through real-time monitoring and control.


Major companies in the power generation, transmission, and control equipment market are directing their efforts towards innovative products, such as the mainspring linear generator, to offer reliable services to their customers. A linear generator is a type of electrical generator that directly converts mechanical energy, typically linear (straight-line) motion, into electrical energy. For example, in March 2021, Mainspring Energy Inc., a US-based manufacturer of power generation equipment, introduced the Mainspring Linear Generator. This innovative system provides a low-cost, fully dispatchable, and fuel-flexible power production solution for commercial and industrial buildings, utilities, and microgrids. The Mainspring Linear Generator employs a low-temperature, uniform reaction that maintains peak temperatures below the levels where NOx forms (1500°C), resulting in near-zero NOx emissions.

Major companies operating in the power generation, transmission and control equipment market report are Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Hanwha Group, Schneider Electric SE, Mitsubishi Electric Corp., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Corporation, Cummins Inc., Legrand S.A., Eaton Corporation, Larsen & Toubro Limited, Alstom SA, Nidec Corp., Rolls-Royce Holdings PLC, Emerson Electric Co., Amphenol Corp., Kawasaki Heavy Industries Ltd., Rockwell Automation Inc., Fuji Electric Co. Ltd., Wärtsilä Corporation, Bharat Forge Limited, Bharat Heavy Electricals Limited, Bharat Electronics Limited, Crompton Greaves Ltd., Doosan Heavy Industries & Construction Co. Ltd.

Asia-Pacific was the largest region in the power generation, transmission and control equipment market in 2023. Western Europe was the second largest region in the power generation, transmission and control equipment market. The regions covered in the power generation, transmission and control equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the power generation, transmission and control equipment market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The power generation, transmission, and control equipment market consist of sales of low-power transformers, medium-power transformers, high-power transformers, electric motors, electric generators, switchboards, switchgear, relays, industrial controls, and other power generation, transmission, and control equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The primary categories of power generation, transmission, and control equipment include transformers, electric motors and generators, switchgear and switchboard apparatus, relays, and industrial controls. A transformer is a device that alters electric energy from one alternating-current circuit to one or more other circuits by either increasing (stepping up) or decreasing (stepping down) the voltage. This equipment finds applications in residential, commercial, automotive, and other sectors, serving both private and public end-users.

The power generation, transmission, and control equipment market research report is one of a series of new reports that provides power generation, transmission, and control equipment market statistics, including power generation, transmission, and control equipment industry global market size, regional shares, competitors with a power generation, transmission and control equipment market share, detailed power generation, transmission, and control equipment market segments, market trends and opportunities, and any further data you may need to thrive in the power generation, transmission, and control equipment industry. This power generation, transmission, and control equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.