The electric power system market will record a 10.29% growth between 2019 and 2025, according to emerging technology markets research firm IndustryARC.
The research firm predicts revenue for the electric power system market to reach $3 billion by 2025.
Factors driving the market include:
- Innovations in energy generation, transmission, distribution and utilisation spaces
- Increasing adoption of smart grid technologies
- Increasing adoption of renewable energy resources
- Increase in funding of technology research and development initiatives and grid modernisation programmes.
According to Multidisciplinary Digital Publishing Institute, growing concern of improper transmission channels of electricity, is 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.
The majority of the funding is coming from government organisations such as the Clean Energy Ministry, the International Energy Forum, and the International Renewable Energy Agency.
For instance, Cambodia has in May received a $7 million loan from the Asian Development Bank to deploy new technologies within its energy generation space.
In Singapore, the Energy Market Authority partnered with Shell and PSA Singapore to develop local energy solutions as part of a $12 million deal.
The International Energy Agency predicts 70% of global energy investments will be government-driven, which already started in 2018.
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 growing power generation.
IndustryARC reiterates that the majority of investments in the electric power system market will be driven by improving demand response technologies, such as smart meters and battery storage technologies.