The Increasing Shift Towards Renewable Energy and Supportive Government Policies has led to the Growth of the Global Electrification Market

The global electrification market stands at the peak of transformative change, enlightening the path toward a future driven by sustainable energy and technological innovation. Electrification, once a symbol of urban advancement, has evolved into a dynamic and pervasive force shaping economies, industries, and societies worldwide. This market, propelled by a convergence of renewable energy, technological breakthroughs, and a global push for cleaner, more accessible power sources, represents not only a shift in how we generate and consume electricity but also a catalyst for broader socio-economic development and environmental stewardship.

After a substantial gain in 2021, power consumption remained resilient in 2022, despite the global energy crisis caused by Russia’s invasion of Ukraine. While power consumption in Europe fell and growth in China stalled, the United States and India observed a significant boost in demand following the easing of coronavirus (Covid-19) pandemic restrictions and a surge in economic activity.

In the end use segment, the transportation segment is anticipated to be the fastest growing segment during the forecast period. In the transportation sector, more than 26 million electric vehicles were on the road in 2022, a 60% increase over 2021 and more than five times the stock in 2018. More electric vehicles are becoming accessible, with 220 new bus and truck models expected to hit the market in 2022.

In 2022, industrial segment had the highest share in the global electrification market. The most promising electrification technologies in the construction and industrial sectors are related to air, water, and steam heating and cooling. Building technology has advanced to the point that heat pumps are now the most frequent heating solution in newly constructed homes. Global heat pump sales increased by 11% in 2022 compared to 2021. Europe, Japan, and the United States saw the greatest sales growth, with rises of 40%, 19%, and 11%, respectively.

Global Electrification Market Segmentation

Global Electrification Market – Source Outlook

  • Renewable Energy
  • Nuclear Power
  • Fossil Fuel-based

Global Electrification Market –Offerings Outlook

  • Hardware
  • Solutions
  • Services

 Global Electrification Market – End Use Outlook

  • Buildings
  • Transportation
  • Industrial

Global Electrification Market – Regional Outlook

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

List of Key Players in the Global Electrification Market

  • ABB
  • Altair Engineering Inc.
  • CONTINENTAL ENGINEERING SERVICES
  • Duke Energy Corporation
  • Eaton
  • Enel X S.r.l.
  • General Electric
  • ICF International Inc.
  • Jakson Group
  • Pandrol
  • Powersys Solutions
  • Schneider Electric
  • Siemens
  • Stellantis NV
  • STMicroelectronics
  • ZAPI GROUP
  • Other market participants

 

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