The global electric power transmission and distribution equipment market size was valued at USD 214.15 Billion in 2022 and is likely to reach USD 352.69 Billion by 2031 expanding at a CAGR of 5.7% during 2023 – 2031. The electric power transmission and distribution equipment are used to transfer electrical energy from a power generation plant to a distant electrical substation, where voltage is transformed and distributed to consumers or other substations.
Substations are generally located near demand centers, while electrical energy is delivered through an electrical power distribution system, known as the power grid.
Market Trends, Restraints, Drivers, and Opportunities
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The growth of the electric power transmission and distribution equipment market is due to increasing need for electrical energy from the commercial, industrial, and residential sectors.
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Major concern faced by key participants of the electrical energy during transmission and distribution market is identified as loss of electrical energy during distribution and transmission, which is anticipated to hamper the market growth during the forecast period.
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Manufacturers are focusing on product development of electrical transmission and distribution equipment suitable for every climate condition, which in turn, is driving the market.
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Electric transmission and distribution equipment need to meet regulatory guidelines of respective governments, equipment, material guidelines, and performance standards set by the regulatory bodies of the industry. This, in turn, anticipated to fuel the electric transmission and distribution equipment market growth in the coming years.
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Emergence of industry 4.0 is anticipated to drive technological advancements in the electric transmission and distribution equipment market. For instance, in February 2019, Schneider Electric a France-based company engaged in digital transformation and energy management launched a product called Masterpact MTZ, which analyses the energy usage remotely.
Scope of the Electric Power Transmission and Distribution Equipment Market Report
The report on electric power transmission and distribution equipmentmarket includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title |
Electric Power Transmission & Distribution Equipment Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year
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2022
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Historic Data
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2016- 2021
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Forecast Period
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2023–2031
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Electric Power Transmission and Distribution Equipment Market Segment Insights
The transformer segment is anticipated to hold a significant market share
In the terms of product types, the electric power transmission and distribution equipment market can be segmented into transformer, switchgear, and power cables. A basic distribution system consists of distribution feeder circuits, substations, lines, poles, protective equipment, primary circuits, switches, and distribution transformers. Aging transmission and distribution infrastructure is anticipated to fuel the demand for electric power transmission and distribution equipment during the forecast period.
Increasing energy demand to fuel segment growth
On the basis of transmission mode, the market can be segregated into overhead and underground transmission. The overhead segment is driven by increasing need for power electronics and network efficiency. Moreover, overhead transmission lines are capable of carrying high voltage,which in turn, is expected to drive the segment growth during the forecast period.
Increasing demand from the commercial and industrial segment
In terms of applications, the market is bifurcated into industrial, commercial, residential, and transportation. Increasing number of electric system installations such asventilators, lighting systems, air conditioners, and fire protection systems at commercial and industrial places is anticipated to fuel the demand forelectric power transmission and distribution equipment during the forecast period.
North America constituted a dominant share of the market
Based on regions, the global electric power transmission and distribution equipment market can be categorized as North America, Europe, Asia Pacific, Latin America, and Middle East &Africa (MEA). North America is anticipated to hold a key share of the market owing to the early adoption of the latest technologies. However, rise in the number of manufacturing facilities and the growth of the industrial sector in Asia Pacific are expected to fuel the electric power transmission and distribution equipment market in this region.
Segments
Product Types
- Transformer
- Switchgear
- Power Cables
Transmission Modes
Applications
- Industrial
- Commercial
- Residential
- Transportation
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Mitsubishi Electric
- ABB Ltd.
- Osram AG
- BHEL
- Eaton
- Crompton Greaves
- Debian Electric Apparatus Stock Company Limited
- Siemens AG
- GE
- Larsen & Toubro
- Kirloskar Ltd.
- Schneider Electric
- Acme Electric Corporation
Competitive Landscape
Key market participants in the electric power transmission and distribution equipment market include Mitsubishi Electric, ABB Ltd., Osram AG, BHEL, Eaton, Crompton Greaves, Debian Electric Apparatus Stock Company Limited, Siemens AG, GE, Larsen & Toubro, Kirloskar Ltd., Schneider Electric, and Acme Electric Corporation. They engage in strategies such as Mergers& acquisitions, collaborations, and partnerships to strengthen their geographical presence.
For instance, in January 2020, Siemens AG, a Germany-based industrial manufacturing company acquired India-based C&S Electric, a manufacturer of electrical equipmentto expand its business presence in India.