The power T&D equipment market is poised to witness steady growth. The ever-increasing electricity demand, alongside the constant rise in implementations and upgrades of power grids, would support the market growth.
Market Research Future (MRFR) confirms that the global power T&D equipment market is forecasted to reach USD 284.23 Billion by 2032, growing at a 7.40% CAGR during the assessment period (2023-2032).
Power generation companies are rapidly enhancing their renewable capacities and establishing high-power solar photovoltaic projects. The scope of these packages involves the supply, design, engineering, construction, testing, commissioning, and O&M of grid-connected solar PV plants. Moreover, the latest developments in industrialization escalate market growth.
The spurting rise in automation and increased budgets in utilities substantiate the market demand. Augmenting demand for efficient power management and increase in upgrades of aging grid infrastructure, increase the market size. Additionally, rapid industrialization and growing demand for power T&D equipment in various utilities to ensure a regular uninterrupted power supply create vast opportunities.
Global Power T&D Equipment Market – Segments
The report is segmented into types, applications, and regions. The type segment is sub-segmented into transformers, switchgears, circuit breakers, inductors & capacitors, meters, fuses & equipment, and others. The application segment is sub-segmented into utilities, commercial, residential, industrial, and others. By regions, the market is sub-segmented into North America, Europe, APAC, and the rest of the world.
Power T&D Equipment Market – Geographical Analysis
North America leads the global power T&D equipment market. The region perceives many old transmission and distribution infrastructures, creating a need for installing power T&D equipment. Besides, the largest market share attributes to the increase in renewable energy sources use and the growing need for T&D network upgrades in the region.
The region is also witnessing high investments in increasing energy efficiency and third-party energy efficiency programs and decreasing technology prices. Moreover, technological advancements and increased adoption of automation across end-use industries boost the market size.
Power T&D Equipment Market – Competitive Analysis
The highly competitive Electric Power Transmission And Distribution Equipment market size appears fragmented, with several well-established players forming a competitive landscape. Major players initiate strategic approaches such as mergers & acquisitions, collaborations, and product/technology development to gain a larger competitive share. Substantial investments are transpired to develop products and expand global footprints.
Reduced SF6 and F-gases use in energy networks and buildings helps address the climate emergency & environmental concerns and achieve ambitious net-zero targets faster. Leading power T&D equipment providers focus on innovations for a net-zero future of digital transformation of energy management and automation. For the most sustainable corporation, these companies pursue every opportunity to help faster decarburization. They join with other electrical transmission and distribution (T&D) equipment manufacturers committed to innovation.
Major Players
· Hitachi ABB Power Grids (Switzerland),
· Schneider Electric (France),
· Siemens (Germany),
· Eaton Corporation (Ireland),
· Mitsubishi Electric Corporation (Japan),
· Hammond Power Solutions (Canada),
· Toshiba Corporation (Japan),
· General Electric (US),
· TE Connectivity (Switzerland),
· Powell Industries Inc. (US),
· Fuji Electric Co. Ltd (Japan),
· Bharat Heavy Electricals Limited (BHEL) (India),
· Chint Group (China),
· Basler Electric Company (US),
· CG Power and Industrial Solutions Limited (India),
· G&W Electric (US),
· S&C Electric (US),
· Itron (US),
· Landis+GYR (Switzerland)
Industry/ Innovation/ Related News
Oct.12, 2022 --- Fujitsu Limited and Chugoku Electric Power Transmission & Distribution Co., Inc. announced the successful completion of joint trials to expand renewable use and improve the maintenance of power transmission facilities.
These joint trials are aimed at verifying the practical application of environmental data in the maintenance of power transmission infrastructure. These efforts would help realize the advantages of dynamic line rating (DLR), a promising power network technology, and the utilization of drones in improving the maintenance of power transmission facilities.
Through this cooperation, these transmission and distribution companies will be able to accelerate renewable energy system installations, including solar and wind power. Also, these partners would help utilities to develop grid control technologies to adapt their power systems to the next-generation power generation standards to achieve carbon neutrality by 2050.
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