DUBLIN–(BUSINESS WIRE)–The “Power Transmission and Distribution Equipment – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Power Transmission and Distribution Equipment Market to Reach $312.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Power Transmission and Distribution Equipment estimated at US$257.5 Billion in the year 2022, is projected to reach a revised size of US$312.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Wire & Cable, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$117.7 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Switchgear segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Power Transmission and Distribution Equipment market.
The U.S. Market is Estimated at $68.2 Billion in 2022, While China is Forecast to Reach $63.7 Billion by 2026
Transformers can be either integrated in compact substations or free-standing; pad, platform, ground, pole-mounted, and should exhibit high performance thermally, magnetically and electrically. Transformers need to be designed in such a way that they are easy to handle, install, lift, and transport. The Power Transmission and Distribution Equipment market in the U.S. is estimated at US$68.2 Billion in the year 2022. The country currently accounts for a 26.99% share in the global market.
China, the world’s second largest economy, is forecast to reach an estimated market size of US$63.7 Billion in the year 2026 trailing a CAGR of 7.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$74.6 Billion by the end of the analysis period.
Major developments occurring in power transmission and distribution (T&D) systems across the world include electrification of transportation and heating for long term reduction of carbon emissions; decentralization through distributed generation, storage, and demand response; and digitization through the integration of smart sensor, smart meters, connected devices, Internet of Things (IoT), and other digital network technology systems and solutions.
Select Competitors (Total 192 Featured):
- ABB Ltd.
- Bharat Heavy Electricals Limited (BHEL)
- CG Power and Industrial Solutions Limited
- DAIHEN Corporation
- Eaton Corporation PLC
- GE Grid Solutions
- Hammond Power Solutions, Inc.
- Hubbell Inc.
- Hyosung Power & Industrial Systems Performance Group
- Hyundai Electric & Energy Systems Co., Ltd.
- Imefy Group
- JiangSu HuaPeng Transformer Co., Ltd.
- KONCAR – Electrical Industry Inc.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- SGB-SMIT GmbH
- Shihlin Electric & Engineering Corporation
- Siemens AG
- Wilson Power Solutions Ltd.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Growing Demand for New-Age Power Transformers Offering Greater Reliability, Efficiency, Resilience, and Durability Drive Healthy Market Growth
- Future for Gas-Insulated Transformers Appears Bright
- IEC Standards for Gas-Insulated Transformers
- Powerformer: A Superior Replacement for Step-Up Transformer
- Innovative On-load Tap Changers (OLTCs) Improves Reliability and Safety
- Global T&D Vision of Increasing Renewable Energy in Power Systems Benefit Market Prospects for T&D Equipment
- Rising Utility Investments in Power T&D Infrastructure for Transitioning to the Smart Grid Standard Drive Market Adoption
- Power Infrastructure to Experience Considerable Transformation Driven by Technology Innovations
- Distribution Transformers with On-Load Tap Changers to Play Critical Role in Smart Grids
- Microgrids: Critically Important in Fulfilling Domestic Demand, Improving Reliability, and Enabling Local Control
- Smart Power Distribution Gains Momentum
- Myriad Benefits and Superior Attributes over Traditional Transformers Drive Strong Demand for Smart Transformers
- Smart Transformers for Smarter Power Transmission and Distribution
- Growing Need to Curtail Energy Loss and Achieve Energy Savings Drive Demand for Distribution Transformers
- Huge Savings Potential of Higher Efficiency Distribution Transformers
- Efforts for Making Energy Performance of Distribution Transformers More Visible
- Universal Adoption of MEPS Needed for More Savings
- Economic Incentives Encourage Distribution Networks to Adopt Higher Efficiency Transformers
- Public Policies Concerning Transformers at the Product, Utility and Market Levels
- Switchgears: The Dominant Product Category Continue to Witness Growing Demand
- Technological Breakthroughs Support Switchgears Growth
- Upgrade of Obsolete Systems to Spur Demand for Switchgears
- Switchgear Equipment to Benefit from Recovery in Residential and Commercial Construction
- Percentage Contribution to Growth in Global Construction Output by Major Countries over the Period 2010-2022
- Energy Storage Set to Disrupt Investments in Transmission and Distribution Infrastructure
- Growing Threat of Global Warming Stokes Demand for Green Distribution Transformers
- Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
- Green Transformer Program Supports Environmental Protection
- Transformers Going Green, Ester Used for Insulation Purposes
- Natural Ester Fluid-Based Amorphous Transformers
- Exponential Increase in Global Population & Urbanization Rate: A Mega Trend Favoring Market Expansion
- New Infrastructure, Upgrade, and Expansion Projects in Developing Countries Offer Immense Growth Potential
- Rural Electrification Drive in Developing Countries Promote Growth
- Aging Power T&D Infrastructure Underscores Need for Replacement and Upgrades in Developed Markets
- Stabilizing Regulatory Environment Augurs Well for the Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/u31e5t
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