Electric Power Transmission and Distribution Equipment Market Research Report 2030: Unlocking Opportunities - USD 339.33 billion at a CAGR of 5.80%Electric Power Transmission and Distribution Equipment Market, by Equipment (Wire Cable, Switchgear, Transformer, Meter, Insulator Capacitor), Voltage (Low Voltage, Medium Voltage, High Voltage), End User (Energy Utilities, Industrial, Commercial and Residential) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Electric Power Transmission and Distribution Equipment Market Overview
The Electric Power Transmission and Distribution Equipment market size was estimated at USD 228.68 billion in 2023 and is projected to reach USD 339.33 billion in 2030 at a CAGR of 5.80% during the forecast period 2023-2030.
Electric power transmission and distribution equipment are essential components of the electrical grid that facilitate the efficient and safe transfer of electricity from power plants to consumers. These systems are responsible for transmitting high-voltage electricity over long distances and then stepping it down to lower voltages for distribution to homes, businesses and industries.
Key components that are commonly found in electric power transmission and distribution systems are transformers, transmission lines, substations, circuit breakers, switchgear, distribution lines, capacitors and reactors, power meters, protective relays and lightning arresters. The growth of the market is being driven by the increasing demand for electricity, the need to upgrade the existing transmission and distribution infrastructure and the rising investments in smart grids.
The proper functioning and maintenance of these power transmission and distribution equipment are crucial for ensuring a reliable and efficient supply of electricity to meet the demands of modern society. Additionally, advancements in technology and the integration of smart grid technologies are continuously improving the performance and monitoring of these systems.
The electric power transmission and distribution equipment market can be segmented based on various factors. Based on equipment, the market is segmented into wire cable, switchgear, transformer, meter and insulator capacitor. Based on voltage the market is bifurcated into low voltage, medium voltage and high voltage. Based on End user, the market is segmented into energy utilities, industrial, commercial and residential. Lastly, based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America.
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The electric transmission and distribution equipment market was negatively impacted by the COVID – 19 Pandemic. The pandemic affected the power industry and caused a decline in the market due to decline in demand for energy and adversely affected the market of electric transmission and distribution equipment due to their application, mostly found in these industries. The lockdown interrupted the supply chain and raw material manufacturing, which affected the production activity of the transmission and distribution equipment. Industries and the commercial sector faced a decrease in the demand due to the lockdown but the residential segment saw an increase in the demand for energy as people stayed at home to follow social distancing norms.
Delvens Industry Expert's Standpoint
Due to increasing demand for electricity, rapid industrialization and commercialization in developing countries, the demand for electric transmission and distribution market is increasing. The increase can also be attributed to the need to upgrade the existing transmission and distribution infrastructure which in turn has increased the investments in smart grids. However, there is a need to tackle the issue of high cost of installation of these equipment which is hampering the growth of the market.
Key Findings
• Based on equipment the market is segmented into wire cable, switchgear, transformer, meter, insulator capacitor. The wire cable segment dominated the market in the base year. This growth can be attributed to the increase in the smart grid, power distribution, and power transmission. The transformers segment is expected to dominate the market during the forecast period, owing to the increasing demand for electricity and the need to upgrade the existing transmission and distribution infrastructure.
• Based on end user, the market is bifurcated into energy utilities, industrial, commercial and residential. The power utilities segment is expected to dominate the market during the forecast period, owing to the increasing demand for electricity from the growing population and the rising economic activities.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. This can be attributed to increasing industrialization and commercialization across the region.
Electric Power Transmission and Distribution Equipment Market Regional Analysis
Asia Pacific to Dominate the Market
• Asia Pacific is estimated to account for the largest market share during the forecast period. This can be attributed to increasing construction activities, urbanization, electricity demand, and industrialization in the region.
• The growth of the market is expected to be fuelled by investments from countries such as India, China, Vietnam, and the Philippines in grid expansion projects.
Electric Power Transmission and Distribution Equipment Market Competitive Landscape
• Mitsubishi Electric Corp.
• Hyundai Electric & Energy Systems Co., Ltd.
• Schneider Electric
• Xian XD Switchgear Electric
• General Electric
• Imefy Group
• Crompton Greaves
• ABB
• IGUS
• Siemens AG
• Eaton
• Wilson Transformer Company Pty Ltd.
• Toshiba Energy Systems & Solutions Corporation
• SGB-SMIT Group
• S&C Electric Company Inc.
• Prysmian Group
• Pioneer Power Solutions, Inc.
• Larsen & Toubro Limited
• KONCAR Electric Industry Inc
• JiangSu HuaPeng Transformer Co., Ltd. (JSHP)
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Electric Power Transmission and Distribution Equipment Market Recent Developments
• In April 2023, Nexans announced completely acquired the Finnish, high, medium and low voltage cables manufacturer, Reka Cables. The acquisition works on ambition of Nexan to become a pure electrification player committed to contribute to carbon neutrality by 2030, focusing on the overall value chain.
• In May 2023, the first and biggest battery energy storage from Total Energies was introduced in Europe. The project, which is expected to be online by the end of next year, will get 40 Intensium Max High Energy lithium-ion containers from Total Energies battery subsidiary Saft.
Reasons to Acquire in the Electric Power Transmission and Distribution Equipment Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Electric Power Transmission and Distribution Equipment Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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