The Global Market for Power Transmission and Distribution Equipment is Projected to Exceed US$200 Billion by 2024
Rising Utility Investments
in Power T&D Infrastructure for Transitioning to the Smart Grid Standard
Drives Market Growth, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Power Transmission and
Distribution Equipment market. The global market for Power
Transmission and Distribution Equipment is projected to exceed US$200 billion
by 2024,
driven by spiraling consumption of electricity, equally robust electric power
production and distribution, and rising utility spending on upgrading
transmission and distribution infrastructure to the smart grid standard.
Globally,
per capita consumption of energy reflects the level of economic development of
a nation. All forms of economic activity, such as industry, agriculture, or
services are dependent on uninterrupted power supply. Electric power transmission
involves bulk transfer of high voltage electrical energy generated by electric
power plants and electrical grid substations to sub-stations at demand centers
through transmission lines. When inter-connected with each other, transmission
lines become transmission networks. Electricity distribution involves final
stage delivery of electricity from sub-stations to end-users through
distribution network inclusive of local distribution poles and local wiring. Aided by factors including
rising urbanization, advancement in technologies and growth in commercial
industries, the consumption of energy is set to further ascend in tune with
rising demand from residential, commercial and industrial markets.
Healthy
growth is projected for the market in the coming years driven by massive
transformations in the global electricity infrastructure supported by declining
cost of renewable energy, lowering prices of natural gas, favorable regulatory
landscape, stringent emission standards, and steady advent and penetration of
technologically innovative T&D systems and solutions. Future electricity
grids and the T&D networks will evolve to become smarter, more
decentralized, and more connected offering myriad benefits in terms of
increased reliability, security, environmental sustainability, and asset utilization in
addition to enabling more control, real-time optimization of consumption and
production, fewer carbon emissions, greater choice, seamless interaction with
customers, always-on connection, higher transparency, better reliability, and
security, among other benefits.
Growing
grid integration of renewable energy sources, rising prominence of ultra-high-voltage (UHV)
transmission
systems and intelligent smart distribution systems, increasing proliferation of
dispersed generation in distribution systems, and digitization through the
integration of smart sensor, smart meters, connected devices, Internet of
Things (IoT), and other digital network technology systems and solutions
represent game-changing disruptions in the global power T&D market. Other
macro drivers for the global power T&D equipment market include robust
demand for electricity globally, particularly in developing Asian markets;
shift in competitive leadership from the west to the east, particularly China
and India; and the huge potential offered to the leading companies by the
Sub-Saharan African region in terms of T&D equipment deployment.
As
stated by the new market research report on Power Transmission and
Distribution Equipment, Asia-Pacific represents the largest and the fastest growing market
worldwide with a projected CAGR of 5.8% over the analysis period. Rapid
industrialization; massive utility/power infrastructure investments; expanding population and
energy needs; government
focus on rural and urban power grid construction; implementation of
energy-efficiency standards, development of new urban settlements and townships and expanding
real-estate activity in existing urban centers are driving the development of
power transmission and distribution infrastructure in the region.
Key
players in the market include ABB Limited, Bharat Heavy Electricals Limited
(BHEL), CG Power and Industrial Solutions Limited (CG), DAIHEN Corporation,
Eaton Corporation plc, Efacec Capital, S.G.P.S., SA, GE Grid Solutions, Hammond
Power Solutions Inc., Hubbell Incorporated, Hyosung Power & Industrial
Systems Performance Group, Hyundai Electric & Energy Systems Co. Ltd.,
Imefy Group, JiangSu HuaPeng Transformer Co. Ltd. (JSHP), KONČAR -
Elektroindustrija d.d., Mitsubishi Electric Corporation, Schneider Electric
S.E., SGB-SMIT Group, Shihlin Electric & Engineering Corporation, Siemens
AG, TBEA Co. Ltd., Wilson Power Solutions Ltd., and Xi'an XD Transformer Co. Ltd., among others.
The
research report titled “Power Transmission and
Distribution Equipment: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive review of market trends, growth
drivers, mergers, acquisitions and other strategic industry activities of major
companies worldwide. The report provides market estimates and projections for
the global and major geographic markets including the US, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific
(China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of
Latin America), and Rest of World. Product Segments analyzed in the report
include Transformers, Switchgears, and Others.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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