Global Transmission and Distribution Equipment Market Highlights during 2015–2024
The global transmission and distribution equipment market attained revenue of USD 157 Billion in 2015 and in estimated to garner USD 273 Billion in 2024 by growing at a CAGR of 6.36% over the forecast period i.e. 2020-2024. The rapidly growing demand for energy and aging transmission and distribution infrastructure are the major factors responsible for the growth of the market. For instance, the global energy demand has significantly increased over the last few decades. As per the EIA statistics, the overall energy demand is expected to increase by 50% by the year 2050. Such an increase in demand for energy can be attributed to rapid population and economic growth, especially in emerging economies. Moreover, energy demand from the industrial sector also showcased significant growth in the past few years which is further projected to increase by 30% between 2018 and 2050. Refining, mining, manufacturing, construction, and agriculture are among the key industrial sectors, accounting for almost half of the overall energy consumption. Despite the challenges such as low energy demand owing to its decreased consumption, reduced cash flow, and closure of operations due to COVID-19, the power sector players are working their way toward recovering from the losses and retain their position to pre-pandemic levels while working on the strategies for post pandemic recovery and growth.
Global Transmission and Distribution Equipment Market Segmentation Regional Synopsis
Regionally, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the markets in these regions, the Asia Pacific transmission and distribution equipment market is estimated to hold leading market share throughout the forecast period by growing at a CAGR of 7.23%, whereas, North America market is projected to hold second leading stance with the United States generating significant growth opportunities for the market growth. As per the 2018 estimation, the power transformers and transmission lines in the U.S. are more than 25 years or older. Such aging infrastructure leads to an increasing number of power outages and equipment failures, making T&D equipment more susceptible to both nominal and extreme weather events. This is estimated to drive market growth in the region. Additionally, the market in Middle East and Africa accounted for around USD 17 billion in 2019 and is estimated to witness growth in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Transmission and Distribution Equipment Market
- Rapidly Growing Demand for Energy
- Aging Transmission and Distribution Infrastructure
- Inadequate Periodic Testing and Inspection of Power Distribution and Transmission Equipment
- High Capital Investment
Global Transmission and Distribution Equipment Market Segmentation Synopsis
The global transmission and distribution equipment market is segmented by type into switchgears, transformers, meters, inductors and capacitors, and by application, the market is bifurcated into commercial and industrial applications. The switchgear segment accounted for highest share throughout 2015-2020, and is further estimated to hold this position and attain 47% of the market share in 2024. Among the applications, the commercial segment is estimated to garner highest market revenue by the end of 2024 owing to rise in installations of electrical systems such as air conditioners, ventilators, lighting systems, and fire protection systems among others at commercial buildings.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global transmission and distribution equipment market that are included in our report are ABB, Siemens AG, Schneider Electric, General Electric, Mitsubishi Electric, Eaton Corporation PLC, TBEA, Fuji Electric, China XD Group, BHEL, and others.
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