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Power T and D Equipment Market Size, Share, and Analysis, By Type (Transformer, Switchgear, Circuit Breaker, Inductor & Capacitors, Meters, and Fuses & Equipment), By Application (Utility, Commercial, Residential, and Others), By Voltage (Low Voltage, Medium Voltage, and High Voltage), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2023-2032
Power T&D Equipment Market is expected to grow at a CAGR of 5.8% in the forecast period (2023-2032), with the market size valued at USD 141.03 billion in 2021 and projected to reach USD 261.1 billion by 2032.
Power Transmission and Distribution Equipment (T&D equipment), which includes switchgears, switchboards, meters, and various components like cables, transformers, circuits, and more, is essential for moving electrical power from generation plants to distant substations, from where it is distributed to homes and businesses through a network of cables. To keep up with the demand for technology that is safer and more effective, these parts are always evolving. Transmission is the process of moving massive amounts of electrical energy from generating plants to strategically placed substations close to areas of high demand. Subsequently, end users receive electricity from substations via a network. Notably, the handling of high-voltage power over extensive distances necessitates the use of specific equipment for electrical transmission and distribution.
Power T&D Equipment Market is expected to reach USD 261.1 billion, growing at a CAGR of 5.8% owing to the rising demands in the office, commercial, industrial, and residential sectors. The need for electrical power in developing countries is significant due to active production and building sectors, which is boosting the market for electric power transmission and distribution equipment. A crucial element in market progress, the emergence of smart cities has sparked the modernisation of electrical networks. Nonetheless, the loss of electrical energy during its transportation remains a substantial obstacle for the market for electric power transmission and distribution equipment. Equipment that can minimize energy waste is urgently needed, especially over longer distances.
Source: Fatpos Global
Based on Type, the market is divided into Transformers, Switchgear, Circuit Breakers, Inductors & Capacitors, Meters, and Fuses & Equipment. Notably, switchgear dominates this industry and contributes significantly with a sizable market share in terms of revenue. A key role in electrical power systems is played by switchgear, which efficiently manages, regulates, and controls the activation and deactivation of electrical circuits. It is a crucial element that may be found on both the high-voltage and low-voltage sides of massive power transformers that are housed inside substations. This widespread use of switchgear highlights how important it is to maintaining the safe and dependable distribution of electrical energy throughout power transmission and distribution networks. The switchgear segment's prominence draws attention to its crucial importance.
By Application, the Power T&D Equipment Market is typically segmented into Utility, Commercial, Residential, and Others. In particular, the utilities segment tops the market in terms of generating income. Electricity transmission and distribution by both public and private utility firms define the utility sector within the Power T&D Equipment market. This industry covers the vital support systems needed to effectively distribute electricity from electrical producing facilities to end-users, which include residential, commercial, and industrial consumers. Due to its key position in the ecosystem of power transmission and distribution, it plays a crucial part in guaranteeing the consistent and widespread supply of electrical power and makes a major contribution to the total market.
Source: Fatpos Global
Rising Energy Demand is Fueling Market Expansion
Due to the soaring energy demand caused by urbanization, industrialization, and population increase, the global market for power transmission and distribution (T&D) equipment is booming. Countries are spending a lot of money updating their power systems, adding additional transmission lines, substations, transformers, and switchgear to effectively satisfy the rising energy demand. The tremendous industrialization and urbanization occurring in both developed and developing economies, particularly in Asia, Africa, and Latin America, is significantly increasing the need for energy. To increase grid capacity and guarantee a steady supply of electricity for their rising economies and populations, these countries are making large investments in their power infrastructure. Energy needs are also being exacerbated by the growing electrification of industries like transportation and manufacturing.
Integration of Renewable Energy and Infrastructure Investment to Drive Power T&D Equipment Market
Due to the incorporation of renewable energy sources like solar and wind power into the electrical grid, the market for Power Transmission and Distribution (T&D) Equipment is booming. Since these sources are frequently located in remote locations, the T&D network must be expanded using infrastructure like transmission lines and substations. To address the rising demand for energy, governments and utilities are making large investments in T&D infrastructure, including network expansion and the use of smart grid technology. Utility companies buy cutting-edge equipment to boost grid dependability, cut losses, and increase power quality, which propels market expansion and benefits the Power T&D Equipment market.
Energy Consumption Pattern in Developed Countries is Evolving
Developed nations like the US and Europe are increasingly changing their energy environments. Decentralized power systems are increasingly being financed by institutions, enterprises, and people, and are becoming essential to the electricity grids of these countries. End users have evolved into "prosumers," with the authority to trade in excess energy. For instance, distributed generation has progressed beyond testing in Europe, where it is supported by the governments of nations like Germany, Belgium, Denmark, and the UK through regulations and enticing feed-in tariffs. In Europe, rising electricity costs have increased household costs. Due to the low technical losses and decreased grid congestion brought on by electricity generation at the source, utilities are able to postpone investments in T&D infrastructure. These elements may slow market expansion in the ensuing years.
Power T&D Equipment Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Asia-Pacific Power T&D Equipment Market took the lead in 2022. This was motivated by the desire to increase power plant capacity, encourage economic growth, and enhance access to electricity in the region's developing nations. Notably, China's Power T&D Equipment market had the greatest market share, with the Indian market growing the quickest in the Asia-Pacific region.
Due to rising power demand and the development of data centers, the North America Power T&D Equipment Market, the second largest in terms of market share, is primed for growth. The United States dominates the Power T&D Equipment market in this area, while Canada has the quickest growth.
Conversely, the European Power T&D Equipment market is predicted to develop the fastest between 2023 and 2032. This rise is being driven by industrial expansion, aging infrastructure, smart grid investments, greater power output, and growing demand for green energy. Germany has the largest market share in Europe, with the United Kingdom experiencing the fastest increase.
Source: Fatpos Global
The COVID-19 outbreak had resulted in the economic downfall. As a result of the pandemic, the market value of electric transmission and distribution equipment declined. Since the electric transmission and distribution equipment market is so tightly linked to industries and the power sector, this has had an impact on its growth. Supply chains and raw material production were affected as a result of the lockdown, resulting in a drop in equipment manufacturing. While the industrial and commercial sectors had lower energy demand during lockdowns, the residential sector experienced an increase in energy demand as a result of people staying at home and adhering to social distancing measures. This created an opportunity for the home electric transmission and distribution equipment business to develop. With increased demand, the industry is projected to return swiftly as countries eventually lift lockdowns.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.8% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Type |
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By Application |
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By Voltage |
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By Region |
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Power T&D Equipment Market size was values at USD 141.03 billion in 2021 and is projected to reach the value of USD 261.1 billion in 2032, exhibiting a CAGR of 5.8% during the forecast period.
The Power T&D Equipment Market includes equipment used to efficiently transport and distribute electricity from generation sources to end users, providing stable power supply, and promoting renewable energy integration.
The Switchgear segment and the Utility segment accounted for the largest Power T&D Equipment Market share.
Key players in the Power T&D Equipment Market include ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Eaton Corporation, Hitachi Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Crompton Greaves Ltd. (CG Power), Hyundai Electric & Energy Systems Co., Ltd., Larsen & Toubro Limited (L&T), Alstom SA, Bharat Heavy Electricals Limited (BHEL), Fuji Electric Co., Ltd., Powell Industries, Inc., and Other Prominent Players.
Rising energy demand, integration of renewable energy and infrastructure investment are the factors driving the Power T&D Equipment Market.
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