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Power Transmission and Distribution Market Size, Share, and Analysis, By Product (Transformer, Transmission Tower, Switchgears, Power Cables and Wires, Others), By Transmission Cable (Underground Transmission, Sub-Transmission, Overhead Transmission), By Application (Commercial, Residential, Industrial), By Substation (Transmission, Distribution) and Regional Forecasts, 2022-2032
Power Transmission and Distribution Market size was USD 203.3 billion in 2021 and projected to grow from USD 227.7 billion in 2023 to USD 382.2 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period.
Power Transmission and Distribution (T&D) is an infrastructure and a process involved in transmission of electrical power from power generating sources to end users. Power Transmission and Distribution involves the equipment, systems and technologies utilized for transmission and distribution of electricity effectively across the electrical grid. The power transmission and distribution are vital for checking stable and authentic power supply, permitting proper transfer of electricity across the grid. Transmission lines are generally operated under high voltages to transport electricity. Power transmission and distribution systems are important to enable electrification.
Power Transmission and Distribution Market is expected to reach USD 382.2 billion, growing at a CAGR of 5.9% during forecast period as the transmission and distribution of power prolongs and expand. The increasing demand for electricity due to the growing population is driving the growth of power transmission and distribution market. Rapid urbanization and industrialization along with the combining of renewable energy sources are expected to drive the market growth. The requirement of improving aging infrastructures of power is anticipated to drive investing in transmission and distribution systems.
Power Transmission and Distribution Market is classified based on the Product into Transformer, Transmission Tower, Switchgears, Power Cables and Wires, Others. Transformer segment is expected to dominate the market in the forecast period owing to the rising industrialization and urbanization in various countries. Transformer is an important component for transferring power from transmission to distribution system by controlling voltage. Transformers are used in several industries, even in the transmission of electrical energy and the grid to generate power.
Power Transmission and Distribution Market is classified based on the Transmission Cable into Underground Transmission, Sub-Transmission, Overhead Transmission. Overhead Transmission segment is expected to dominate the market in the forecast period as these lines are capable of transmitting high-voltage electricity with minute loss over long distances. Overhead Transmission can control higher capacity power which is suitable for transmitting power from remote generation sources and this is a cost-effective method which is expected to drive the segment growth in the market.
Increasing Necessity of Power is Expected to Boost the Growth of the Market
The population is increasing globally and due to the rise in industrialization & urbanization the demand for energy is expected to increase rapidly which is anticipated to boost the growth of the power transmission and distribution market during the forecast period owing to the growing need of power in commercial, residential, and industrial fields. Renewable energy production usually happens in remote areas with several resources, necessitating the power transmission over long distances which boosts the requirement for modifying transmission infrastructure and expanding grid. The combining of renewable energy sources like wind & solar power into the grid is a key factor which may drive the growth of power transmission and distribution market.
Increasing Resources for Transmission and Distribution is Expected to Boost the Growth of the Market
The rise of segregated generation, together with the wind turbines, distributed solar panels, and energy storage systems is boosting the alterations in power transmission and distribution systems. Distributed Energy Resources usually need adjustments to the present grid infrastructure to assits the bi-directional power flows and improve incorporation of system which is anticipated to drive the investments in upgradation of grid and the expansion of modern technologies in the distribution system management.
High Establishment Cost May Restrain the Growth of the Market
The commencement cost of material and establishment of the power grid is expensive, owing to the involvement of devices like transformers, switchgear etc. which is anticipated to restrain the power transmission and distribution market growth.
Power Transmission and Distribution Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific dominated the market in 2021 and is expected to continue is dominance over the forecast period owing to the rising commercialization and industrialization in countries of this region. Growing population, improving living standards and disposable incomes is expected to create demand for electricity in smart appliances, smart houses, and smart offices thereby having a positive impact on the growth of the market during the forecast period.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. The demand for electricity had reduced during the pandemic due to the shutdown of several industries and closure of IT companies which required huge electricity consumption. The increased demand for residential electricity utilization during pandemic had reduced loss to the market. Covid-19 had a negative impact on the growth of Power Transmission and Distribution market.
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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 5.9% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product |
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Transmission Cable |
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Application |
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Substation |
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By Region |
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Power Transmission and Distribution Market size was estimated at USD 203.3 billion in 2021 and is expected to reach USD 382.2 billion in 2032.
Transformer and Overhead Transmission segment accounted for the highest growth rate in the Power Transmission and Distribution market.
Leading players: Larsen & Turbo, Mitsubishi Electric, ABB Ltd., Siemens, Kirloskar Group, Schneider Electric, Eaton, GE, Crompton Greaves, Xian XD Switchgear Electric, Bharat Heavy Electricals Limited, EDF and Other Prominent Players are the leading players in the Power Transmission and Distribution Market.
Increasing Necessity of Power and Increasing Resources for Transmission and Distribution are the factors driving the Power Transmission and Distribution market.
High installation cost is a major challenge associated with the Power Transmission and Distribution Market.
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