Market Analysis and Forecast for Power T&D Equipment Key Drivers and Challenges
The power T&D equipment market is poised to witness steady growth. The ever-increasing electricity demand, alongside the constant rise in implementations and upgrades of power grids, would support the market growth.
Market Research Future (MRFR) confirms
that the global power T&D equipment market is forecasted to reach USD
284.23 Billion by 2032, growing at a 7.40% CAGR during the assessment period
(2023-2032).
Power generation companies are rapidly
enhancing their renewable capacities and establishing high-power solar
photovoltaic projects. The scope of these packages involves the supply, design,
engineering, construction, testing, commissioning, and O&M of
grid-connected solar PV plants. Moreover, the latest developments in
industrialization escalate market growth.
The spurting rise in automation and
increased budgets in utilities substantiate the market demand. Augmenting
demand for efficient power management and increase in upgrades of aging grid
infrastructure, increase the market size. Additionally, rapid industrialization
and growing demand for power T&D equipment in various utilities to ensure a
regular uninterrupted power supply create vast opportunities.
Global Power T&D Equipment
Market – Segments
The report is segmented into types,
applications, and regions. The type segment is sub-segmented into transformers,
switchgears, circuit breakers, inductors & capacitors, meters, fuses &
equipment, and others. The application segment is sub-segmented into utilities,
commercial, residential, industrial, and others. By regions, the market is
sub-segmented into North America, Europe, APAC, and the rest of the world.
Power T&D Equipment Market
– Geographical Analysis
North America leads the global power
T&D equipment market. The region perceives many old transmission and
distribution infrastructures, creating a need for installing power T&D
equipment. Besides, the largest market share attributes to the increase in
renewable energy sources use and the growing need for T&D network upgrades
in the region.
The region is also witnessing high
investments in increasing energy efficiency and third-party energy efficiency
programs and decreasing technology prices. Moreover, technological advancements
and increased adoption of automation across end-use industries boost the market
size.
Power T&D Equipment Market
– Competitive Analysis
The highly competitive Electric
Power Transmission And Distribution Equipment market size appears fragmented, with several well-established players
forming a competitive landscape. Major players initiate strategic approaches
such as mergers & acquisitions, collaborations, and product/technology
development to gain a larger competitive share. Substantial investments are
transpired to develop products and expand global footprints.
Reduced SF6 and F-gases use in energy
networks and buildings helps address the climate emergency & environmental
concerns and achieve ambitious net-zero targets faster. Leading
power T&D equipment providers focus on innovations for a net-zero future of
digital transformation of energy management and automation. For the most
sustainable corporation, these companies pursue every opportunity to help
faster decarburization. They join with other electrical transmission and
distribution (T&D) equipment manufacturers committed to innovation.
Major Players
·
Hitachi ABB
Power Grids (Switzerland),
·
Schneider
Electric (France),
·
Siemens
(Germany),
·
Eaton
Corporation (Ireland),
·
Mitsubishi
Electric Corporation (Japan),
·
Hammond
Power Solutions (Canada),
·
Toshiba
Corporation (Japan),
·
General
Electric (US),
·
TE
Connectivity (Switzerland),
·
Powell
Industries Inc. (US),
·
Fuji
Electric Co. Ltd (Japan),
·
Bharat
Heavy Electricals Limited (BHEL) (India),
·
Chint Group
(China),
·
Basler
Electric Company (US),
·
CG Power
and Industrial Solutions Limited (India),
·
G&W
Electric (US),
·
S&C
Electric (US),
·
Itron (US),
·
Landis+GYR
(Switzerland)
Industry/ Innovation/ Related
News
Oct.12, 2022 --- Fujitsu Limited and Chugoku Electric Power
Transmission & Distribution Co., Inc. announced the successful completion
of joint trials to expand renewable use and improve the maintenance of power
transmission facilities.
These joint trials are aimed at
verifying the practical application of environmental data in the maintenance of
power transmission infrastructure. These efforts would help realize the
advantages of dynamic line rating (DLR), a promising power network technology,
and the utilization of drones in improving the maintenance of power
transmission facilities.
Through this cooperation, these
transmission and distribution companies will be able to accelerate renewable
energy system installations, including solar and wind power. Also, these
partners would help utilities to develop grid control technologies to adapt
their power systems to the next-generation power generation standards to
achieve carbon neutrality by 2050.
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