Global Power Transmission and Distribution Equipment Market to Be Worth US$289.8 Billion by 2025
The global market for Power Transmission and Distribution Equipment is projected to reach US$289.8 billion by 2025, driven by the ever-present demand for energy; growing trend towards distributed energy generation; and rising investments in smart grids.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Power Transmission and Distribution Equipment market. Report segmentation include Product Type (Wire & Cable, Switchgear, Transformers, Meters, and Other Product Types); and End-Use (Utilities, Industrial, Residential, and Commercial).
7 June 5:25 A.M., California/Marketwire/ - According to the new market research report, the global market for Power Transmission and Distribution Equipment is projected to reach US$289.8 billion by 2025, driven by the ever-present demand for energy; growing trend towards distributed energy generation; and rising investments in smart grids. The market is expected to decline in the year 2020 before recovering to reach a revised market size and reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned.
Global energy consumption is poised to grow from 10.7 billion toe in the year 2005 to 15.3 billion toe by 2025 and thereon rise to 17.0 billion toe by 2036. The massive projected and expected increase in energy consumption will push up the pressure on efficient production, transmission and distribution of energy. Other major factors also poised to drive growth in the market include improvements in the design and architecture of transformers; rising prominence of ultra-high-voltage (UHV) transmission systems as the new way for bulk transmission of electrical power; development of multi-terminal HVDC transmission systems with HVDC circuit breakers; and popularity of intelligent smart distribution systems. Benefits such as minimized power loss; lower costs; and ability to transmit power between grids operating at different frequencies are driving the popularity of high-voltage direct current (HVDC) transmission.
Rising demand for long-distance energy transmission is forecast to fuel demand for high-voltage direct current (HVDC) technology, given its ability to connect power grids from remote places and allow delivery of power without energy losses or outages. With the cost of energy as high as 7.5% of GDP, there is considerable focus shed on energy-efficient production, transmission and distribution of power in order to minimize energy losses and lower the lifecycle costs of power generation equipment. Other noteworthy trends include spending on equipment upgrades supported by innovations in power transformer design offering greater reliability, efficiency, resilience, and durability; rise in smart grid projects and the ensuing robust demand for smart transformers with additional features such as self-diagnostic capabilities and automatic voltage regulation to handle variable, two-way flow of electricity; and growing opportunity for replacement demand for T&D equipment supported by the need for higher efficiency, smarter controls and new load profiles. Asia-Pacific including China will witness strong growth led by factors such as developing economies; rapid industrialization; vigorous infrastructural development; increasing investments in UHVDC; government policy led prioritization of domestic energy infrastructure development; and increased R&D in transformer innovations by manufacturers.
Key Competitors Covered in the Report
Bharat Heavy Electricals Limited (BHEL)
CG Power and Industrial Solutions Limited
Eaton Corporation PLC
GE Grid Solutions
Hammond Power Solutions Inc.
Hyosung Power & Industrial Systems Performance Group
Hyundai Electric & Energy Systems Co. Ltd.
JiangSu HuaPeng Transformer Co. Ltd.
KON?AR - Electrical Industry Inc.
Mitsubishi Electric Corporation
Schneider Electric SE
Shihlin Electric & Engineering Corporation
Wilson Power Solutions Ltd.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 23436. Among this pool, 2109 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 469 unique participations, a total of 211 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.