New York, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Utility Equipment Market to reach at US$ 11.60 Billion in 2023 and is expected to grow at a CAGR of 5.1% from 2023 to 2033. The Utility Equipment Market is projected to reach US$ 19.08 Billion by 2033. This growth can be attributed to the increasing demand for electricity and the need for modernization and expansion of transmission and distribution infrastructure. The market is characterized by a wide range of equipment, including transformers, switchgears, transmission towers, and power cables, among others.
Utility equipment refers to the various types of equipment and tools used by utility companies to generate, distribute, and manage the supply of electricity, gas, and water. This equipment includes transformers, switchgear, transmission towers and lines, distribution poles and lines, generators, pumps, and water treatment equipment. The use of utility equipment is essential to ensure the safe, reliable, and efficient delivery of these essential services to homes and businesses.
Click Here to Get Free Sample Copy of this Report@ https://www.persistencemarketresearch.com/samples/32731
Market Drivers:
The increasing demand for electricity is one of the primary drivers of the utility equipment market. The growing population and urbanization have resulted in a significant increase in power consumption, leading to the need for modernization and expansion of the transmission and distribution infrastructure. Moreover, the growing adoption of renewable energy sources such as solar and wind is expected to drive the demand for utility equipment.
The need for grid modernization and the integration of smart grid technologies is also driving the growth of the utility equipment market. The deployment of advanced metering infrastructure (AMI), distribution automation, and demand response technologies is increasing, leading to the need for advanced equipment such as transformers and switchgears.
Market Restraints:
The high cost of utility equipment is a significant restraint to the growth of the market. The initial capital investment required for the installation of equipment such as transformers and switchgears is high, which limits their adoption, particularly in developing countries. Moreover, the lack of skilled labor for the installation and maintenance of the equipment is also a significant restraint.
The increasing focus on renewable energy sources is also a challenge for the utility equipment market. The deployment of solar and wind power systems reduces the demand for traditional power infrastructure, leading to a decrease in the demand for utility equipment.
Buy this Premium Research Report@ https://www.persistencemarketresearch.com/checkout/32731
Market Segmentation:
The utility equipment market can be segmented based on equipment type, end-user, and region.
Based on equipment type, the market can be classified into transformers, switchgears, transmission towers, power cables, and others. The transformers segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for electricity and the need for grid modernization.
Based on end-user, the market can be divided into residential, commercial, and industrial.
The industrial segment is expected to hold the largest share of the market, owing to the increasing demand for electricity in industries such as manufacturing and construction.
Regional Analysis:
The Asia Pacific region is expected to witness the highest growth during the forecast period, owing to the increasing demand for electricity and the need for modernization and expansion of the transmission and distribution infrastructure. The region is witnessing significant investments in the transmission and distribution sector, particularly in countries such as China and India. The North American region is expected to hold the largest share of the market, owing to the presence of established utility companies and the adoption of advanced technologies.
Competitive Landscape:
The utility equipment market is highly competitive, with the presence of several established players such as Dongfeng Motor Group Co., Ltd., Bucher Industries AG, McNeilus Truck & Manufacturing, Inc., Dennis Eagle LTD, FAUN Umwelttechnik GmbH & Co.KG, Zoomlion Heavy Industry Science & Technology Co. Ltd., Hako Holding GmbH & Co KG, Heil Environmental Industries Ltd, Fayat Group (Dulevo International S.p.A.), Alfred Kärcher SE & Co. KG, Elgin Sweeper Company (Federal Signal Corporation), Hyva Global B.V., Fujian Longma Environmental Sanitation Equipment Co., Ltd., Alamo Group Inc. The companies are focusing on product innovation and development to stay competitive in the market. Moreover, strategic partnerships and collaborations are also being formed to expand their market presence.
Customize this Report As per Your Requirement @ https://www.persistencemarketresearch.com/request-customization/32731
Recent Developments
- In February 2022, Siemens Energy announced the launch of a new gas-insulated switchgear product, called Blue GIS 36kV. The product is designed to help utilities reduce their carbon footprint and improve the reliability and efficiency of their electricity distribution networks.
- In December 2021, ABB Ltd. announced the launch of a new smart transformer product, called TXpert Ecosystem. The product is designed to enable utilities to monitor the health and performance of their transformers in real-time, and to optimize their maintenance and operation.
- In October 2021, General Electric Company announced the launch of a new grid automation product, called Grid IQ Insight. The product is designed to provide utilities with real-time insights into the performance of their electricity distribution networks, and to help them optimize their operations and maintenance.
- In August 2021, Eaton Corporation plc announced the acquisition of Tripp Lite, a provider of power protection and distribution equipment. The acquisition is expected to expand Eaton's product portfolio and market reach in the utility equipment market.
For More Premium Insights, Check out the Link:
- Outboard Engines Market
- Aircraft Window and Windshield Market
- Automotive Lithium Ion Battery Pack Market
- India Electric Vehicles Market
- Trailer Axle Market
- Air Transport Modifications Market
- Automotive Thermostat Market
- Refrigerated Trailer Gaskets Market
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Rajendra Singh
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
Email: sales@persistencemarketresearch.com
