New York, US, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Power T&D Equipment Market Research Report: Information by Type, Application, and Region—Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 312.8 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.35% during the assessment timeframe.
Power T&D Equipment Market Key Players
Eminent industry players in the global power T&D equipment market report include –
- 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).
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Power T&D Equipment Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 312.8 Billion |
| Growth Rate | CAGR of 7.35% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Aging T&D Infrastructure in Developing Countries |
| Key Market Drivers | · Rising Demand for Electricity · Growing Investments in T&D Infrastructure |
Power T&D Equipment Market Drivers
Increase in Population to Boost Market Growth
As the world's population surges, so does the need for and usage of electricity. As a result, the requirement for T&D infrastructure is likely to grow in tandem with the rising demand for power.
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Power T&D Equipment Market Opportunities
Rising Investments in T&D Infrastructure to offer Lucrative Opportunities
The rising investments in T&D infrastructure will offer robust opportunities for the market over the forecast period. Over the next two decades, large T&D investments are expected to replace outdated infrastructure, maintain reliability, enable market efficiency, and aid in global policy objectives like as greenhouse gas reduction.
Restraints and Challenges
Higher Initial Cost to Remain as Market Restraint
The higher initial cost of power T&D equipment may act as a market restraint over the forecast period.
Power T&D Equipment Market Segmentation
The global power T&D equipment market has been bifurcated based on type and application.
By type, switchgear will lead the market over the forecast period. Switchgear is used in the electrical power system to control, regulate, and switch on and off electrical circuits. Substation switchgear is found on both the high- and low-voltage sides of big power transformers. The switchgear on the transformer's low-voltage side may be housed in a building, together with medium-voltage circuit breakers for distribution circuits and metering, control, and protection equipment. A transformer and switchgear line-up may be bundled in a single housing for industrial uses, known as a unitized substation (USS).
By application, the power T&D equipment market is segmented into industrial, residential, commercial, utility, and others.
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COVID-19 Analysis
COVID-19 has had a tremendous global impact on all industries. Because of the increasing increase, governments around the world have implemented harsher lockdowns to ensure the operation of industrial plants and offices. The lockdown had a huge impact on the power sector, as commercial and industrial power demand decreased dramatically. The epidemic has resulted in a significant decline in global demand for power T&D equipment, particularly in places that have been completely shut down. Because T&D equipment is used in utilities, commercial, water & wastewater treatment, and a variety of other critical industries, manufacturers are experiencing supply chain disruptions in the supply of worldwide T&D equipment. However, due to a drop in global energy consumption, the industry has seen a significant reduction from the utility, industrial, residential, and commercial sectors. Furthermore, due to COVID-19, significant worldwide enterprises in the global power T&D equipment are experiencing a slowdown and are unable to launch projects or execute new advancements.
Regional Analysis
North America to Head Power T&D Equipment Market
North America is a vital regional Power T&D Equipment Market, owing to an increase in renewable energy sources and a growing need to upgrade the region's T&D networks. Because of falling technology prices and third-party energy efficiency schemes, the region is seeing significant investment in energy efficiency. According to the North American Utility Energy Efficiency Program Implementation, annual energy efficiency spending is expected to reach USD 11.3 billion by 2028, propelling the market for power T&D equipment. Furthermore, data centers require a constant and stable power supply for the effective and uninterrupted operation of the data center's computing and networking equipment, which increases the demand for Power T&D equipment. As a result of the large increase in power demand and the growing number of data centers, demand for Power T&D equipment in this region is expected to rise during the forecast period. North America will lead the power T&D equipment market due to an increase in the share of renewable energy sources, a growing need for upgrading T&D networks, high investments in energy efficiency due to decreasing technology prices and third-party energy efficiency programs, and the concept of data centers requiring a reliable and continuous power supply for the uninterrupted and effective operation of data center computing and networking equipment.
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Europe to Grab Second-Largest Share in Power T&D Equipment Market
The Europe Power T&D equipment market is predicted to expand significantly during the forecast period due to an increase in industrial growth, ageing infrastructure, which leads to investment in smart grids, rising power generation, and growing demand for green energy. Furthermore, the region is increasing its T&D network as a result of new electrical additions to the grid. In 2017, the region generated 3901.3 TWh, representing a 2% increase in total energy generation over the previous year. These factors are fuelling the demand for Power T&D equipment from Europe.
APAC to Have Admirable Growth in Power T&D Equipment Market
The ongoing requirement to update and replace existing transmission and distribution infrastructure to meet rising energy demand will drive expansion in the Power T&D equipment market during the forecast period. Extensive power plant capacity increases, economic growth, and the desire to improve access to electricity are driving grid expansion and the Power T&D equipment market in Asia-growing Pacific's economies.
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