The global electric power transmission and distribution equipment market is expected to exhibit moderate growth during 2021-2026. Electric transmission and distribution equipment (T&D equipment) is used for transferring power and electrical energy between a power generation plant and an electrical substation located in another place. This set of equipment primarily involves switchgears, switchboards, basic and advanced meters, belts and chains, along with interconnected lines, known as transmission network, that facilitates the flow of electrical energy. It also includes cables, switches, transformers, conductors, circuits, converters, insulators and capacitors. These components are undergoing consistent technological upgradation, owing to the increasing demand for more efficient, safer and reliable transmission and distribution equipment.
The growing energy demand from residential, commercial and industrial sectors is the key factor driving the growth of the market. Widespread installation of electrical appliances such as air conditioners, ventilators, and lighting systems in commercial and residential spaces is further fueling the demand for electric power T&D equipment. Moreover, the advent of smart cities has led to the modernization of electrical grids, which is another crucial factor contributing to the market growth. Additionally, the increasing investments in renewable energy facilities and awareness regarding the need to reduce energy losses are encouraging the adoption of technologically improved equipment across the globe. Furthermore, market players are emphasizing on providing equipment at competitive prices. The lower prices will also assist in minimizing the operational costs for the end users. Other factors contributing to the market growth include rapid urbanization, increased research and development (R&D) in transformer production and prioritization of domestic energy infrastructure development by governments of several nations. Looking forward, IMARC Group expects the global electric power transmission and distribution equipment market to grow at a CAGR of around 4% during the forecast period (2021-2026).
Breakup by Equipment Type:
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The competitive landscape of the industry has also been examined with some of the key players being ABB Ltd., Alstom SA, CG Power and Industrial Solutions Limited, Eaton Corporation, EMCO Limited, General Electric, Hubbell Incorporated, Itron Incorporated, Kohler Company, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, TBEA Co., Ltd., etc.
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