Electric Power Transmission and Distribution Equipment Market Forecasts to 2028 – Global Analysis By Equipment Type (Insulators & Fittings, Cables & Lines, Switchgear and Other Equipment Types), Installation Type (Underground Installation and Overhead Ins

Electric Power Transmission and Distribution Equipment Market Forecasts to 2028 – Global Analysis By Equipment Type (Insulators & Fittings, Cables & Lines, Switchgear and Other Equipment Types), Installation Type (Underground Installation and Overhead Installation), Voltage (Low Voltage Distribution, Medium Voltage Distribution and High Voltage Distribution), End User and By Geography

According to Stratistics MRC, the Global Electric Power Transmission and Distribution Equipment Market is accounted for $218.20 billion in 2022 and is expected to reach $340.52 billion by 2028 growing at a CAGR of 7.7% during the forecast period. Power and electrical energy are transferred between a power generation facility and an electrical substation situated at a different location using electric power transmission and distribution equipment. Switchgear, switchboards, basic and sophisticated meters, belts and chains, as well as interconnected lines, known as the transmission network, are the main components of this set of equipment, which facilitates the movement of electrical energy. Cables, switches, transformers, conductors, circuits, converters, insulators, and capacitors are also included. Due to the rising demand for transmission and distribution equipment that is more reliable, safe, and efficient, these components are constantly being upgraded technologically.

According to the study published by the U.S. Energy Information Administration (EIS), in May 2022, solar and wind energy are expected to be the largest renewable energy source for US electricity generation.

Market Dynamics

Driver

Rising electricity consumption due to urbanization

The demand for an uninterrupted power supply is being driven by rising electricity consumption in developing regions and a recovery of the economy in developed nations. The pressure on infrastructure developers to construct smart, connected homes with all the amenities is growing as more people move from rural areas to urban cities and towns in search of opportunities. Running appliances and other IoT devices requires electricity. Suppliers are investing to ensure that homes are electronically and electrically connected with an adequate supply of electricity and water as the demand for power transmission and distribution systems rises. The market is anticipated to grow as a result of this demand and supply scenario.

Restraint

High installation costs

The initial material and installation costs for the power grid or electric power generation are high, and numerous protective devices, such as transformers, overhead components, switchgear, etc., are used at the time of installation. To prevent a potentially dangerous outbreak, it also required the relay, circuit breakers, and contractor. For better connectivity, more insulators are necessary. These elements demonstrate that the initial installation cost is higher than anticipated and would restrain the market's expansion.

Opportunity

Use of renewable energy sources

The market for renewable energy would be driven by people's growing awareness of global warming and their changing attitudes toward renewable energy sources. Renewable energy sources include wind, solar, geothermal energy, biomass, etc. Renewable power decreased reliance on fossil fuels and decreased electricity costs. Due to the decreased cost of electricity, many countries have recently adopted renewable energy as their main energy source. As a result, the market for electric power transmission and distribution equipment will likely grow in the future as a result of the adoption of renewable energy sources.

Threat

Lack of skilled technicians

The power, petrochemical, and renewable energy sectors' inability to drive decarburization due to a lack of skilled technical labor is predicted to impede market expansion. Over the forecast period, the energy sector and the demand for market growth will be significantly impacted by a lack of labor with the necessary knowledge and experience as well as a subpar recruitment process within the organization. Such aspects are hindering market growth.

Covid-19 Impact

Electric power transmission and distribution equipment installation and production temporarily came to a halt as a result of the sudden COVID-19 pandemic outbreak, which prompted the adoption of strict lockdown regulations across a number of nations. For instance, India's electricity demand decreased by 20–25% in 2020 as a result of the lockdown, which had an impact on the revenue of the distribution utilities. The nation's distribution firms experience a USD 1.7 billion monthly revenue deficit. The demand for power from various nations and end-use industries has decreased during this pandemic period as a result of economic contractions.

The cables and lines segment is expected to be the largest during the forecast period

Over the forecast period, it is anticipated that the cables and lines segment will account for the largest market share. The expansion of the smart grid, power transmission, and distribution are attributed to the segment's growth. Electronics, portable equipment, and machines all use flexible power cables. These cables are designed and manufactured with the rated voltage, current, and maximum working temperature in mind. Additionally, increased investments in submarines and underground cables have been brought on by smart grid technology's ability to meet the growing demand for interconnections.

The transformer segment is expected to have the highest CAGR during the forecast period

During the forecast period, the Transformer segment is anticipated to experience profitable growth. Rapid urbanization and industrialization around the world contributed to the segment's growth. The transformer is essentially a tool for distributing and transmitting alternating current power in order to control voltage. Maintaining equilibrium between the power generated at very high voltages and the consumption of electricity at very low voltages was the main objective of using transformers. Transformers are used in a variety of industries, including the grid for generating electricity and the transmission of electrical energy.

Region with largest share

Asia Pacific region controlled more than 52.0% of global revenue share, and it is anticipated that this dominance will continue throughout the forecast period. This can be attributed to an increase in industrialization, urbanization, and construction activities in the area. As a result, regional governments and regulatory organizations support the modernization of their grids with intelligent technology and precise fault detection tools. Additionally, investments in grid expansion projects from nations like India, China, Vietnam, and the Philippines are anticipated to fuel the market's expansion.

Region with highest CAGR

The electric power transmission and distribution equipment market in North America is predicted to grow rapidly. The market in the area is being driven by the increasing use of renewable energy sources for electricity production. New products like halogen-free, low-energy-consumption flame retardant compounds have been made more widely available due to regulatory changes. Since new technologies like fiber optics can increase efficiency, network providers like Verizon and AT&T are implementing them quickly.

Key players in the market

Some of the key players profiled in the Electric Power Transmission and Distribution Equipment Market include ABB Ltd., Acme Electric Corporation, Alstom SA, BHEL, CG Power and Industrial Solutions Limited, Cooper Power Systems, LLC, Crompton Greaves, Debian Electric Apparatus Stock Company Limited, Eaton Corporation, Echelon CORP, EMCO Limited, General Cable Corporation, General Electric, Hubbell Incorporated, Itron Incorporated, Jyoti Structures Limited, KEC International Ltd. INC, Kirloskar Ltd., Kohler Company, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Osram AG, Schneider Electric SE and TBEA Co. Ltd.

Key Developments

In May 2023, India’s largest electric power transmission company “Powergrid” collaborated and signed the Memorandum of Understanding (MoU) with Safdarjung Hospital and VMMC to provide medical equipment for urology cancer patients. The memorandum signed for the giving financial support to Safdarjung Hospital and VMMC to afford advanced medical equipment.

In May 2023, researchers from Oregon State University stated that, smart meters are the focus of electric grid destabilization. Smart meters are electrical equipment. A smart meter is a digital gadget that gathers information about power use and transmits it to a nearby utility through a communications link.

In May 2023, TotalEnergies introduced in Europe a project, which is expected to be online by the end of next year, will get 40 Intensium Max High Energy lithium-ion containers from TotalEnergies battery subsidiary Saft.

Equipment Types Covered
• Insulators & Fittings
• Cables & Lines
• Switchgear
• Transformer
• Meter
• Other Equipment Types

Installation Types Covered
• Underground Installation
• Overhead Installation

Voltages Covered
• Low Voltage Distribution
• Medium Voltage Distribution
• High Voltage Distribution

End Users Covered
• Utilities
• Industrial
• Government
• Residential
• Commercial
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements