Asia Pacific to Dominate Electric Transmission & Distribution Equipment Market During Forecast Period
Growing demand for energy and
increasing technological advancements are expected to drive the growth of
global electric transmission & distribution equipment market during
forecast period
According to
TechSci Research report, “Global Electric
Transmission & Distribution Equipment Market By Equipment Type, By Voltage,
By End-User, By Region, Competition, Forecast & Opportunities, 2024”, global electric
transmission & distribution equipment market is estimated to reach nearly
USD300 billion by registering a CAGR of close to 6% during the forecast period on account of increasing
demand for electricity, new power generation capacity additions and the
expansion of electricity transmission and distribution infrastructure.
Moreover, electrification of large sectors coupled with digitization of the
grids and meters is expected to bolster the growth of global electric transmission
& distribution equipment market over the coming years. Furthermore, transition
from conventional to modular switchgears across the globe has resulted in
increased demand for electric transmission & distribution equipment, which
is intended to aid the market growth through 2024. However, the loss of
electrical energy during transmission and distribution is a major concern still
left to be tackled.
In terms of end-user,
the market is segmented into energy and utilities, industrial, commercial and
residential. Among them, energy and utilities segment dominated the market
until 2018 and is projected to hold its dominance during the forecast period due
to the increasing focus on renewable energy along with the replacement and
upgradation of existing power transmission and distribution infrastructure. In
addition to this, the residential sector is anticipated to witness robust growth
over the next 5 years which can be attributed to the growth in demand for low
voltage equipment, including cable and switchgears.
ABB Ltd.,
Siemens AG, Mitsubishi Electric Corp., Schneider Electric, General Electric,
Xian XD Switchgear Electric, Crompton Greaves, Burns and McDonnell, Power Engineering
International, Sterlite Power among others are the leading players operating in
global electric transmission & distribution equipment market.
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“Asia-Pacific
region is anticipated to dominate the global electric transmission &
distribution equipment market during the forecast period which can be
attributed to the growth in construction activities, increasing electric
access, urbanization, and rapid industrialization. Additionally, development of
better transmission and distribution equipment is further expected to augment
the expansion of the electric transmission & distribution equipment market
in this region during the forecast years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Electric Transmission &
Distribution Equipment Market By Equipment Type, By Voltage, By End-User, By
Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global
electric transmission & distribution equipment market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers to take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global electric transmission & distribution
equipment market.
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