The global electric power transmission and distribution equipment market is anticipated to expand at a substantial CAGR during the forecast period, between 2020 and 2027. The electric power transmission and distribution equipment are used to transfer electrical energy from a power generation plant to a distant electrical substation, where voltage is transformed and distributed to consumers or other substations. Substations are generally located near demand centers, while electrical energy is delivered through an electrical power distribution system, known as the power grid.
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Market Trends, Drivers, Restraints, and Opportunities:
· The growth of the electric power transmission and distribution equipment market is due to increasing need for electrical energy from the commercial, industrial, and residential sectors.
· Major concern faced by key participants of the electrical energy during transmission and distribution market is identified as loss of electrical energy during distribution and transmission, which is anticipated to hamper the market growth during the forecast period.
· Manufacturers are focusing on product development of electrical transmission and distribution equipment suitable for every climate condition, which in turn, is driving the market.
· Electric transmission and distribution equipment need to meet regulatory guidelines of respective governments, equipment, material guidelines, and performance standards set by the regulatory bodies of the industry. This, in turn, anticipated to fuel the electric transmission and distribution equipment market growth in the coming years.
· Emergence of industry 4.0 is anticipated to drive technological advancements in the electric transmission and distribution equipment market. For instance, in February 2019, Schneider Electric a France-based company engaged in digital transformation and energy management launched a product called Masterpact MTZ, which analyses the energy usage remotely.
Electric Power Transmission and Distribution Equipment Market Segment Insights:
In the terms of product types, the electric power transmission and distribution equipment market can be segmented into transformer, switchgear, and power cables. A basic distribution system consists of distribution feeder circuits, substations, lines, poles, protective equipment, primary circuits, switches, and distribution transformers. Aging transmission and distribution infrastructure is anticipated to fuel the demand for electric power transmission and distribution equipment during the forecast period.
On the basis of transmission mode, the market can be segregated into overhead and underground transmission. The overhead segment is driven by increasing need for power electronics and network efficiency. Moreover, overhead transmission lines are capable of carrying high voltage,which in turn, is expected to drive the segment growth during the forecast period.
In terms of applications, the market is bifurcated into industrial, commercial, residential, and transportation. Increasing number of electric system installations such asventilators, lighting systems, air conditioners, and fire protection systems at commercial and industrial places is anticipated to fuel the demand forelectric power transmission and distribution equipment during the forecast period.
Based on regions, the global electric power transmission and distribution equipment market can be categorized as North America, Europe, Asia Pacific, Latin America, and Middle East &Africa (MEA). North America is anticipated to hold a key share of the market owing to the early adoption of the latest technologies. However, rise in the number of manufacturing facilities and the growth of the industrial sector in Asia Pacific are expected to fuel the electric power transmission and distribution equipment market in this region.
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