Power TD Equipment Market

Energy Demand is rising is driving the market growth

The power transmission and distribution (T&D) equipment market is the rising worldwide energy consumption. The need for energy is still expanding as a result of urbanisation, industrialization, and rising world population. To fulfil the rising demand for energy, there is a need for efficient and trustworthy transmission and distribution infrastructure. Countries are investing in the enlargement and modernization of their power grids as they work to fulfil the world's expanding energy demand. New transmission and distribution lines, substations, transformers, switchgears and other T&D apparatus are all included in this.

Rapid industrialization and urbanisation are taking place in Asia, Africa, and Latin America, which is leading to a major rise in energy demand. These nations are making significant investments in power infrastructure, including T&D equipment, to increase their grid capacity and guarantee a steady supply of electricity for their expanding economies and populations. Additionally, the energy demand is increased by the growing electrification of many different sectors, including transportation and manufacturing. In order to ensure effective power supply, the transition to electric vehicles (EVs) calls for the construction of charging infrastructure, which call for reliable power T&D equipment.

Similar to this, businesses are electrifying more of their operations to save energy and cut carbon emissions. The switch to electrically driven industrial machinery and equipment is a major contributor to the demand for Power T&D Equipment.

Governments and utilities are making large investments in power T&D infrastructure to fulfil the rising energy demand. These expenditures cover expanding transmission networks, implementing smart grid technology, and upgrading and modernising deteriorating infrastructure. These expenditures assist the power T&D equipment market as utilities buy cutting-edge T&D equipment to increase grid reliability, cut transmission losses, and boost power quality. Thus, driving the Power T&D Equipment market revenue.

The Global Power T&D Equipment Market Industry is significantly impacted by the rising global energy consumption. As economies grow and populations increase, the demand for electricity continues to rise, necessitating the expansion of power transmission and distribution networks. The International Energy Agency projects that global electricity demand will increase by 30 percent by 2040, which will require substantial investments in T&D infrastructure. This trend underscores the importance of modernizing existing systems and developing new technologies to meet future energy needs. Consequently, the market is poised for sustained growth, with a stable valuation of 172.4 USD Billion expected by 2024.

Government policies and regulations significantly influence the Global Power T&D Equipment Market Industry. Many countries are implementing stringent regulations aimed at improving energy efficiency and reducing environmental impacts. For instance, the European Union's Green Deal aims to make Europe climate-neutral by 2050, which includes substantial investments in T&D infrastructure. Such policies create a favorable environment for T&D equipment manufacturers, as utilities are compelled to upgrade their systems to comply with new standards. This regulatory landscape not only drives demand for innovative solutions but also positions the market for steady growth, with a projected CAGR of 0.0% for 2025-2035.

The Global Power T&D Equipment Market Industry experiences a notable surge in demand for renewable energy sources, driven by global initiatives to reduce carbon emissions. Governments worldwide are investing heavily in solar, wind, and hydroelectric power, necessitating advanced transmission and distribution equipment to efficiently manage these energy sources. For instance, the International Renewable Energy Agency reports that renewable energy capacity is expected to reach 4,000 GW by 2030, which will require significant upgrades in T&D infrastructure. This shift not only supports sustainability goals but also enhances the market's growth potential, as the industry adapts to accommodate diverse energy inputs.

Technological innovations play a pivotal role in shaping the Global Power T&D Equipment Market Industry. The integration of smart grid technologies, automation, and digitalization enhances the efficiency and reliability of power transmission and distribution systems. For example, the deployment of advanced metering infrastructure allows for real-time monitoring and management of energy flows, reducing losses and improving service quality. As utilities adopt these technologies, the market is likely to witness increased investments, with projections indicating a stable market value of 172.4 USD Billion by 2024. This trend suggests a robust future for T&D equipment as utilities modernize their infrastructure.

Rapid urbanization and infrastructure development are key drivers of the Global Power T&D Equipment Market Industry. As populations migrate to urban areas, the demand for reliable electricity supply escalates, necessitating the expansion and enhancement of T&D networks. According to the United Nations, urban areas are expected to house 68 percent of the global population by 2050, which will require substantial investments in power infrastructure. This urban growth presents opportunities for T&D equipment manufacturers to provide solutions that meet the increasing energy demands of densely populated regions, potentially stabilizing the market value at 172.4 USD Billion by 2035.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Power T&D Equipment Market dominated this market in 2022 (45.80%). Grid development and the market for Power T&D equipment are being driven by significant increases in power plant capacity, economic growth, and the need to increase access to electricity in Asia-Pacific's growing nations. Further, China’s Power T&D Equipment market held the largest market share, and the Indian Power T&D Equipment market was the fastest growing market in the Asia-Pacific region.

Figure 2: Power T&D Equipment Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The North America Power T&D Equipment Market accounts for the second-largest market share. The demand for Power T&D equipment in this region throughout the predicted period is driven by the huge increase in power demand and the growing number of data centres. Further, the U.S. Power T&D Equipment market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe Power T&D Equipment market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the market's expansion is driven by increased industrial growth, ageing infrastructure, investments in smart grids, increased electricity output, and rising demand for green energy. Further, the German Power T&D Equipment market held the largest market share, and the UK Power T&D Equipment market was the fastest growing market in the European region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Power T&D Equipment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Power T&D Equipment industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Power T&D Equipment industry to benefit clients and increase the market sector. In recent years, the Power T&D Equipment industry has offered some of the most significant advantages to medicine. Major players in the Power T&D Equipment market, including 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), are attempting to increase market demand by investing in research and development operations.

Hitachi ABB Power Grids is a leading company in the Power Transmission and Distribution (T&D) Equipment Market. The firm, a joint venture between Hitachi and ABB, was established in 2020 to offer cutting-edge and environmentally friendly solutions for the power industry. A wide range of T&D equipment, such as transformers, switchgear, circuit breakers, protection relays, control systems, and grid automation solutions, are available from Hitachi ABB Power Grids. The integration of grid stability, renewable energy sources, and enhanced power quality are made possible by these items, which are essential for the efficient and dependable transmission and distribution of electricity.

The company focuses on creating cutting-edge technology to meet the changing demands of the electricity sector. Their products are intended to improve grid dependability, lower transmission losses, boost energy efficiency, and facilitate the adoption of smart grid technology. In order to improve grid operations and enable predictive maintenance, Hitachi ABB Power Grids also offers digital solutions and services that make use of connectivity and data analytics.

Schneider Electric is a prominent company in the Power Transmission and Distribution (T&D) Equipment Market. Schneider Electric has a long history dating back to 1836 and has become a world leader in automation and energy management systems. Transformers, switchgear, circuit breakers, protection relays, and control systems are just a few of the T&D products that Schneider Electric provides. In order to ensure the secure and optimal flow of power from generation sources to end consumers, these devices play a crucial role in the efficient and dependable transmission and distribution of energy.

The business is renowned for its dedication to sustainability and innovation. Schneider Electric concentrates on creating cutting-edge products and technology to meet the changing demands of the power sector. Modern features and capabilities are incorporated into their T&D equipment, allowing for grid automation, smart grid integration, and increased energy efficiency.