Power T&D Equipment Market Size was valued at USD 149.5 Billion in 2022. The Power T&D Equipment market industry is projected to grow from USD 160.56 Billion in 2023 to USD 284.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.40%during the forecast period (2023 - 2032). energy demand is rising, renewable energy is being integrated, infrastructure is ageing and the grid needs to be modernised, government initiatives and investments are being made, and grid stability and energy efficiency are receiving more attention, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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. The effective transfer of electricity from energy production sources to end users is supported in large part by the Power T&D Equipment Market. Additionally, developing economies as well as developed ones are experiencing a rise in energy demand. 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.
Another important factor is the incorporation of renewable energy sources like solar and wind power into the electrical system. Power stations that produce renewable energy are frequently decentralised and situated in rural locations with a wealth of renewable resources. To connect these renewable energy sources to the current grid, transmission and distribution networks must be expanded. Transmission of renewable energy from renewable energy producing sites to consumption centres is made possible by power transmission and distribution equipment, such as high-voltage transmission lines and substations. 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 Power T&D Equipment market segmentation, based on type includes Transformer, Switchgear, Circuit Breaker, Inductor & Capacitors, Meters, and Fuses & Equipment. The switchgear segment dominated the market, accounting for 37.32% of market revenue. In the electrical power system, switchgear is used to manage, regulate, and turn on and off electrical circuits. Both the high-voltage and low-voltage sides of large power transformers contain substation switchgear.
The Power T&D Equipment market segmentation, based on Application, includes Utility, Commercial, Residential, Industrial, and Others. The utility segment dominated the market, accounting for 41.23% of market revenue. The transmission and distribution of electricity by public or private utility corporations is referred to as the utility sector. It covers the infrastructure needed to distribute electricity from power plants to final customers, including householders, business owners, and industrial users.
Figure 1: Power T&D Equipment Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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, MRFR 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.
January 2022-Schneider Electric purchased the renewable energy platform Zeigo to expand its digital procurement capabilities.The acquisition will further Schneider Electric's plans for the energy industry's digital revolution and expand its selection of sustainable energy services and solutions.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 149.5 Billion |
| Market Size 2023 | USD160.56 Billion |
| Market Size 2032 | USD 284.23 Billion |
| Compound Annual Growth Rate (CAGR) | 7.40%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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) |
| Key Market Opportunities | Integration of renewable energy, energy efficiency, and demand-side management |
| Key Market Dynamics | Energy Transition and Renewable Integration |
Power TD Equipment Market Highlights:
Frequently Asked Questions (FAQ) :
The Power T&D Equipment market size was valued at USD 149.5Billion in 2022.
The market is projected to grow at a CAGR of 7.40%during the forecast period, 2023-2032.
Asia-Pacific had the largest share in the market
The key players in the market are General Mills Inc., Amway, Conagra Brands Inc., Cargill Incorporated, Abbott Laboratories, Kraft Foods Group Inc., The Coca-Cola Company.
The Switchgear category dominated the market in 2022.
The Utility had the largest share in the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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