Power Transmission And Distribution (T&D) Equipment Market Analysis, Size To 2031

(MENAFN- Straits Research) Equipment for power transmission and distribution is used to move electrical energy and power between a power generation facility and an electrical substation situated elsewhere (T&D equipment). Most of this equipment set facilitates the movement of electrical energy and includes switchgear, circuit breakers, meters, belts, chains, and interconnecting lines. It also contains conductors, insulators, capacitors, converters, switches, circuits, and wires. These parts are continually being technologically advanced to meet the growing need for transmission and distribution equipment that is more efficient, safe, and trustworthy.
Market Dynamics
The Rise in Electricity Demand Drives the Global Market
Under the current policies, the International Energy Agency (IEA) projects that the global energy demand will rise by 2.1% year by 2040. The increasing population, rapid urbanization and industrialization, and increased infrastructural development are a few factors that are projected to increase the demand for energy globally. Power usage and demand increase as a result of population growth worldwide. Therefore, the need for T&D infrastructure can grow along with the electricity demand. In addition, India's energy demand will also rise under the ambitious scenario, from 805 TWh in 2012 to 5144 TWh by 2047, according to a joint analysis from NITI Aayog and the Institute of Energy Economics Japan (IEEJ). This is due to the increased energy demand in residential, commercial, and transportation settings. These elements are anticipated to drive the market for electrical T&D equipment, an essential part of T&D infrastructure.
T&D Infrastructure Aging in Developing Nations Creates Tremendous Opportunities
Modernizing and updating the antiquated infrastructure is essential to ensure a consistent electricity supply. In grid infrastructure, transformers, circuit breakers, and switchgear must be replaced and upgraded to reduce T&D losses and increase power efficiency, even though doing so demands considerable financial investments. T&D failures and power outages are caused by the infrastructure of the electricity grid, in part because of outdated substations, uneven load distribution, and a lack of maintenance. Several factors, such as a decline in T&D losses, the adoption of cutting-edge technologies in grid substations, and increased power efficiency, affect the need to replace the grid infrastructure.
Additionally, rebuilding or replacing the aging grid infrastructure is necessary to reduce T&D losses and boost electrical efficiency. Numerous countries worldwide, including the U.S., Brazil, the UK, Germany, and India, are investing in modernizing their feeder lines and substations to ensure a consistent power supply to their consumers. The need for power T&D equipment is expected to increase because rebuilding the aging grid infrastructure would increase demand for these essential pieces of power T&D equipment. As a result, it is predicted that companies in the global market for electricity T&D equipment will profit from the deteriorating grid infrastructure throughout the projection period.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is anticipated to grow at a CAGR of 6.80% during the projection period. The continual requirement to upgrade current transmission and distribution infrastructure to fulfill the escalating demand for electricity will drive the growth of the power transmission and distribution (T&D) equipment market throughout the forecast period. Grid expansion and the market for power T&D equipment are being pushed by a significant rise in power plant capacity, economic growth, and the need to expand access to electricity in Asia's developing nations. The current T&D infrastructure needs to be continuously mounted and upgraded to keep up with the region's rising demand for electricity. These advancements necessitate a range of power T&D equipment to safeguard the electrical system, including switchgear, circuit breakers, transformers, and fuses. Larsen and Toubro Ltd. signed a contract with Schneider Electric (France) for its electrical and automation division (India).
Europe is anticipated to grow at a CAGR of 6.55% during the forecast period. The Europe power transmission and distribution (T&D) equipment market is expected to boost significantly during the forecast period due to the market's expansion through an increase in industrial growth and aging infrastructure, which encourages investment in smart grids, rising electricity production, and growing demand for green energy. Additionally, as more electricity is added to the grid, the T&D network in the area is expanding. The European Union has taken several measures for continuous system and power plant renovations to maintain a reliable grid. The corporate expansion will be supported by developing a solid and stable electrical infrastructure, and the government has made positive regulatory reforms in this respect.
Key Highlights

The global power transmission and distribution (T&D) equipment market was valued at USD 151,990.10 million in 2022. It is projected to reach USD 265,637.85 million by 2031, growing at a CAGR of 6.40% during the forecast period (2023-2031).
Based on type, the global power transmission and distribution (T&D) equipment market is bifurcated into the transformer, switchgear, circuit breaker, inductors, capacitors, meters, fuses and equipment, insulators, and others. The switchgear segment is the major contributor to the market and is estimated to boost at a CAGR of 6.60% during the forecast period.
Based on application, the global power transmission and distribution (T&D) equipment market is bifurcated into utility, commercial, and industrial. The utility segment is the highest contributor to the market and is estimated to boost at a CAGR of 7.00% during the forecast period.
Based on voltage, the global power transmission and distribution (T&D) equipment market is bifurcated into transportation and distribution. The distribution segment is the major contributor to the market and is estimated to boost at a CAGR of 5.65% during the forecast period.
Asia-Pacific is the most significant revenue contributor and is expected to boost at a CAGR of 6.80% during the forecast period.

Competitive Players
The global power transmission and distribution (T&D) equipment market's major key players are Hitachi ABB Power Grids, Schneider Electric, Siemens, Eaton Corporation, Mitsubishi Electric Corporation, Hammond Power Solutions, Toshiba Corporation, General Electric, T.E. Connectivity, Powell Industries Inc., Fuji Electric Co. Ltd., Bharat Heavy Electricals Limited (BHEL), and Chint Group.
Market News

In January 2022, Zeigo, a platform for renewable energy, was acquired by Schneider Electric to increase its global digital procurement capabilities. The acquisition will further Schneider Electric's goals for the digital revolution of the energy industry while enhancing its offering of clean energy services and solutions.


In February 2023, Sumitomo Electric will step up its vanadium redox flow battery (VRFB) business in the US, with plans to invest in local production and installation capabilities.

Global Power Transmission and Distribution (T&D) Equipment Market: Segmentation
By Type

Transformer
Switchgear
Circuit Breaker
Inductors
Capacitors
Meters
Fuses and Equipment
Insulators
Others

By Applications

Utility
Commercial
Industrial

By Voltage

Transmission
Distribution

By Regions

North America
Europe
Asia-Pacific
LAMEA

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