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The transmission and distribution (T&D) equipment market share is expected to increase to USD 68.52 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.87%.
This T&D equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers transmission and distribution (T&D) equipment market segmentation by type (power cables, switchgear, and transformers) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The transmission and distribution equipment market report also offers information on several market vendors, including ABB Ltd., Bharat Heavy Electricals Ltd., DAIHEN Corp., Eaton Corp. Plc, Furukawa Electric Co. Ltd., General Electric Co., Hitachi Ltd., Hubbell Inc., Hyundai Electric and Energy Systems Co. Ltd., Mitsubishi Corp., Nexans SA, Prysmian Spa, S and C Electric Co., Schneider Electric SE, Siemens AG, SPX Corp., TBEA Co. Ltd., Toshiba Corp., Wilson Power Solutions Ltd., and Wilson Transformer Company Pty Ltd. among others.
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The increased demand for power generation is notably driving the T&D equipment market growth, although factors such as the increase in distribution generation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the transmission and distribution (T&D) equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Transmission and Distribution (T&D) Equipment Market Driver
One of the key factors driving the global transmission and distribution (T&D) equipment industry growth is the increased demand for power generation owing to the increasing population and rapid urbanization and industrialization. Urbanization increases the need for electrification, which requires expansion of the power distribution network through investment in new generation plants. In addition, the rise in urban population will lead to new manufacturing plants and expansion of existing plants. Further, power demand fulfillment is important for the socio-economic development of a country. According to WBG, the electrification rate increased from 71.55% in 1991 to 89% in 2019 and 90.5% in 2020. Such factors will drive the growth of the market focus during the forecast period.
Key Transmission and Distribution (T&D) Equipment Market Trend
Growing focus on energy efficiency is one of the key transmission and distribution equipment market trends that is expected to impact the industry positively in the forecast period. Power voltage is usually stepped up for long-distance transmission, which is then stepped down to usable voltage and distributed to commercial and residential end-users. Reducing losses by a percent for a power generation of 1GW will save 10 MW of power in T&D losses. This is a significant saving and can power 1,000 - 2,000 residential users. Moreover, upgrading to HVDC cables in the transmission lines will improve load-carrying capacity, which is 2-3 times the load-carrying capacity of conventional cables at low losses. Upgrading to superconducting transformers, FACTS, and HTS cables are considered a capable solution for reducing T&D losses and increasing energy efficiency. The need for enhanced energy efficiency and reduced T&D losses will drive infrastructural upgrades and the demand for T&D equipment over the forecast period.
Key Transmission and Distribution (T&D) Equipment Market Challenge
One of the key challenges to the global transmission and distribution (T&D) equipment industry growth is the increase in distributed generation. The energy production and consumption pattern are changing, albeit slowly, in developed nations such as the US and Europe, as institutions, businesses, and households are financing the setting up of decentralized power systems and have become an integral part of the developed nation's power system. End-users have become prosumers, that have, at their discretion, the ability to sell excess power at market prices. For instance, distribution generation in Europe has moved beyond the demonstration stage, and governments of several countries such as Germany, Belgium, Denmark, and the UK have implemented policies and feed-in tariffs favoring the technology. In Europe, the price of electricity has continuously increased, which has, in turn, added to household expenditure. Since the power is generated at the source, there are no technical losses, and congestions on the grid are reduced, which allows utilities to defer investments in T&D infrastructure. Such factors may hamper the growth of the market in the forecast years.
This transmission and distribution (T&D) equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global transmission and distribution (T&D) equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the transmission and distribution (T&D) equipment market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the transmission and distribution (T&D) equipment market encompasses successful business strategies deployed by the key vendors. The transmission and distribution (T&D) equipment market is fragmented and the vendors are deploying growth strategies such as investment in research and development and business expansion to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The transmission and distribution (T&D) equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the transmission and distribution (T&D) equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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