Global energy transmission and distribution equipment market to reach $ 312.8 billion by 2026
FACTS AT A GLANCE
Editing: 18; Posted: May 2021
Executive commitments: 38181
Companies: 897 – Players covered include ABB Ltd .; Bharat Heavy Electricals Limited (BHEL); CG Power and Industrial Solutions Limited; DAIHEN Corporation; Eaton Corporation PLC; Efacec; GE Grid Solutions; Hammond Power Solutions, Inc .; Hubbell Inc .; Hyosung Power & Industrial Systems Performance Group; Hyundai Electric & Energy Systems Co., Ltd .; Imefy Group; JiangSu HuaPeng Transformer Co., Ltd .; KONCAR – Electrical Industry Inc .; Mitsubishi Electric Corporation; Schneider Electric SE; SGB-SMIT GmbH; Shihlin Electric & Engineering Corporation; Siemens AG; Wilson Power Solutions Ltd. and others.
Blanket: All major geographies and key segments
Segments: Product type (wires and cables, switchgear, transformers, meters and other types of products); and end use (utilities, industrial, residential and commercial)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Power Transmission and Distribution Equipment Market to Reach $ 312.8 billion by 2026
Power generation, transmission and distribution are the three key areas that require the most attention in the electric power industry. Electric power generation is the creation of low voltage electric power from water, coal, natural gas, nuclear power, or other primary fuel source. Fuels such as petroleum, uranium and gas with a high heat content are more expensive than waste wood or coal, which has a low heat content. The transmission and distribution of electrical energy play a key role in voltage conversion and in supplying energy to consumers. Power is passed from a generator to a substation, through a transmission network, and from there the voltage is reduced to allow distribution through shorter poles and smaller wires.
In the midst of the COVID-19 crisis, the global market for power transmission and distribution equipment is estimated at USD 256.5 billion in 2020, is expected to reach a revised size of $ 312.8 billion by 2026, with a CAGR of 4.8% during the analysis period. Wire & Cable, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.7% to reach 117.7 billion USD at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the switchgear segment is readjusted to a revised CAGR of 5.3% for the next 7-year period. This segment currently represents a 25% share of the global market for power transmission and distribution equipment.
The US market is estimated at $ 65.8 billion, While China is expected to achieve $ 63.7 billion by 2026
Transformers can be integrated into compact or stand-alone substations; pad, platform, ground, pole mounted, and should exhibit high thermal, magnetic and electrical performance. Transformers should be designed so that they are easy to handle, install, lift and transport. The electricity transmission and distribution equipment market in the United States is estimated at $ 65.8 billion in 2021. The country currently accounts for a 26.99% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 63.7 billion USD in 2026, with a CAGR of 7.7% throughout the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 2.7% and 3.8% respectively over the analysis period. In Europe, Germany is expected to grow by around 3.4% CAGR while the rest of the European market (as defined in the study) will reach $ 74.6 billion at the end of the analysis period.
Major developments in power transmission and distribution (T&D) systems around the world include electrification of transportation and heating for long-term reduction in carbon emissions; decentralization through distributed generation, storage and demand response; and digitization through the integration of smart sensors, smart meters, connected devices, Internet of Things (IoT) and other digital network technology systems and solutions. Future power grids and T&D networks will evolve to become smarter, more decentralized and more connected, offering a myriad of benefits in terms of increased reliability, security, environmental sustainability and asset utilization in addition to enabling more control, real-time optimization of consumption and production, less carbon emissions, more choice, transparent interaction with customers, permanent connection, greater transparency, better reliability and safety, among other advantages.
Transformers segment to be reached $ 56.1 billion by 2026
In the global transformer segment, United States, Canada, Japan, China and Europe will result in the estimated 5.4% CAGR for this segment. These regional markets represent a combined market size of 33 billion USD in 2020 will reach a projected size of $ 47.6 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach $ 7.7 billion by 2026, while Latin America will grow at a CAGR of 6.2% throughout the analysis period. After
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