New York, May 06, 2021 (GLOBE NEWSWIRE) -- With outbreak of coronavirus pandemic, the year 2020 witnessed a fall of around 6% in CO2 emissions due to shutdown of various business operations globally which further resulted in declining energy demand. However, with rollouts of COVID-19 vaccines and the strategies adopted by key industry leaders followed by new policies for sustainable recovery, the global demand for energy is estimated to bounce back by approximately 4.5% in 2021.
Exhibiting the market analysis from 2015-2024, Research Nester has segmented the Global Transmission and Distribution Equipment Market by type and application. Additionally, the study covers the growth of the market in five major regions, i.e., North America, South America, Europe, Asia Pacific and Middle East & Africa and further includes latest trends, challenges and opportunities pertaining to the growth of the market along with the strategies used by key players to stay ahead of their competitors.
With rapid economic growth, rise in population and urbanization, primarily in the emerging countries, the demand for energy is estimated to grow in upcoming years. As per the statistics by the Energy Information Administration (EIA), the total demand for energy worldwide is estimated to grow by 50% over 2018-2050, where Asia will hold the highest share in energy consumption, and by sector, the industrial sector is anticipated to acquire leading stance, followed by transportation-, residential-, and commercial sector. Among these, energy consumption in residential and commercial building is estimated to increase by 65% during the mentioned period. This growth in energy demand and consumption is predicted to create notable opportunities in the transmission and distribution equipment market. The global transmission and distribution equipment market is projected to grow up to USD 273 Billion in 2024 from USD 157 Billion in 2015 by growing at CAGR of 6.36% over the forecast period i.e. 2020-2024. In 2021, the market volume in million units is estimated to cross 190. Moreover, growing popularity of integrated distributed energy resources (DERs) is also expected to create potential global transmission and distribution equipment markets. DERs ensure a continuous energy supply with high power quality and is thus a reliable and secure form of the energy grid. Hence, increasing integration of DERs over the upcoming years is anticipated to strengthen market growth.
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The global T&D equipment market is segmented by type into switchgears, transformers, meters, and inductors & capacitors. Among these sub-segments, the switchgear segment is anticipated to garner highest revenue in upcoming years and in 2024, it is estimated to attain 47% of the market share. This growth is closely trailed by the transformers segment that is estimated to bring in USD 88 Billion in the year 2021. The global market is further fragmented by application into commercial and industrial applications, out of which the commercial segment is estimated to bring in highest revenue on the back of increasing installations of various electrical systems comprising lighting systems, fire protection systems, and air conditioners among others at commercial buildings.
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The Asia Pacific transmission and distribution equipment market is anticipated to hold leading position in the global market over the forecast period and is estimated to grow at a CAGR of 7.23% during this period. In this region, China is estimated to generate highest revenue throughout the forecast period, where in 2021, the market in China is projected to attain highest share. The second highest stance is estimated to be captured by the market in India that is estimated to grow at a CAGR of 7.55% over the forecast period. On the basis on application, the industrial segment in the APAC T&D equipment market, is estimated to cross USD 56,400 million in 2024. The second largest place in terms of value is projected to be attained by the North America transmission and distribution equipment market, wherein the aging power transformers and transmission lines in the U.S. are creating notable opportunities for equipment manufacturers in the region. The NA market is estimated to grow by a CAGR of 6.28% during the forecast period and bring in revenue of around USD 44,170 million in 2021.
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The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Some of the key market players mentioned in our report that are associated with the global transmission and distribution equipment market are ABB, Siemens AG, Schneider Electric, General Electric, Mitsubishi Electric, Eaton Corporation PLC, TBEA, Fuji Electric, China XD Group, BHEL, and others.
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