Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global transmission & distribution market is projected to flourish at a CAGR of 4.11% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 300 billion is anticipated for the market in 2031. As of 2023, the demand for transmission & distribution is expected to close at US$ 217.4 billion.
The increasing focus on renewable energy sources like solar and wind power necessitates efficient T&D infrastructure to transmit power from these distributed sources to the grid. Aging infrastructure and the need for more resilient grids drive investments in modernizing T&D networks. Smart grid technologies, including advanced metering infrastructure (AMI) and grid automation, are becoming essential for efficient energy management.
Request to Sample PDF of this Strategic Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=691
Competitive Landscape
Companies in the global transmission & distribution market are prioritizing the enhancement of their product portfolios as a strategic approach to establish a formidable presence in this competitive landscape. Market players are investing in research and development to create innovative T&D solutions that enhance grid efficiency, accommodate renewable energy integration, and improve reliability. Key players operating in the global transmission & distribution market include
- Siemens
- ARTECHE
- Europower Energie B.V.
- Eltel Networks
- GENERAL ELECTRIC
- Renewable Energy Systems Ltd.
- Bechtel Corporation
- ABB
- Mitsubishi Electric
- Hartek Group.
- STEAG GMBH
- Reliance Infrastructure Limited
- L&T Construction
- Intertek
- TUV SUD
- SGS
- Bureau Veritas
- Dekra
Growing urban populations and electrification efforts in both developed and developing regions lead to increased electricity demand. This requires expansion and enhancement of T&D infrastructure to meet rising needs. The integration of energy storage systems, such as batteries, helps in stabilizing the grid, managing peak demands, and enhancing overall system efficiency.
The rise in electric vehicles (EVs) demands a robust charging infrastructure driving the need for transmission & distribution networks to accommodate increased energy demand from EV charging stations. Government policies and regulations aimed at improving grid reliability, reducing transmission losses, promoting clean energy, and ensuring grid security often drive investments and innovation in the T&D sector.
Innovations in materials, transmission technologies (such as high-voltage direct current transmission), and digital solutions enhance the efficiency and reliability of T&D networks, attracting investments in these areas.
Key Takeaways from the Market Study
- As of 2022, the transmission & distribution transmission & distribution market was valued at US$ 208.8 billion.
- In terms of type, the equipment segment held prominent share of the global transmission & distribution market in 2021.
- Based on end user the industrial segment is expected to account for high market share during the forecast period.
Transmission & Distribution Market: Key Trends and Opportunistic Frontiers
- The integration of digital technologies like IoT, AI, and machine learning into T&D networks enables real-time monitoring, predictive maintenance, and efficient grid management. Automation streamlines operations and enhances grid reliability.
- HVDC transmission systems are gaining traction due to their ability to efficiently transmit power over long distances with reduced losses compared to traditional alternating current (AC) systems.
- The concept of microgrids, small-scale power grids that can operate independently or in conjunction with the main grid, is gaining traction.
- Efforts to improve energy efficiency and reduce losses during transmission and distribution play a crucial role in shaping the market.
Transmission & Distribution Market – Regional Analysis
- The transmission & distribution market in North America is characterized by ongoing grid modernization efforts, integrating renewable energy, enhancing grid resilience, and deploying smart grid technologies. Investments focus on updating aging infrastructure and accommodating clean energy integration.
- Grid modernization, interconnection projects, and smart grid technologies are key focus areas in Europe. Countries like Germany, France, and the UK are investing in renewable energy and transitioning to low-carbon grids.
Customization Request for the Research Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=691
Key Developments in Transmission & Distribution Market
- ABB is known for its expertise in power grids, ABB offers a comprehensive range of T&D equipment, including transformers, switchgear, and grid automation solutions.
- Siemens is a major player in the T&D sector; Siemens provides a variety of products like transformers, high-voltage equipment, and digital grid solutions.
- General Electric (GE) offers T&D equipment and services, focusing on grid modernization, digital solutions, and grid optimization technologies.
Transmission & Distribution Market – Key Segments
By Type
- Equipment
- Wire & Cable
- Transformer
- Electric Meter
- Switchgear
- Insulator & Capacitor
- Others
By Services
- Testing
- Field Testing
- Terminations Development
- Asset Health Monitoring
- Others
By End User
- Utility
- Industrial
- Residential & Commercial
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Contact us for Special Discount and Pricing: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=691
More Trending Reports by Transparency Market Research –
Aluminum-ion Battery Market- The global aluminum-ion battery market is expected to reach US$ 8 Bn by the end of 2031 and it is estimated to grow at a CAGR of 6.6% from 2022 to 2031
Sand Control Systems Market- The global sand control systems market is expected to reach US$ 4.9 Bn by the end of 2031 and it is estimated to grow at a CAGR of 3.96% from 2022 to 2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
