Dublin, July 20, 2021 (GLOBE NEWSWIRE) -- The "Power Transmission and Distribution Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Power Transmission and Distribution Equipment Market to Reach $312.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Power Transmission and Distribution Equipment estimated at US$256.5 Billion in the year 2020, is projected to reach a revised size of US$312.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period.
Wire & Cable, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$117.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Switchgear segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Power Transmission and Distribution Equipment market.
The U.S. Market is Estimated at $65.8 Billion, While China is Forecast to Reach $63.7 Billion by 2026
Transformers can be either integrated in compact substations or free-standing; pad, platform, ground, pole-mounted, and should exhibit high performance thermally, magnetically and electrically. Transformers need to be designed in such a way that they are easy to handle, install, lift, and transport. The Power Transmission and Distribution Equipment market in the U.S. is estimated at US$65.8 Billion in the year 2021.
The country currently accounts for a 26.99% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$63.7 Billion in the year 2026 trailing a CAGR of 7.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$74.6 Billion by the end of the analysis period.
Major developments occurring in power transmission and distribution (T&D) systems across the world include electrification of transportation and heating for long term reduction of carbon emissions; decentralization through distributed generation, storage, and demand response; and digitization through the integration of smart sensor, smart meters, connected devices, Internet of Things (IoT), and other digital network technology systems and solutions.
Future electricity grids and the T&D networks will evolve to become smarter, more decentralized, and more connected offering myriad 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, fewer carbon emissions, greater choice, seamless interaction with customers, always-on connection, higher transparency, better reliability, and security, among other benefits.
Transformers Segment to Reach $56.1 Billion by 2026
In the global Transformers segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$33 Billion in the year 2020 will reach a projected size of US$47.6 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7.7 Billion by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period.
MARKET TRENDS & DRIVERS
- Key Drivers and Challenges in Brief
- Growing Demand for New-Age Power Transformers Offering Greater Reliability, Efficiency, Resilience, and Durability Drive Healthy Market Growth
- Self-Cooling Transformers from ABB
- An Ester Fluid-based Phase Shifting Power Transformer by Siemens
- Hybrid Power Transformers Technology
- Energy Efficient and Eco-Friendly Power Transformers
- Innovative Alternative Fluids
- Design Innovation in Large Power Transformers
- Dryformers by ABB
- Superconductor Based Power Transformers
- HTS Transformers: Energy Efficient, Lightweight, and Small Sized
- Gas-Insulated Power Transformers
- Future for Gas-Insulated Transformers Appears Bright
- IEC Standards for Gas-Insulated Transformers
- Powerformer: A Superior Replacement for Step-Up Transformer
- Innovative On-load Tap Changers (OLTCs) Improves Reliability and Safety
- Global T&D Vision of Increasing Renewable Energy in Power Systems Benefit Market Prospects for T&D Equipment
- Rising Utility Investments in Power T&D Infrastructure for Transitioning to the Smart Grid Standard Drive Market Adoption
- Power Infrastructure to Experience Considerable Transformation Driven by Technology Innovations
- Novel Hardware Components Set to Emerge
- Distribution Transformers with On-Load Tap Changers to Play Critical Role in Smart Grids
- Microgrids: Critically Important in Fulfilling Domestic Demand, Improving Reliability, and Enabling Local Control
- Smart Power Distribution Gains Momentum
- Myriad Benefits and Superior Attributes over Traditional Transformers Drive Strong Demand for Smart Transformers
- Smart Transformers for Smarter Power Transmission and Distribution
- Growing Need to Curtail Energy Loss and Achieve Energy Savings Drive Demand for Distribution Transformers
- Huge Savings Potential of Higher Efficiency Distribution Transformers
- Key Barriers to Adoption of Higher Efficiency Distribution Transformers
- The Integrated Policy Approach for Transition to Higher Efficiency Distribution Transformers
- Efforts for Making Energy Performance of Distribution Transformers More Visible
- Universal Adoption of MEPS Needed for More Savings
- Economic Incentives Encourage Distribution Networks to Adopt Higher Efficiency Transformers
- Need for Policy Frameworks
- Public Policies Concerning Transformers at the Product, Utility and Market Levels
- Switchgears: The Dominant Product Category Continue to Witness Growing Demand
- Technological Breakthroughs Support Switchgears Growth
- Upgrade of Obsolete Systems to Spur Demand for Switchgears
- Switchgear Equipment to Benefit from Recovery in Residential and Commercial Construction
- Energy Storage Set to Disrupt Investments in Transmission and Distribution Infrastructure
- Evolving Smart Cities and Smart Homes of the Future Necessitates Highly Capable Power T&D Networks
- Growing Threat of Global Warming Stokes Demand for Green Distribution Transformers
- Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
- Green Transformer Program Supports Environmental Protection
- Benefits of Low-Loss Transformers
- Transformers Going Green, Ester Used for Insulation Purposes
- Advantages of Natural Ester Fluid
- Natural Ester Fluid-Based Amorphous Transformers
- Exponential Increase in Global Population & Urbanization Rate: A Mega Trend Favoring Market Expansion
- New Infrastructure, Upgrade, and Expansion Projects in Developing Countries Offer Immense Growth Potential
- Rural Electrification Drive in Developing Countries Promote Growth
- Aging Power T&D Infrastructure Underscores Need for Replacement and Upgrades in Developed Markets
- Stabilizing Regulatory Environment Augurs Well for the Market
- Proposed/Approved Standards for Transformers in Select Countries
- Innovations and Advancements
- IoT Technologies for Power Transmission
- Wireless Power Transmission
- High Voltage Transmission (HVT) Lines
- Significance of Extra High Voltage (EHV)
- EHV-Related Issues and Solutions
- High Voltage Transmission Deployment Gain Traction
- Overhead Lines (OHLs)
- Ultra-HVDC Transmission Lines
- HVDC Transmission Lines for Transmitting Renewable Energy to Remote Places
- Intelligent Transformer Substations
- Intelligent Solutions for Distribution Grids
- Advanced Design
- Adoption of Regulated Distribution Transformers
- Notable Smart Transformer Innovations
FOCUS ON SELECT PLAYERS
- ABB Limited (Switzerland)
- ABB Kuhlman (USA)
- ASTOR TRANSFORMER A.S (Turkey)
- Bharat Heavy Electricals Limited (India)
- CG Power and Industrial Solutions Limited (CG) (India)
- DAIHEN Corporation (Japan)
- Diamond Power Infrastructure Limited (India)
- Eaton Corporation plc (Ireland)
- GE Grid Solutions, LLC (USA)
- Hammond Power Solutions, Inc. (Canada)
- Howard Industries, Inc. (USA)
- Hubbell Incorporated (USA)
- Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
- Imefy Group (Spain)
- JiangSu HuaPeng Transformer Co., Ltd. (JSHP) (China)
- Kirloskar Electric Company Limited (India)
- KONCAR - Elektroindustrija d.d. (Croatia)
- Larsen & Toubro Limited (India)
- Mitsubishi Electric Power Products, Inc. (USA)
- Pioneer Power Solutions, Inc. (USA)
- Bemag Transformer (Canada)
- Prysmian Group (Italy)
- Regal Beloit Corporation (USA)
- S&C Electric Company Inc. (USA)
- Schneider Electric S.E. (France)
- SGB-SMIT Group (Germany)
- Siemens AG (Germany)
- SPX Transformer Solutions, Inc. (USA)
- TBEA Co., Ltd. (China)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Wilson Power Solutions Ltd. (UK)
- Wilson Transformer Company Pty Ltd. (Australia)
For more information about this report visit https://www.researchandmarkets.com/r/lj0kle