Global Transmission & Distribution Market Size, Share, and COVID-19 Impact Analysis, By Type (Equipment and Services), By End-user (Utility, Industrial, and Residential & Commercial), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Transmission & Distribution Market size was valued at USD 200.7 billion in 2021 and is expected to grow by USD 274.4 billion in 2030 at a CAGR of 4.11% during the forecast period.
Transmission and distribution relate to the various stages of transporting energy from generators to a home or business via poles and wires. The voltage level at which electricity moves in each stage is the primary difference between the two. After power is generated, it is transported from the generator to our homes and businesses via a network of electrical cables. Transmission and distribution lines, when connected, form what is generally referred to as "the grid." Transmission and distribution lines can be situated overhead or in the ground. On the grid, transmission and distribution are two distinct stages or systems.
Global power demand is expected to continue to grow during the predicted period. To meet the rising demand for electricity, the world is focusing on renewable energy. A rise in electricity demand is predicted to increase demand for power transmission and distribution projects around the world. Consequently, the global transmission and distribution market is expected to be driven by a rise in power consumption over the forecast period.
COVID-19 ANALYSIS
The transmission and distribution market is likely to take a long time to recover from the impact of the COVID-19 pandemic owing to the global reduction in electricity demand. However, as a result of the lockdowns implemented in the wake of the COVID-19 epidemic, residential applications increased, resulting in lower electrical power demand and, as a result, lower losses in electricity transmission and distribution.
LATEST TREND
Increase Investments in Renewable Energy Sources Propel Market Growth
Around the world, people are becoming more conscious of the detrimental effects of CO2 emissions and greenhouse gases on the environment. This has increased interest in renewable energy sources as an alternative to coal and fossil fuels. In the future years, this trend is likely to boost the global transmission and distribution industry. In many developing countries throughout the world, market players are working on integrating renewable energy sources into their energy generation strategies in order to meet the expanding demand for electric power.
The global transmission and distribution market is being driven by an increase in government measures to promote the use of energy generated from renewable energy sources. Furthermore, the worldwide transmission and distribution industry is expected to benefit from increased need for modernization and innovations in electrical networks.
DRIVING FACTORS
Rapid Industrialization and Urbanization Driving Market Growth
Urbanization and industrial growth are important drivers of the worldwide transmission and distribution market. This has increased global demand for electricity. Emerging economies in the power transmission and distribution equipment category are likely to drive the market forward, while the United States and European countries are expected to remain key contributors due to their high need for electricity. This is due to the fast-paced growth of the worldwide transmission and distribution sector. In addition, the market is likely to be driven by rising investments in grid technology and smart meters throughout the forecast period.
RESTRAINTS
Aging Power Transmission and Distribution Infrastructure Limit Market Growth
Existing electric power distribution networks, particularly in wealthy countries, rely on old infrastructure and struggle to handle rising electrical demand. One of the main issues limiting market growth is the lack of standardization for different devices.
SEGMENTATION
The Global Transmission & Distribution Market is segmented by Type, End-user, and Region. Based on the Type, the market is categorized into Equipment and Services. Based on End-user, the market is categorized into Utility, Industrial, and Residential & Commercial. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
The Global Transmission and Distribution Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America is expected to account for the majority of the market during the projected period due to demand from the oil and gas sectors. The oil and gas industry in the United States has shown a lot of interest and acceptability for cloud-based fault detection. Transmission fault detection lines have gained popularity as a result of their precise, robust, and efficient approach, propelling the transmission and distribution industry share in North America to new heights.
Europe is expected to be the second largest market for transmission and distribution due to the increasing technological advancements in the power industry to meet rising energy demand would strengthen the business situation. The regional industry environment will be favorably influenced by the integration of smart grid infrastructure throughout the T&D network systems, as well as favorable customer propensity toward the use of renewable technology.
Asia Pacific is expected to grow at the fastest CAGR due to China's rapid industrial expansion. China's energy usage increased 6.8% year on year in December 2020, according to the International Energy Agency.
LIST OF KEY COMPANIES PROFILED:
- EDF Group
- Enel Spa
- Iberdrola, S.A.
- Exelon Corporation
- Mitsubishi Electric Corporation
- ABB
- TBEA
- Eaton
- CG Power & Industrial Solutions Ltd.
- Bharat Heavy Electricals Limited
- Siemens AG
- General Electric
- LARSEN & TOUBRO LIMITED.
- Kirloskar Electric Company.
- Schneider Electric.
KEY INDUSTRY DEVELOPMENTS:
October 2021, Schneider Electric reaffirmed its commitment to developing sustainable and smart networks. The company's goals were matched with the 'Aatmanirbhar Bharat' Campaign of the Indian government.
January 2022, Siemens Energy was awarded a contract to provide its highly efficient HL-class power plant technology to South Korea. The equipment will be utilized in the Eumseong Unit 1 combined cycle power plant (CCPP), which will be built in Eumseong, Chungcheongbuk-do Province, in the northwestern part of the country.
January 2020, The Arteche Group received EUR 27 million from the European Investment Bank (EIB) to fund its innovation strategy, which focuses on the development of new technologies, solutions, and products for the electric power industry, as well as other investments to expand its productive assets.
SEGMENTATION
By Type
- Equipment
- Services
By End-user
- Utility
- Industrial
- Residential & Commercial
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Transmission Distribution Market Size
- June-2022
- 140
- Global
- Energy-and-Power
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