Electric Power Transmission and Distribution Equipment Market, by Equipment (Wire Cable, Switchgear, Transformer, Meter, Insulator Capacitor), Voltage (Low Voltage, Medium Voltage, High Voltage), End User (Energy Utilities, Industrial, Commercial and Residential) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Electric Power Transmission and Distribution Equipment market size was estimated at USD 228.68 billion in 2023 and is projected to reach USD 339.33 billion in 2030 at a CAGR of 5.80% during the forecast period 2023-2030.
Electric power transmission and distribution equipment are essential components of the electrical grid that facilitate the efficient and safe transfer of electricity from power plants to consumers. These systems are responsible for transmitting high-voltage electricity over long distances and then stepping it down to lower voltages for distribution to homes, businesses and industries.
Key components that are commonly found in electric power transmission and distribution systems are transformers, transmission lines, substations, circuit breakers, switchgear, distribution lines, capacitors and reactors, power meters, protective relays and lightning arresters. The growth of the market is being driven by the increasing demand for electricity, the need to upgrade the existing transmission and distribution infrastructure and the rising investments in smart grids.
The proper functioning and maintenance of these power transmission and distribution equipment are crucial for ensuring a reliable and efficient supply of electricity to meet the demands of modern society. Additionally, advancements in technology and the integration of smart grid technologies are continuously improving the performance and monitoring of these systems.
The electric power transmission and distribution equipment market can be segmented based on various factors. Based on equipment, the market is segmented into wire cable, switchgear, transformer, meter and insulator capacitor. Based on voltage the market is bifurcated into low voltage, medium voltage and high voltage. Based on End user, the market is segmented into energy utilities, industrial, commercial and residential. Lastly, based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America.
The electric transmission and distribution equipment market was negatively impacted by the COVID – 19 Pandemic. The pandemic affected the power industry and caused a decline in the market due to decline in demand for energy and adversely affected the market of electric transmission and distribution equipment due to their application, mostly found in these industries. The lockdown interrupted the supply chain and raw material manufacturing, which affected the production activity of the transmission and distribution equipment. Industries and the commercial sector faced a decrease in the demand due to the lockdown but the residential segment saw an increase in the demand for energy as people stayed at home to follow social distancing norms.
Due to increasing demand for electricity, rapid industrialization and commercialization in developing countries, the demand for electric transmission and distribution market is increasing. The increase can also be attributed to the need to upgrade the existing transmission and distribution infrastructure which in turn has increased the investments in smart grids. However, there is a need to tackle the issue of high cost of installation of these equipment which is hampering the growth of the market.
Asia Pacific to Dominate the Market