Global Transmission and Distribution Equipment Market Outlook 2024

The global transmission and distribution equipment market is anticipated to grow in upcoming years on the back of rising demand for energy around the world which is further expected to double by 2050. Moreover, the aging transmission and distribution infrastructure is also contributing to the growth of the market. The market garnered revenue of around USD 155 Billion in 2015 and is estimated to cross USD 270 Billion by 2024, by registering a CAGR of about 6% over the forecast period, i.e., 2020-2024. The growing population along with the economic growth in most of the developing countries is driving the demand for energy. Moreover, various industrial sectors such as agriculture, manufacturing, mining, construction, and refining among others account for almost half of the total energy consumption globally. These are some of the major indicators driving the market growth. However, timely inspection and testing of power distribution and transmission equipment might negatively affect the market growth.

In terms of market segmentation, the global transmission and equipment market is segmented by type, application and by region. The market is segmented by application into type into switchgears, transformers, meters, inductors and capacitors, out of which, the switchgear segment is estimated to acquire more than 45% of the market share in the year 2024. Regionally, the market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa, out of which, the market in Asia Pacific is estimated to account for leading share followed by North America during the forecast period. The growth in North America can be attributed to aging power transformers and transmission lines in the United States, which results in power outages and equipment malfunctions. Moreover, the transmission and equipment market in Canada is estimated to hold around 10% of the market share in terms of value in the overall North America market.

Some of the leading market players in 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.