Growing Demand for New Age Power Transformers Drives Healthy Market Growth
DUBLIN, July 20, 2021 / PRNewswire / – The “Power Transmission and Distribution Equipment – Global Market Trajectory and Analysis” report was added to ResearchAndMarkets.com offer.
Global Power Transmission and Distribution Equipment Market to Reach $ 312.8 billion by 2026
In the midst of the COVID-19 crisis, the global energy transmission and distribution equipment market is estimated at US $ 256.5 billion in 2020, is expected to reach a revised size of US $ 312.8 billion by 2026, with a CAGR of 4.8% over the analysis period.
Wire & Cable, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.7% to reach 117.7 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and induced economic crisis, the growth of Switchgear segment is readjusted to a revised CAGR of 5.3% for the next 7 year period. This segment currently represents a 25% share of the global market for power transmission and distribution equipment.
The US market is estimated at $ 65.8 billion, while China is expected to reach $ 63.7 billion by 2026
Transformers can be integrated into compact or stand-alone substations; pad, platform, ground, pole mounted, and must have high thermal, magnetic and electrical performance. Transformers should be designed so that they are easy to handle, install, lift and transport. The market for power transmission and distribution equipment in the United States is estimated at US $ 65.8 billion in 2021.
The country currently accounts for a 26.99% share of the world market. China, the world’s second-largest economy, is expected to reach an estimated market size of 63.7 billion US dollars during the year 2026, with a CAGR of 7.7% throughout the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 2.7% and 3.8% respectively over the analysis period. In Europe, Germany is expected to grow by around 3.4% CAGR while the rest of the European market (as defined in the study) will reach 74.6 billion US dollars at the end of the analysis period.
Major developments in electricity transmission and distribution (T&D) systems around the world include electrification of transportation and heating for long-term reduction in carbon emissions; decentralization through distributed generation, storage and demand response; and digitization through the integration of smart sensors, smart meters, connected devices, Internet of Things (IoT) and other digital network technology systems and solutions.
Future power grids and T&D networks will evolve to become smarter, more decentralized and more connected, offering a myriad of benefits in terms of reliability, security, environmental sustainability and increased asset utilization, in addition to enabling better control, real-time optimization of consumption and production, less carbon emissions, greater choice, transparent interaction with customers, permanent connection, increased transparency, increased reliability and security, between other advantages.
Transformers segment to be reached $ 56.1 billion by 2026
In the global Transformers segment, United States, Canada, Japan, China and Europe will lead to the estimated 5.4% CAGR for this segment. These regional markets representing a combined market size of 33 billion US dollars in 2020 will reach a projected size of US $ 47.6 billion before the end of the analysis period.
China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach 7.7 billion US dollars by 2026, while Latin America will increase at a CAGR of 6.2% throughout the analysis period.
FOCUS ON CERTAIN PLAYERS
- ABB Limited (Switzerland)
- ABB Kuhlman (United States)
- ASTOR AS TRANSFORMER (turkey)
- Bharat Heavy Electricals Limited (India)
- CG Power and Industrial Solutions Limited (CG) (India)
- DAIHEN Company (Japan)
- Diamond Power Infrastructure Limited (India)
- Eaton Corporation plc (Ireland)
- GE Grid Solutions, LLC (United States)
- Hammond Power Solutions, Inc. (Canada)
- Howard Industries, Inc. (United States)
- Hubbell Incorporated (United States)
- 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 dd (Croatia)
- Larsen & Toubro Limited (India)
- Mitsubishi Electric Power Products, Inc. (United States)
- Pioneer Power Solutions, Inc. (United States)
- Bemag transformer (Canada)
- Prysmian group (Italy)
- Regal Beloit Company (United States)
- S&C Electric Company Inc. (United States)
- Schneider Electric SE (France)
- SGB-SMIT Group (Germany)
- Siemens SA (Germany)
- SPX Transformer Solutions, Inc. (United States)
- TBEA Co., Ltd. (China)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Wilson Power Solutions Ltd. (UK)
- Wilson Transformer Company Pty Ltd. (Australia)
For more information on this report, visit https://www.researchandmarkets.com/r/2z2d5j
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