The global Power T&D equipment market is expected to progress with ~6.28% CAGR from 2021 to 2027.
Power T&D equipment are devices used to control and regulate the T&D network. These can contribute to optimal power generation and support emissions reductions in several economic sectors, including residential and commercial. The major components of the T&D sector include circuit breakers, transformers, fuses, and switchgear.
Asia-Pacific is one of the largest markets for Power T&D Equipmentin the world. The continuous need to update and upgrade existing transmission and distribution infrastructure to serve the growing demand for electricity will lead to a growth of the Power T&D equipment market over the forecast period. In the emerging economies of Asia-Pacific, extensive power plant capacity additions, economic growth, and the need to improve access to electricity are driving grid expansion and the Power T&D equipment market. According to an estimate by the US State Department, 387 million people in Asia-Pacific live without access to electricity. This demands a continuous need to mount and upgrade the existing T&D infrastructure to serve the growing need for electricity in the region. To protect the electrical system, these developments require many power T&D equipment, including switchgear, circuit breakers, transformers, and fuses. For instance, Schneider Electric (France) signed an agreement with Larsen and Toubro Ltd. (India) for its electrical & automation business in May 2018. This agreement helped Schneider Electric enlarge its product portfolio in Asia-Pacific for low voltage and industrial automation product business, including low and medium voltage switchgear, electrical systems & equipment, energy management, metering, and industrial automation solutions.
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Such strategic developments in the region increase the demand for Power T&D equipment in Asia-Pacific to meet improved access to electricity, driving the Power T&D equipment market. However, the COVID-19 pandemic slowed down economic activities in the region considerably, as many nations obtain a significant percentage of their GDP from exports. This has drastically reduced expenditure on Power T&D equipment in the region. However, by the second half of 2020, most economies are expected to stabilize, and the demand for Power T&D equipment in Asia-Pacific is expected to grow during the forecast period.
The global Power T&D Equipment market is segmented based on type, application, and region.
By type, the global market has been segmented as transformer, switchgear, circuit breaker, inductor & capacitors, meters, fuses & equipment.The switchgear segment is expected to hold the largest share during the forecast period.Switchgear is used for controlling, regulating, and switching on or off the electrical circuit in the electrical power system. Switchgear in substations are located on both the high- and low-voltage sides of large power transformers. The switchgear on the low-voltage side of the transformers may be located in a building, with medium-voltage circuit breakers for distribution circuits, along with metering, control, and protection equipment. For industrial applications, a transformer and switchgear line-up may be combined in one housing, called a unitized substation (USS).
The important players operating in the global Power T&D Equipment marketare Hitachi ABB Power Grids (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), Mitsubishi Electric Corporation (Japan), Hammond Power Solutions (Canada), Toshiba Corporation (Japan), General Electric (US), TE Connectivity (Switzerland), Powell Industries Inc. (US), Fuji Electric Co. Ltd (Japan), Bharat Heavy Electricals Limited (BHEL) (India), Chint Group (China), Basler Electric Company (US), CG Power and Industrial Solutions Limited (India), G&W Electric (US), S&C Electric (US), Itron (US), Landis+GYR (Switzerland).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global Power T&D Equipment market, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing & cost analysis.