Published on : Feb 18, 2021
The global electric power transmission and distribution equipment market is an important juncture on its road to maturity. The market is characterised by the development of new technologies meant to give an impetus to power distribution across a region or territory. Furthermore, the power distribution industry regularly reviews its facilities and infrastructure to check for energy losses and defaults. Use of high-end equipment for power generation and transmission is an important step in ensuring seamless supply of electricity to the end-users. On account of the factors mentioned above, it is safe to expect that the global power transmission and distribution equipment market would tread along a lucrative pathway in the times to follow.
In this review, ResearchMoz (RMoz) uncovers a multitude of factors responsible for the growth of the global power transmission and distribution equipment market. The next decade would be crucial for vendors operating in this market, mainly due to formidable changes in the power sector. New power grids are being developed regions, creating stellar demand for beter transmission lines. Some of the notable vendors operating in the global power transmission and distribution equipment market are Tebian Electric Apparatus Stock, Eaton, Osram, and Crompton Greaves.
Need for Wide-Scale Electrification across Urban and Rural Areas
Several countries and regions have made commitments to bring about full-fledged electrification of rural areas and town centers. The availability of electricity across a region is an important parameter that contributes towards calculating the development index of that region. Furthermore, availability of electricity across urban, sub-urban, and rural centers is the basis for powering SMEs and large industries. As countries peg their growth to the electricity transmission sector, the use of power transmission and distribution equipment is projected to increase. In addition to this, investments made in electrification of houses and commercial units have also fetched positive results for equipment manufacturers.
Changing Dynamics of the Power Sector
Over the course of the next decade, several regions are projected to overhaul the functional dynamics of their power sector. Production of greater amount of power would compel utilities to deploy high-end technologies power transmission and distribution. Therefore, as countries look at inducting new technologies for power optimization, grid operators and utilities are becoming more liberal to the use of new transmission equipment. The annual budget of power operators has increased by a dramatic chase in recent times. Therefore, the global power transmission and distribution equipment is slated to tread along a lucrative path in the years to follow.
Key Smart City Projects in Multiple Regions to Support Market Growth
The development of smart cities across various countries has brought smart grids, smart meters, and resilient utilities under the spotlight of attention. Smart grids have succeeded in optimizing renewable sources of power, and have helped in developing a robust energy infrastructure across multiple regions. Therefore, the total volume of revenues in the global power transmission and distribution equipment market is projected to increase. The smart grid architecture consists of several nodes that help in efficient power transmission. Development of high-end technologies for optimizing wind and solar power has created humongous opportunities for market growth and maturity. It is legit to expect that the development of smart grids, that thrive on solar and wind power, would give an impetus to market growth.
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Based on regions, the global electric power transmission and distribution equipment market can be segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The growing importance of smart city projects in the Scandinavian countries such as Denmark, Sweden, and Norway has created new opportunities for growth in the Europe transmission and distribution equipment market.