LONDON--(BUSINESS WIRE)--The new transmission and distribution (T&D) equipment market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the transmission and distribution (t&d) equipment market.
"One of the primary growth drivers for this market is the increased demand for power generation,” says a senior analyst for the Energy industry at Technavio. As the markets recover, Technavio expects the T&D equipment market size to grow by USD 44.17 billion during the period 2020-2024.
Transmission and Distribution (T&D) Equipment MarketSegment Highlights for 2020
- The transmission and distribution (T&D) equipment market is expected to post a year-over-year growth rate of -4.08%.
- Based on the type, the power cables segment led the market in 2019. Factors such as the high number of grid expansion projects, grid interconnections projects between countries, and the significant addition of renewable power generation are driving the growth of the segment.
- The market growth in the segment is significant during the forecast period.
- 61% of the growth will originate from the APAC region.
- The market in APAC is driven by increasing investments in capacity additions for both renewable and fossil fuel-fired power plants and greater access to electricity in the region.
- China and India are the key markets for transmission and distribution equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The transmission and distribution (T&D) equipment market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The transmission and distribution (T&D) equipment market is segmented Type (Power cables, Switchgears, and Transformers) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Eaton Corporation Plc, Furukawa Electric Co. Ltd., General Electric Co., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corp., Nexans SA, Prysmian Spa, Siemens AG, and Toshiba Corp.
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