T&D Equipment Market to rise at CAGR of 6.85% through 2028 – Report by Market Research Future (MRFR)
New York, Nov. 02, 2021 (GLOBE NEWSWIRE) — Power T&D equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Power T&D equipment Market Research Report, Type, Application and Region – Forecast till 2028”
Market Research Future’s Review on Power T&D equipment Market
The global power T&D equipment market size will grow at a favorable 6.85% CAGR by 2028, states the new Market Research Future (MRFR) report.
List of the companies profiled in the global power T&D equipment industry report include –
- 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).
- Among others.
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The global power T&D equipment market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
COVID-19 Analysis
The COVID-19 outbreak has resulted in huge impact across every industry across the globe. The quick spread of the COVID-19 disease has compelled governments in adopting stricter actions for the operations of industrial plants & offices resulting in strict lockdowns. Government imposed lockdowns had a noteworthy impact on the power sector overall as the demand for power has decreased to a large extent from industrial and commercial sectors. The outbreak has induced a steep fall in the global need for power T&D equipment particularly in economies with full lockdowns. With T&D equipment used in water and wastewater treatment, commercial, and utilities, and other essential industries, manufacturers are facing supply chain disruption in the supply of global T&D equipment. The market however has witnessed a steep fall from the commercial, residential, industrial, and utility sectors for the fall in global energy need. Further, key global companies in the market are facing a slowdown owing to the outbreak and are unable in initiating projects and executing product developments. However, by the second quarter of 2020, most economies have stabilized and the demand for power T&D equipment has slightly gone up.
Browse In-depth Market Research Report (188 pages) on Power T&D Equipment
https://www.marketresearchfuture.com/reports/power-td-equipment-market-10689
Drivers
Growing Demand for Electricity to Boost Market Growth
The growing need for electricity will boost the power T&D equipment market growth over the forecast period. Rapid urbanization, rapid industrialization, and growing population are increasing the global electricity demand. The growth in the world’s population leads to increased electricity need and consumption. The increasing need for electricity is in turn boosting the need for T&D infrastructure.
Opportunities
Increasing Investments in T&D Infrastructure to offer Robust Opportunities
The increasing investments in T&D infrastructure will add to the power T&D equipment market value over the forecast period. The investments in electric T&D for infrastructure are subject to constant transformation for the developing infrastructure. Huge T&D investments are likely to replace aging infrastructure, enable market efficiencies, maintain reliability, and help in global policy objectives like reduction in greenhouse gas in the following two decades.
Restraints and Challenges
High Initial Cost to act as Market Restraint
The high initial cost of power T&D equipment may impact the global power T&D equipment market share over the forecast period.
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Market Segmentation
The power T&D equipment market is bifurcated based on type and applications.
By type, the switchgear segment will lead the market over the forecast period. Switchgears are used to control, regulate, and switch in and off the electrical circuit in the electrical power system.
By application, the power T&D equipment market is segmented into industrial, residential, commercial, utility, and others.
Regional Analysis
North America to Head Power T&D Equipment Market
North America will head the power T&D equipment market over the forecast period. Rise in the share of renewable energy sources, growing need for upgrading the T&D networks, high investments in energy efficiency owing to decreasing technology prices & third-party energy efficiency programs, data centers needing a reliable and continuous power supply for the uninterrupted and effective functioning of computing and networking equipment of the data center, increasing need for power T&D equipment in data centers are adding to the global power T&D equipment market growth in the region.
Segmentation of Market covered in the research:
Power T&D Equipment Market Research Report: Information by Type (Transformer, Switchgear, Circuit Breaker, Inductor & Capacitors, Meters, and Fuses & Equipment), Application (Utility, Commercial, Residential, Industrial, and Others), and Region (North America, South America Europe, Asia-Pacific, and Rest of the World)—Forecast till 2028
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