According to a new market report published by Lucintel, the future of the electric transmission and distribution equipment market looks promising with opportunities in the power utilities, residential, commercial, and industrial sectors.
According to the report, the global electric transmission and distribution equipment market is expected to reach an estimated $304 billion by 2022 and is forecast to grow at a CAGR of 6.2% from 2017 to 2022.
The major drivers of growth for this market are increasing demand for electricity, new power generation capacity additions, and the expansion of transmission and distribution infrastructure.
In this market, wire and cable, switchgear, transformer, meters, insulator and capacitor are the major products used in the transmission and distribution of electricity.
Within the market, utilities are expected to remain the largest end use market due to the replacement and upgradation of existing infrastructure and increasing focus on renewable energy.
Asia Pacific is expected to remain the largest market by value and is also expected to witness the highest growth over the forecast period because of growth in construction activities, increasing electric access, urbanization, and rapid industrialization.
ABB, Siemens AG, Mitsubishi Electric Corp., Schneider Electric, General Electric, Xian XD Switchgear Electric and Crompton Greaves are among the major suppliers of electric transmission and distribution equipment.