Global Transmission & Distribution Market Size to grow by USD 274.4 billion in 2030.

Press Release

The Global Transmission & Distribution Market size was valued at USD 200.7 billion in 2021 and is expected to grow by USD 274.4 billion in 2030 at a CAGR of 4.11% during the forecast period.

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Grid modernization programs help to improve grid reliability, resiliency, and system efficiency. This would also handle increased customer service requirements. As a result, transmission and distribution businesses are investing heavily on grid modernization. Global investments in grid technology, data intelligence, and digital services are increasing, according to a research published by the International Society for Performance Improvement (ISPI), with smart meters, EV charging stations, and digital substations seeing the most development. As a result, the worldwide transmission and distribution market is expected to be driven by increased investment in the modernization of the ageing power infrastructure.    

Global power demand is expected to continue to grow during the predicted period. To meet the rising demand for electricity, the world is focusing on renewable energy. A rise in electricity demand is predicted to increase demand for power transmission and distribution projects around the world. Consequently, the global transmission and distribution market is expected to be driven by a rise in power consumption over the forecast period.  

The transmission and distribution market is likely to take a long time to recover from the impact of the COVID-19 pandemic owing to the global reduction in electricity demand. However, as a result of the lockdowns implemented in the wake of the COVID-19 epidemic, residential applications increased, resulting in lower electrical power demand and, as a result, lower losses in electricity transmission and distribution.   

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The global transmission and distribution market is being driven by an increase in government measures to promote the use of energy generated from renewable energy sources. Furthermore, the worldwide transmission and distribution industry is expected to benefit from increased need for modernization and innovations in electrical networks.

Urbanization and industrial growth are important drivers of the worldwide transmission and distribution market. This has increased global demand for electricity. Emerging economies in the power transmission and distribution equipment category are likely to drive the market forward, while the United States and European countries are expected to remain key contributors due to their high need for electricity. This is due to the fast-paced growth of the worldwide transmission and distribution sector. In addition, the market is likely to be driven by rising investments in grid technology and smart meters throughout the forecast period.    

North America is expected to account for the majority of the market during the projected period due to demand from the oil and gas sectors. The oil and gas industry in the United States has shown a lot of interest and acceptability for cloud-based fault detection. Transmission fault detection lines have gained popularity as a result of their precise, robust, and efficient approach, propelling the transmission and distribution industry share in North America to new heights.  

Asia Pacific is expected to grow at the fastest CAGR due to China's rapid industrial expansion. China's energy usage increased 6.8% year on year in December 2020, according to the International Energy Agency.

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KEY INDUSTRY DEVELOPMENTS:    

In October 2021, Schneider Electric reaffirmed its commitment to developing sustainable and smart networks. The company's goals were matched with the 'Aatmanirbhar Bharat' Campaign of the Indian government.

In January 2022, Siemens Energy was awarded a contract to provide its highly efficient HL-class power plant technology to South Korea. The equipment will be utilized in the Eumseong Unit 1 combined cycle power plant (CCPP), which will be built in Eumseong, Chungcheongbuk-do Province, in the northwestern part of the country.

In January 2020, The Arteche Group received EUR 27 million from the European Investment Bank (EIB) to fund its innovation strategy, which focuses on the development of new technologies, solutions, and products for the electric power industry, as well as other investments to expand its productive assets. 

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