Cost-Effective & Energy-Efficient Power Distribution — The Need Of The Hour
Electric power transmission and distribution equipment, also known as a power system, is required for the bulk movement of electrical energy from a generating power station, such as a power plant, to an electrical sub-station. Today’s society is highly dependent on the reliable and economical delivery of electricity. Transmission and distribution systems include a variety of sensors, transducers, relays, generators, transformers, cables, conductors, switches, circuits, converters, capacitors, breakers, and meters, among others. The type of transmission and distribution line, such as overhead transmission and sub-transmission or underground transmission, determines the type of equipment required.
Modern and smart transmission and distribution equipment is highly advantageous over traditional transmission and control systems. It reduces line losses and power monitoring equipment on feeders correct power-related problems before they occur. Additionally, the equipment offers energy cost reduction through the real-time monitoring of power usage. Transmission and distribution systems also offer economic benefits along with operational benefits. These systems allow voltage control and load balance. Maintaining the correct amount of data for both transmission and distribution ends leads to higher capital gain margins.
Incorporation of Latest Technologies Across Verticals to Accelerate Demand for Electrical Equipment
Smart and interconnected transmission and distribution systems are gaining traction, as they allow maximum and efficient energy utilization and reduce complexity in the transmission of electricity through various channels. Although the monitoring and management of power transmission equipment have been greatly automated and digitalized, some issues persist. The penetration of Internet of Things (IoT) in electrical power equipment has enriched and expanded the network properties of smart grids. In the last few years, sectors such as mining, petroleum and oil extraction, and marine have registered a massive increase in the demand for smart and connected transmission and distribution systems.
With growing advancements in technology, SCADA, geographic management, and demand management systems have come into the picture. These technologies play a vital role in monitoring, detecting, and correcting faults in power lines and cables. They maintain the operational structure of the equipment, such as relays, cables, sensors, and alternators and generators. Therefore, there has been an upsurge in the demand and supply of power distribution and transmission equipment to ensure safe and stable operation.
Electricity Consumption to Rise in Tandem With Growing Urbanization
Rising electricity consumption in developing regions and economic recovery in developed countries are propelling the demand for uninterrupted power supply. On the other hand, the high cost of raw materials and the high charges associated with complex installations are hindering the market growth. Globally, governments are encouraging the installation of smart grids and smart meters as a part of connected and accurate switchgear, which is further expected to boost the demand for electrical equipment during the forecast period.
The migration of people from rural areas to urban cities and towns for opportunities is further increasing the pressure on infrastructure developers to build smart and connected homes with all amenities. Electricity is vital to run appliances and other IoT devices. As the demand for power transmission and distribution system is increasing, suppliers are investing to ensure that homes are electronically and electrically connected with adequate, electric, and water supply. Such a demand and supply scenario is expected to bring an upsurge in the global electric power transmission and distribution equipment market during the forecast period.
Upgradation of Existing Infrastructure
On the basis of end user, the electric power transmission and distribution equipment market has been classified into utilities, residential, industrial, and commercial. The utilities segment dominates the market as market providers have shifted to renewable energy to upgrade their power infrastructure with the rising demand for sustainable development. In the industrial sector, power transmission and distribution equipment is used in what is called a smart grid, i.e. an ecosystem of goods, services, and technologies that supports the transmission, distribution, and storage of electricity such as switchgear and circuit breakers. Smart grids deploy equipment such as sensors, relays, alternators, and feeders. With a large number of industries shifting to smart grids and deploying efficient infrastructure, the sector is expected to observe significant demand for transmission and distribution equipment in the near future.
The domestic and commercial sectors are expected to experience a steady increase in the demand for transformers, switchgear, and switchboards. The Council on Superconductivity for America Competitiveness (CSAC), supported by the Department of Energy (DOE), is commercializing the technology in electrical motors, transformers, and cables. Governments of different countries are enabling the use of non-conventional energy to maximize power generation and transmission.
North America — The Key Shareholder Globally
North America is expected to dominate the global electric power transmission and distribution equipment market during the forecast period due to the presence of key manufacturers and suppliers in the region and increasing demand for cables and wires. Rising commercial, industrial, and residential needs for electrical energy are expected to propel market growth in the region. Significant investments in the early adoption of smart grids are also expected to supplement the market growth.
Regulatory changes have encouraged the introduction of new products such as halogen-free flame retardant compounds that operate with low energy consumption. North America ranks high in the transmission and distribution of data annually. Therefore, network providers such as Verizon and AT&T are rapidly adopting new technologies such as fiber optics for better efficiency.
Asia-Pacific — A Rapidly Growing Electric Power Transmission and Distribution Equipment Market
China and India are home to two of the largest populations in the world. In both countries, people are increasingly migrating from villages to cities in search of jobs and a better life. Concentrated areas such as prominent cities and industrial and business hubs thus require uninterrupted power supply and less frequent outages. Governments and regulatory bodies in the region are therefore encouraging the upgradation of their grids with smart devices and accurate fault detection equipment. Such infrastructure, which includes High Voltage Direct Current (HVDC), is designed to transmit power with fewer errors and detect faults immediately during bad weather conditions and an increase in load. Smart circuit breakers pre-analyze the fault in the transmission line and disconnect the faulty line from the main power cable line.
Europe is expected to significant growth in the electric power transmission and distribution equipment market. The region is focusing on upgrading its power system distribution network with increased 4G coverage and expansion of 5G and IoT technologies in power plants. Latin America, the Middle East, and Africa are also significantly investing in their IT infrastructure and communications industries, which is expected to bolster the regional market.
Electric Power Transmission and Distribution Equipment Market: Key Players
Electric Power Transmission and Distribution Equipment Market: Key Suppliers
Electric Power Transmission and Distribution Equipment Market Segmentation
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