Electric Transmission and Distribution Equipment Market Introduction
Electric transmission and distribution equipment are the tools that are employed for the movement of power or electrical energy from a power generation plant to an electrical substation located somewhere else. Electric transmission and distribution equipment involve interconnected lines, known as transmission networks, which facilitate the movement of electrical energy.
Various types of electric transmission and distribution equipment, including transformers, wires & cables, power supply, and meters, are undergoing technological transformations with the rise in demand for more efficient, safer, and more reliable equipment.
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Electric Transmission and Distribution Equipment Market – Notable Developments
Siemens, GE-Alstom, ABB, 3m, Sterlite Power, Prysmian, Schneider Electric, Burns and McDonnell, and Power Engineering International, are among the leading companies in the electric transmission and distribution market.
- ABB Groups – a Swiss-Swedish multinational corporation operating in the electric transmission and distribution market – recently announced that is has expanded its transformer product range by launching new products. The new range of ABB’s products includes ABB AbilityTMTXpertTMDry, which as the company claims is world’s first dry-type (oil free) digital transformer, along with another innovative product called TXpandTM. The company aims to expand its transformer product range with the digitally integrated transformer technologies such as the ABB AbilityTM, the TXpertTM distribution transformers, and the TXploreTM service solution.
- GE Power and TransnetBW – two of the leading companies in the electric transmission and distribution equipment market – recently signed an agreement to build the Eichstetten 380 kV substation, which is a highly loaded link for the transmission grid in the southwest of Germany. The contract for a turnkey solution is mainly aligned with GE’s strategy to offer scalable power solutions and TransnetBW’s plans for expanding its electricity grid in Germany.
- Prysmian Group – an Italian company in the electric transmission and distribution equipment market and world leader in the energy and telecom cable systems industry – announced that it has signed a €17 million contract with New Brunswick Power Corporation (NB Power) – an electric utility in the Atlantic Canada. The company declared that it will be developing a new submarine cable link which will connect the mainland power grid in the Canadian province to Campobello Island, Deer Island, and Grand Manan Island. The company will be upgrading the existing capacity of submarine transmission system in the Passamaquoddy Region of the Bay of Fundy, which presents very strong currents with the highest tides in the world.
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Electric Transmission and Distribution Equipment Market Dynamics
Increasing Growth of the Power Industry will Drive Demand for Electric Transmission and Distribution Equipment
The global power industry is witnessing tremendous growth with the leading companies introducing digital transformations in their business operations. With the increasing urbanization and industrial developments worldwide, especially in emerging economies such as China and India, the global power demand has increased significantly in the past few years.
The world energy demand is likely to increase by whopping 30% by the end of the year 2040—the equivalent of adding another China and another India to the current energy demand, according to International Energy Agency (IEA). Thereby, increasing energy demand will directly reflect into a substantial growth in adoption of electric transmission and distribution equipment, which will support growth of the electric transmission and distribution equipment market in the upcoming years.
High Regulatory Standards and Guidelines for Electric Transmission and Distribution Equipment can Create Manufacturing Challenges
While the market for electric transmission and distribution equipment has been growing at a rapid pace, it is mandatory for market players to conform to strict regulatory requirements of governing bodies in various countries. In order to ensure the reliability and stability of electricity grids, various regularities bodies have established some guidelines and standards for electric transmission and distribution market players.
Thereby, conforming to high stringency of mandatory reliability standards associated with the planning and operations of power systems, which address security concerns for critical electrical transmission and distribution, can lead to increased production cost for electric transmission and distribution equipment. This is creating some major manufacturing challenges for electric transmission and distribution equipment market players.
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Adoption off the Electric Transmission and Distribution (T&D) Technology – A Predominant Trend in the Market
With the increasing growth of the electric transmission and distribution equipment market, leading market players are focusing on enhancing the performance, capture value of equipment, and reducing the asset-management costs for end-users, ultimately to stay at the edge of the competition in electric transmission and distribution equipment market.
T&D operators across the world are adopting new technologies to improve energy efficiency, reliability, and other features of electric transmission and distribution equipment. Furthermore, increasing investments in renewable energy facilities and needs for reducing energy losses is bolstering adoption of the next-generation T&D technologies across the electric transmission and distribution equipment market.
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