The global electricity transmission infrastructure market is anticipated to reach a valuation of US$ 58.8 Bn in 2032, with the market growing at an average CAGR of 4.40% from 2022 to 2032. Valued at US$ 38.2 Bn in 2021, the target market will likely reach an estimated US$ 39.9 Bn by the end of 2022. Increasing concerns about the supply of electricity, utilization of new transmission technologies along with the use of huge central station generating units are fueling the growth of the electricity transmission infrastructure market during the forecast period.
An escalation in the demand for electricity, the building of additional power production facilities, and the expansion of the transmission and distribution infrastructure are factors that encourage the growth of the electricity transmission infrastructure market.
Furthermore, economic development, a rising population, legislative measures, and a growing demand for renewable energy sources also aid the target market growth. Again, opportunities in the power utilities, residential, commercial, and industrial sectors abound for the electricity transmission infrastructure market, leading to bright prospects in the upcoming years.
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The target market is witnessing tremendous demand during the projected period owing to factors such as the heightened need for electricity along with significant capital investments. A major part of the market is prospering due to rising investments in smart grids. Likewise, new transmission lines are being developed, and existing systems are being updated so as to boost capacity and deliver enhanced monitoring facilities.
In addition to this, the surge in regulatory standards has deeply contributed to the demand for the electricity transmission infrastructure market in the international space. The rising population, increasing digitalization, and the evolution of the industrial sector are also supporting the increasing production and consumption of electricity, which, in turn, assists in the target market growth during the forecast period.
“High electricity demand coupled with a significant capital investment like the growing investment in smart grids will propel the global growth of the electricity transmission infrastructure market over the forecast period,” says an FMI analyst.
- High costs of transformers and loss of electrical energy in long-distance transmission may stunt the market growth.
- The rise in residential and industrial sectors will drive the target market growth in North America and Asia Pacific.
- A strong presence of various end-use industries will facilitate the growth of the electricity transmission infrastructure market in China.
- The launch of several target market-related initiatives will propel the electricity transmission infrastructure market in North America.
ABB Limited, Alstom SA, Mitsubishi Electric, Eaton, General Electric Company, Hitachi Limited, Siemens AG, Toshiba Corporation, and OSRAM Licht AG among others are some of the major players in the electricity transmission infrastructure market profiled in the full version of the report.
In a highly competitive market, leading market players are focusing on executing long-term supply contracts and working on new projects. These businesses also employ strategies like partnerships and agreements to gain a competitive edge.
More Insights into Electricity Transmission Infrastructure Market Report
In its latest report, FMI offers an unbiased analysis of the global electricity transmission infrastructure market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (switchgear and switchboard apparatus, transformers including power and distribution transformers, others), transmission line type (overhead power transmission, underground power transmission), technology (high-voltage direct current (HVDC), smart grid, others (new transformer core shapes, amorphous core transformers, others)), application (industrial, commercial, residential, transportation, others), and region.
According to the latest FMI reports, based on region, the electricity transmission infrastructure market in North America is anticipated to present substantial growth during 2022-2032. A rise in the population coupled with an upsurge in residential and industrial projects will likely fuel the target market growth in this region.
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In addition, various programs and initiatives pertaining to the target market are being constantly executed in the United States which further aids the growth of the electricity transmission infrastructure market in North America. Besides, the Asia Pacific region, too, is predicted to present notable growth in this market during the forecast period.
Key Segments Profiled In The Global Electricity Transmission Infrastructure Market Report
By Product Type, Electricity Transmission Infrastructure Market is segmented as:
- Switchgear and Switchboard Apparatus
- Transformers include power and distribution transformers
By Transmission Line Type, Electricity Transmission Infrastructure Market is segmented as:
- Overhead power transmission
- Underground power transmission
By Technology, Electricity Transmission Infrastructure Market is segmented as:
- High-voltage direct current (HVDC)
- Smart Grid
- Others (new transformer core shapes, amorphous core transformers, among others)
By Application, Electricity Transmission Infrastructure Market is segmented as:
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