Global Electric Power Transmission and Distribution Equipment Market Outlook 2022–2030: Trends, Forecasts, and Growth Opportunities
The global electric power transmission and distribution equipment market was valued at USD 202.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. The advancement in electric power transmission and distribution equipment to fulfill the rising demand for electricity from the residential, commercial, and industrial sectors is propelling the global market growth. In addition, the introduction of various on-shore and off-shore projects by the government to generate electricity to cater to rising energy demand will result in the deployment of efficient switchgear, transformers, and meters for smooth power transmission and distribution. The government of countries such as Germany, the UK, the Netherlands, China, and more is focused on developing offshore wind power generation systems, which are expected to generate demand for advanced T&D equipment. Their inclination toward adopting clean energy to cater to the...