The electric power transmission and distribution equipment market size and sales revenue increase, driven by the rise in office, commercial, industrial and residential needs for electrical energy. Developing countries such as India have huge demand for electrical energy due to the production and construction activities being carried out, which drives the growth of the electric power transmission and distribution equipment market. The advent of smart cities has led to the modernization of electrical grids, which is another crucial factor contributing to the market growth.
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However, a major concern for electric power transmission and distribution equipment market is the loss of electrical energy during transmission and distribution. Equipment that prevents maximum loss over longer distances needs to be devised. The power, reliability, frequency, voltage, and load factor capabilities of the system need to be designed to fulfill customers’ needs as well as be cost-effective and this could be a restraint for the market. The increase in investments in renewable energy facilities and awareness regarding the need to reduce energy losses encourage the adoption of technologically improved equipment across the globe and are providing opportunity for electric transmission and distribution equipment market. The other factor that provides the growth opportunity is the rapid urbanization, increase in R&D in transformer production, and prioritization of domestic energy infrastructure development by governments of several nations.
- The Indian and Indonesian market for electric transmission and distribution equipment are expected to be benefited from both expansion of basic electrification infrastructure and increased electricity consumption.
- Advances in the field of electric transmission and distribution equipment is expected to drive the market due to the increase in proliferation of renewable energy projects, which requires significant quantities of electric transmission and distribution equipment in order to integrate with electric grids. Wind power is expected to represent the largest component of new renewable energy.
- The IO-Link technology enables users to communicate quickly and easily with their sensors and actuators. The cables for IO-Link must withstand the highest stresses in the energy chain and torsion on the robot. IGUS has now developed two new cables for this purpose. They convince with a tested service life of 22 million strokes in test 4869. At the same time, they are 32 per cent more cost-effective than currently available alternatives. When sensors go haywire and actuators do not really work, the frustration of the production manager is pre-programmed. IO-Link technology enables users to monitor the status of their sensors and communicate with them at any time. It is the first worldwide standard (IEC 61131-9) for communication with sensors and actuators. IGUS has now developed two new cables especially for the IO-Link system.
- On 7th January 2021, ABB India has launched Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs) and Isolators for the electrical retail market. The ABB Formula DIN-Rail portfolio with its contemporary design provides optimum protection to electrical circuits from possible damages caused by overload, short circuits, and earth leakages in buildings.
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COVID-19 Impact Analysis
- The electric transmission and distribution equipment market faced a drop in the market value due to the impact of COVID-19. The pandemic caused a negative impact on the economic activities around the globe, which affected the market growth of the electric transmission and distribution equipment.
- The pandemic affected the power industry and caused a decline in the market due to decline in demand for energy and adversely affected the market of electric transmission and distribution equipment due to their application, mostly found in these industries.
- The lockdown caused due to the pandemic interrupted the supply chain and the raw material manufacturing, which affected the production activity of the transmission and distribution equipment.
- Industries and the commercial sector faced a decrease in the demand due to the lockdown but the residential segment saw an increase in the demand for energy as people stayed at home to follow social distancing norms. This provided an opportunity for the electric transmission and distribution equipment market to grow in the residential sector.
- With lockdown uplifted from most countries, the market is expected to grow at a rapid speed due to the increase in demand.
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