Rising electricity demand complemented by sustained scaling up of renewable energy worldwide will boost investments in power transmission and distribution (T&D) infrastructure and grid assets, including transformers, switchgear, and cables. Frost & Sullivan expects the global grid equipment market revenue to reach $232.74 billion in 2030, with cables being the largest segment, followed by transformers and switchgear.
The market faces multiple challenges after the COVID-19 pandemic, such as raw material price volatility, supply chain disruption, inflation, and high demand and supply gap. Despite the maturity of the grid equipment market, strong electricity demand, rising electrification rates, economic development, and increasing population in China, India, Asia, the Middle East, and Africa will boost the market. In addition, the aging power grid leads to a broader market adoption of electrification, and the transition from fossil fuel to clean energy will boost the demand for T&D equipment.
Grid hardening and modernization, urgent network upgrades, and improved system resilience will positively affect market demand. Industry development will be directed toward higher adoption of digitalization and sustainable solutions. Raw material reuse and sustainability will become an increasingly important part of any value proposition.
With 2023 as the base year, the study period is 2022–2030, and the forecast period is 2024–2030. This research service analyzes the most recent trends in the following regions:
• North America
• Europe
• Russia and the Commonwealth of Independent States
• China
• East Asia
• Australia, New Zealand, and the Pacific
• Association of Southeast Asian Nations
• India and the Rest of South Asia
• The Middle East
• Africa
• Latin America
The study also offers an overview of the overall transformers, switchgear, and cables market. Frost & Sullivan has analyzed key country markets and regions as well as growth drivers and restraints likely to impact growth and determine the market potential of grid equipment over the next decade.
Author: Neha Tatikota
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Grid Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Primary Findings
Scope of Analysis
Geographical Scope
Key Competitors
Forecast Assumptions
Grid Equipment Market
Grid Equipment Market (continued)
Primary Grid Equipment Market Trends
Energy Transition and the Rise of Renewables
Raw Material Price Pressures Continuing
Lead Times and the Supply Chain Crunch
The Disruptive Potential of EVs on the Grid
The Disruptive Potential of EVs on the Grid (continued)
The Digitalization of Grid Equipment
The Digitalization of Grid Equipment (continued)
Localization and Sustainability
Localization and Sustainability (continued)
Growth Drivers
Growth Drivers (continued)
Growth Restraints
Growth Restraints (continued)
Revenue Forecast by Region
Revenue Forecast Analysis by Region
Power Transformer Revenue Forecast
Distribution Transformer Revenue Forecast
Competitive Environment
Power Transformer Revenue Share
Distribution Transformer Revenue Share
Revenue Share Analysis
Revenue Forecast by Region
Revenue Forecast Analysis by Region
HV Switchgear Revenue Forecast
MV Switchgear Revenue Forecast
Competitive Environment
HV Switchgear Revenue Share
MV Switchgear Revenue Share
Revenue Share Analysis
Revenue Forecast by Region
Revenue Forecast Analysis by Region
Overhead Power Cable Revenue Forecast
Overhead Distribution Cable Revenue Forecast
Underground/Subsea Cable Revenue Forecast
Competitive Environment
Revenue Share
Revenue Share Analysis
Growth Opportunity 1—Digitalization to Improve Reliability
Growth Opportunity 1—Digitalization to Improve Reliability (continued)
Growth Opportunity 2—As-a-service Business Model
Growth Opportunity 2—As-a-service Business Model (continued)
Growth Opportunity 3—Eco-friendly Solutions
Growth Opportunity 3—Eco-friendly Solutions (continued)
Growth Opportunity 4—Leveraging Technology and Optimizing Cost on the Factory Floor
Growth Opportunity 4—Leveraging Technology and Optimizing Cost on the Factory Floor (continued)
Acronyms
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures- Charging Infrastructure Forecast, Europe, 2023–2025
- Charging Infrastructure Forecast, North America, 2023–2025
- Grid Equipment: Growth Drivers, Global, 2024–2030
- Grid Equipment: Growth Restraints, Global, 2024–2030
- Transformers: Revenue Forecast by Region, Global, 2022–2030
- Power Transformers: Revenue Forecast, Global, 2022–2030
- Distribution Transformers: Revenue Forecast by Technology, Global, 2022–2030
- Power Transformers: Revenue Share of Top Participants, Global, 2023
- Distribution Transformers: Revenue Share of Top Participants, Global, 2023
- Switchgear: Revenue Forecast by Region, Global, 2020–2030
- HV Switchgear: Revenue Forecast, Global, 2022–2030
- MV Switchgear: Revenue Forecast by Technology, Global, 2022–2030
- HV Switchgear: Revenue Share of Top Participants, Global, 2023
- MV Switchgear: Revenue Share of Top Participants, Global, 2023
- Power Cables: Revenue Forecast by Region, Global, 2022–2030
- Overhead Power Cables: Revenue Forecast, Global, 2022–2030
- Overhead Distribution Cables: Revenue Forecast, Global, 2022–2030
- Underground/Subsea Cables: Revenue Forecast, Global, 2022–2030
- Power Cables: Revenue Share of Top Participants, Global, 2023
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| Deliverable Type | Market Research |
|---|---|
| Author | Neha Tatikota |
| Industries | Energy |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Power Transmission Equipment |
| Keyword 2 | Utility Industry Insights |
| Keyword 3 | Smart Grid Technologies |
| List of Charts and Figures | Charging Infrastructure Forecast, Europe, 2023–2025~ Charging Infrastructure Forecast, North America, 2023–2025~ Grid Equipment: Growth Drivers, Global, 2024–2030~ Grid Equipment: Growth Restraints, Global, 2024–2030~ Transformers: Revenue Forecast by Region, Global, 2022–2030~ Power Transformers: Revenue Forecast, Global, 2022–2030~ Distribution Transformers: Revenue Forecast by Technology, Global, 2022–2030~ Power Transformers: Revenue Share of Top Participants, Global, 2023~ Distribution Transformers: Revenue Share of Top Participants, Global, 2023~ Switchgear: Revenue Forecast by Region, Global, 2020–2030~ HV Switchgear: Revenue Forecast, Global, 2022–2030~ MV Switchgear: Revenue Forecast by Technology, Global, 2022–2030~ HV Switchgear: Revenue Share of Top Participants, Global, 2023~ MV Switchgear: Revenue Share of Top Participants, Global, 2023~ Power Cables: Revenue Forecast by Region, Global, 2022–2030~ Overhead Power Cables: Revenue Forecast, Global, 2022–2030~ Overhead Distribution Cables: Revenue Forecast, Global, 2022–2030~ Underground/Subsea Cables: Revenue Forecast, Global, 2022–2030~ Power Cables: Revenue Share of Top Participants, Global, 2023~ |
| Podcast | No |
| WIP Number | PF51-01-00-00-00 |
Global Grid Equipment Growth Opportunities
Electrification and Decarbonization Trends Drive Future Grid Investments
11-Dec-2023
Global
Market Research