Global power transmission and distribution equipment market to reach $312.8 B by 2026
Energy generation, transmission, and distribution are the three core areas, which require utmost attention in the electric power industry.
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Energy generation, transmission, and distribution are the three core areas, which require utmost attention in the electric power industry.
Electric power generation involves creating low-voltage electric power from water, coal, natural gas, nuclear power, or other primary source of fuel. Fuels such as oil, uranium, and gas with high heat content are more expensive than wood waste or coal, which possess low heat content. Electric power transmission and distribution play a key role in voltage conversion and in supplying power to the consumers. Power passes from a generator to a substation, through a transmission grid, and from there the voltage is reduced to enable distribution through shorter poles and smaller wires.
Amid the COVID-19 crisis, the global market for power transmission and distribution equipment estimated at $256.5 B in the year 2020, is projected to reach a revised size of $312.8 B by 2026, growing at a CAGR of 4.8 % over the analysis period.
In the global transformers segment, the USA, Canada, Japan, China and Europe will drive the 5.4 % CAGR estimated for this segment. These regional markets accounting for a combined market size of $33 B in the year 2020 will reach a projected size of $47.6 B by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $7.7 B by the year 2026, while Latin America will expand at a 6.2 % CAGR through the analysis period.
Source: Globe Newswire
#global market#tags: power transmission and distribution#transformers