Electric Power Transmission and Distribution Equipment Market Analysis

Product (Cables and Lines, Switchgear, Transformers, Insulators & Fittings, Others)

By product, the cables and lines segment is predicted to dominate electric power transmission and distribution equipment market share of over 28.3% by 2037. The segment’s growth is owed to its position as a critical component of electrical equipment as it facilitates efficient electricity transmission over long distances. Underground cables and overhead transmission lines are increasingly in demand in cities and the segment’s growth is fueled by investments in smart cities. In this segment, underground cables are gaining rapid application in densely populated urban areas. For instance, in June 2024, the Smart City Mission of India stated the smart conversion of overhead to underground electrical network (SCOUGEN) is nearing completion in Ribandar and Panaji and the project will push all electric cables underground.

Additionally, increasing sales of solar panels are boosting demands for cables while the growing adoption of EVs is fueling demands for EV charging cables. These trends are beneficial for the segment’s robust growth and are poised to increase the revenue share by the end of the forecast period.

The switchgear segment of the electric power transmission and distribution equipment industry is positioned to increase its revenue share during the forecast period. The segment’s growth is due to its role as a vital component protecting electrical circuits, necessitating its demands in various equipment. High voltage commercial switchgears are in demand for large-scale power grids while medium-voltage are critical components in commercial and industrial applications. Additionally, air-insulated switchgear is poised for wider adoption in harsh environments owing to low maintenance features. For instance, in September 2023, ABB launched an air-insulated technology that is marketed as a sustainable solution. The widescale adoption of switchgear of various types is projected to maintain a steady growth of the segment.

Sales Channel (Indirect Channel, Direct Channel)

The indirect channel segment of the electric power transmission and distribution equipment market is projected to increase its revenue share by the end of the forecast period. The segment’s growth is attributed to its role in expanding the market via multiple sales avenues. The demands by the utilities and industrial clients for large-scale transformers and switchgear via commercial distribution benefit the segment’s growth. For instance, in July 2021, GE Vernova announced that it had accepted multiple orders of high-voltage power transformers from the largest transmission utility of India, i.e., the Power Grid Corporation of India Limited (PGCIL).

Additionally, the emergence of e-commerce boosts the segment's growth as essential transmission and distribution equipment such as smart electricity meters and circuit breakers are available to end-users to compare, purchase, and buy products conveniently. Owing to the broader accessibility offered by the segment to the global electric power transmission and distribution equipment market, the robust growth curve is poised to witness growth by the end of the forecast period.

Our in-depth analysis of the global electric power transmission and distribution equipment market includes the following segments: