Global Electric Power Transmission And Distribution Equipment Market To Reach US$154.4 Billion By 2017, According To New Report By Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Electric Power Transmission and Distribution Equipment markets. The global market for Electric Power Transmission and Distribution Equipment is forecast to reach US$154.4 billion by the year 2017, primarily driven by the increase in power consumption globally. Factors such as growing population and its demand for energy, ongoing industrialization in developing countries, higher standard of living, rising environmental awareness, and paucity of oil and gas reserves, are likely to facilitate robust market growth.
San Jose, CA (PRWEB) - Follow us on LinkedIn — With electricity consumption waxing at a robust pace in residential, commercial, and industrial end-use markets, there exist strong demand for electricity, and subsequently for equipment used in electric power generation, transmission, and distribution. Power generation, transmission and distribution equipment are susceptible to changes in the regulatory environment, and economic cycles. In order to meet the surging energy demand, most nations are looking beyond traditional power sources and even focusing on alternative energy resources. As a vital part of energy value chain, which helps electricity grid generators to supply power to consumers, electric power transmission and distribution equipment, therefore, will witness increased demand as the energy production increases. Given that storage of electricity is an expensive proposition, electric power is produced and delivered almost simultaneously, thereby demanding highly efficient electric power transmission and electric power distribution equipment.
As stated by the new market research report on Electric Power Transmission and Distribution Equipment, Asia-Pacific represents the largest and the fastest growing regional market for electric power transmission and distribution equipment. The Asia-Pacific electric power transmission and distribution equipment market is expected to grow at a CAGR of about 8.3% over the analysis period.
Given its high level of dependence on economic health, the global Electric Power Transmission and Power Distribution Equipment market suffered a severe setback in the year 2009, primarily due to the recent global economic recession. With demand for electricity from commercial and industry segments dropping to agonizing lows as a result of cutbacks and austerity measures taken up to survive the onslaught of recession, electricity generation and distribution took a major blow, thereby squeezing investments on new equipment required for transmitting and distributing electricity. Sluggish demand also resulted in a significant inventory build-up, starting from raw material to complete systems, which ultimately led to a considerable decline in prices of such equipment, adding to the manufacturers' agony.
With global economy emerging out of recessionary blues in 2010, the demand for electricity increased considerably after a temporary low in the previous year, owing to the increased power consumption in residential, industrial, and commercial segments. While growth in the residential energy consumption was a direct result of improvement in consumer spending on purchasing new or using existing electronic items, increase in energy consumption in industrial and commercial segments was primarily due to the resurgence in the manufacturing and commercial activity post recession.
This increase in electricity demand encouraged several electric power utilities to reinvigorate their long term capital investment plans, thereby boosting activity in this sector. Capital spending by all electric power utilities on substation automation, control systems, advanced metering, distribution management, and smart-grid infrastructure projects bounced back to the pre-recession levels in 2010, thereby helping the electric power transmission and distribution equipment market make a quick and remarkable comeback during the year. The market, in future, will be driven by the constant need to replace the fast aging installed base of existing power transmission and distribution equipment. Regulatory mandates for bringing improvements in service reliability, and continued investments on grid infrastructure, focusing on efforts to meet future electricity demand growth will also generate substantial opportunities for electric power transmission and distribution equipment.
In the wake of the growing electricity needs, several developed countries in Europe and North America are in the process of implementing Energy-Efficiency Norms and standards in their respective power industries. Additionally, certain developing countries, including South Korea and China, are embarking on implementing such standards. These norms mandate the usage of energy-efficient products for the residential, commercial, and industrial customers. Supporting these mandates, state and federal governments are offering tax credits and incentives for various industries to enable the latter to purchase energy-efficient capital equipment. Additionally, governments have set aside funds for the purpose of investing in new infrastructure projects, including power generation, transmission, distribution, and power grids. Owing to these developments, the transformer and distribution equipment markets are all set to reap benefits in the ensuing years.
Major players profiled in the report include ABB, Actuant Corporation, Bharat Heavy Electricals Limited, Cooper Industries Limited, Crompton Greaves Ltd., Eaton Corporation, EGS Electrical Group, Federal Pacific Company, G&W Electric Company, GE Electric Company, Hammond Power Solutions Inc., Howard Industries Inc., Kirloskar Electric Company Limited, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Schneider Electric SA, Siemens AG, Powell Industries Inc., among others.
The research report titled "Electric Power Transmission and Distribution Equipment: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the current market scenario, market dynamics, trends and issues, key statistics, market share analysis, product overview, recent product introductions/innovations, strategic corporate initiatives, and profiles of major/niche global and regional companies worldwide. The report provides annual market size estimates and projections (in US$ Billion) for the years 2009 through 2017 for the geographic markets — United States, Europe, Asia-Pacific (including Japan), and Rest of World. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Electric_Power_Transmission_and_Distribution_Equipment_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports, and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today as one of the world's largest and reputed market research firms.
SOURCE: PRWeb
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