by Corinne Gangloff
February 12, 2020
The $141 billion global market for electric power transmission and distribution equipment is forecast to grow at an accelerated rate through 2023, according to a new Freedonia Group study. Rapid industrialization in large-population countries such as China and India will drive advances, as electrification infrastructure in these markets expands. Gains will also be aided by:
A number of country-specific trends will also impact demand. For example, despite obstacles, the slow but sure reactivation of nuclear reactors in Japan following the 2011 Fukushima disaster will help that important market – the sixth largest in the world – rebound through the forecast.
Through 2023, demand for transformers is forecast to rise 4.2% per year, supported by:
Meanwhile, growth in the larger switchgear and switchboard apparatus product segment will be fueled in particular by:
Want to learn more?
Check out the Freeonia Group’s new Global Electric Power Transmission & Distribution Equipment study, which analyzes the global market for power, distribution, and platform-mounted transformers and switchgear and switchboard apparatus by product type and market (i.e., electric utilities; industrial and nonutility generators; and commercial, government, and residential). Historical demand data for 2008, 2013, and 2018 and forecasts for 2023 are also provided on a country-by-country and region-by-region basis.
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