Rise in Investments in Renewable Energy Sources Driving Global Market
There is an increasing awareness about the harmful environmental impact of CO2 emissions and greenhouse gases all over the world. This has triggered interest in renewable energy sources as compared to conventional coal or fossil fuel sources. This trend is expected to stimulate the global transmission distribution market in the upcoming years. In order to cater the rising demand for electric power, market players are focusing on integrating renewable energy sources in their energy generation policies in many developing countries across the world.
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Increasing initiatives by governments of various countries to promote the usage of energy generated through the renewable energy sources is driving the global transmission distribution market. Moreover, rising demand for modernization and advancements in electrical grids are anticipated to create opportunities for stakeholders and players in the global transmission distribution market.
Rapid Urbanization and Industrialization to Boost Global Market Growth
The global transmission distribution market is majorly driven by urbanization and industrial growth across the globe. This has boosted the demand for electricity in the world. Emerging economies in power transmission and distribution equipment segment are expected to fuel the expansion of the transmission distribution market, while the U.S. and European nations are expected to remain major contributors due to their tremendous need for electrical power. The global demand for electricity is expected to increase during the forecast period. This is a factor attributable to the rapid expansion of the global transmission distribution market. There is increasing investments in grid technologies and smart meters, which is expected to drive the global transmission distribution market during the forecast period.
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Various developing regions and countries are likely to experience strong growth in electric power transmission industry, as governments of most countries are engaging in upgrading and expanding the transmission distribution infrastructure. This market is further projected to witness growth as economies continue to invest heavily in electricity generation, transmission, and distribution networks.
Incremental Opportunities Due to Modernization of Energy Grids
Countries are focusing on modernizing energy grid, currently deploying high voltage transmission to meet their respective nation’s low-carbon goals, as high-voltage transmission grids used for the long distance transmission and renewable power plants are located at long distance. The implementation of grid modernization initiatives helps improve grid reliability, resiliency, and system efficiency. This would also address rising expectations regarding customer service.
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Hence, transmission distribution companies are investing significantly in the modernization of grids. As national, regional, and continental electricity grids are interconnected, growth in national and regional markets is also expected to increase significantly. With the introduction of new entrants in the market, competition has intensified, thus resulting in the improvement of product quality and features.
Increase in Efforts of Market Contributors to Gain Potential Revenue Opportunities in Global Market
Manufacturers operating in the global transmission distribution market are focusing on product innovation and developments to improve their overall share of the global and regional markets. Companies in the global transmission distribution market are focusing on strengthening their product portfolio to mark their presence in the competitive market. The emergence of new technologies and improvement in services offered by key market players are responsible for market growth. Companies are heavily investing in research development activities to discover innovative products that can be used for power transmission distribution. In addition, manufacturers are expanding their services and product portfolio to meet the rising demand for electricity across the globe.
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Transmission Distribution Market: Overview
- According to Transparency Market Research’s latest research report on the global transmission distribution market for the forecast period of 2021 to 2031, increase in industrialization and urbanization is expected to boost the global transmission distribution market during the forecast period
- Industrialization and urbanization have increased significantly across the globe. This has boosted the demand for electricity in the world. Global demand for electricity is expected to increase at 2.1% per year to 2031, twice the rate of the primary energy demand. Thus, demand for transmission and distribution infrastructure is likely to increase.
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