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The Europe T&D Equipment Market size is estimated to grow at a CAGR of 5.21% between 2022 and 2027 and the size of the market is forecast to increase by USD 16.11 billion. The growth of the market depends on several factors, including increasing investment in T&D infrastructure, the increasing demand for electricity and the energy transition, and decentralization.
This report extensively covers market segmentation by product (power cables, transformers, and switchgear) and application (distribution and transmission). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
T&D Equipment Market Customer Landscape in Europe
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Key Driver
One of the key factors driving the market growth is the increasing investment in T&D infrastructure. In Europe, there is an increasing investment by the government and private sectors in T&D infrastructure to improve the reliability of power supply and increase the capacity of the grid, driving the demand for new equipment.
Moreover, the growing investments can be attributed to several factors such as the requirement to upgrade aging infrastructure, meet the growing demand for electricity, integrate renewable energy sources, and improve grid reliability and resilience. Some of the various activities involved in the investment in T&D infrastructure include the construction of new power lines, substations, and transformers; upgrading existing infrastructure with new technology, such as digital monitoring and control systems; and conducting regular maintenance and repairs to ensure the system operates smoothly. Hence such investments are expected to drive the T&D Equipment Market in Europe during the forecast period.
A key factor shaping the Europe T&D equipment market growth is the growing demand for electric vehicles in Europe. Due to the increasing demand for electric vehicles in the T&D equipment market in Europe, there is a significant need for infrastructure to support the charging of these vehicles. Hence, the increase in electric vehicles will lead to an increase in charging station infrastructure requirements which in turn will fuel the growth of the T&D market.
Additionally, the growth of electric vehicles offers a significant opportunity for the T&D equipment market in Europe, as it needs the installation of new charging stations and the upgrading of the existing T&D infrastructure to support the increased demand for electricity. Furthermore, several policies by the European governments encouraging the use of electric vehicles will significantly contribute to the growth. Hence, such factors are expected to drive the T&D Equipment Market in Europe during the forecast period.
Insufficient periodic testing and inspection of power distribution and transmission equipment are one of the key challenges hindering the Europe transmission and distribution equipment market growth. The equipment utilized for power distribution and transmission, such as transformers, switchgear, and cables, is subject to wear and tear over time, and can be susceptible to faults or failures if not properly maintained. Hence, such insufficient periodic testing and inspection of power distribution and transmission equipment can pose a significant threat to the safety and reliability of the electrical grid.
Furthermore, inadequate testing and inspection can lead to undetected faults or weaknesses that may eventually result in catastrophic failures, putting the safety of workers and the public at risk. Hence, it is essential to have periodic tests and inspections to avoid such risks. Hence, these factors can significantly hinder the global T&D market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Belden Inc: The company offers rail wheels such as freight car wheel sets.
Dubai Cable Company Pvt. Ltd: The company offers rail wheels such as rolling stock wheels.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The power cables segment is estimated to witness significant growth during the forecast period. Factors such as the high number of grid interconnections among countries and the high renewable power generation are significantly contributing to the growth of this segment in Europe. Europe is the dominant leader in offshore wind power generation in the world, and these wind farms are situated miles away from the grid requiring power to be transmitted over long distances which has driven the need for power cables in the region.
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The power cables segment was the largest segment and was valued at USD 22.15 billion in 2017. Several countries are gradually moving toward the use of renewable energy, such as wind and solar, to achieve carbon emission reduction targets and reduce the dependency on fossil fuels. Several countries are shifting toward the use of renewable energy, such as wind and solar, to achieve carbon emission reduction targets and minimize the dependency on fossil fuels. Hence, factors such as the rising number of offshore wind energy plants in Europe, rising urbanization, and rapid industrialization are expected to drive the growth of this segment which in turn will drive the growth of the market during the forecast period.
Based on application, the segment is classified into distribution and transmission. The distribution segment will account for the largest share of this segment. Factors such as the utilities investing in upgrading distribution lines to improve the efficiency of the grids and transition to smart grids are driving the significant growth of this segment. As the European grid is aging, it is causing bottlenecks and congestion, making the grid inefficient. Hence, the European Commission (EC) has been placing mandates for vendors to improve the efficiency of and upgrade old and high-loss power lines and transformers. Hence, such regulations require a minimum efficiency level for transformers which are expected to drive the growth of this segment which in turn will drive the market growth during the forecast period.
The T&D equipment market in Europe report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
T&D Equipment Market Scope In Europe |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.21% |
Market growth 2023-2027 |
USD 16.11 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.76 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Belden Inc., Dubai Cable Company Pvt. Ltd., Eaton Corp. Plc, Furukawa Electric Co. Ltd., General Electric Co., Hitachi Ltd., Hyundai Motor Co., LS Corp., Mitsubishi Electric Corp., Nexans SA, NKT AS, Prysmian Spa, S and C Electric Co., Schneider Electric SE, Siemens AG, Southwire Co. LLC, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, Toshiba Corp., and Vertiv Holdings Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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