According to the latest market study released by Technavio, the T&D equipment market in Europe is expected to grow at a CAGR of around 4% during the forecast period. The report entitled, T&D Equipment Market in Europe 2017-2021, provides an in-depth analysis of the market in terms of revenue and emerging market trends.
Power cables accounted for the largest market share of the transmission and distribution market in Europe mainly because of the high number of grid interconnections among countries.
This report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
“In Europe, the investment in transmission and distribution equipment is likely to rise due to the increase in aggressive renewable energy mandates by the EU,” explains Thanikachalam Chandrasekaran, a Lead Analyst at Technavio for power research.
“The wind-power generation, especially from offshore wind turbine installations in the North Sea, will require different types of T&D equipment, including switchgear and control gears, power cables, power transformers, and distribution transformers,” Chandrasekaran adds.
The research analysis categorized the T&D equipment market in Europe into three major product segments: Power cables; Transformers; and Switchgear.
Power cables
The power cables segment accounted for the largest market share of the transmission and distribution market in Europe. This is primarily due to the high number of grid interconnections among countries and the high renewable-power generation in the region.
Grid interconnection projects are promoted to create an integrated energy market and to enhance the security of energy supply. In these projects, high loads of electricity will be transferred from one European country to another, in turn, driving the demand for power cables in the region.
“Europe is the leader for offshore wind-power generation in the world, and these wind farms are located miles away from the grid requiring power to be transmitted over long distances, which drives the need for power cables in the region,” says Thanikachalam.
Transformers
Key markets for transformers in Europe include Germany, France, and the UK. Renewable energy sources are well-established and well-integrated into electricity grids in Europe. For the past decade, power utilities in Europe have profoundly adopted the wind, solar, hydro, and other forms of renewable energy sources.
Also, the region is also home to well-defined T&D infrastructure. Therefore, the transformers market in Europe is expected to witness steady growth. Technavio expects most of the market demand to stem from renovation activities.
Switchgear
The demand for switchgear is primarily fueled by the growing urbanization and industrialization across Europe. Consumers need a reliable and uninterrupted power supply to operate various day-to-day electrical as well as electronic appliances. Reliability of such devices is ensured through proper functioning of the overall electric network.
Switchgear is installed not only in the power utilities but also in various industrial and commercial units. Therefore, the market can be expected to grow at a robust pace during the forecast period.
The top vendors highlighted by Technavio’s energy market research analysts in this report are:
- ABB
- General Cable
- Nexans
- Prysmian
- Siemens
Technavio’s sample reports are free of charge and contain multiple sections of the report, including the market size and forecast, drivers, challenges, trends, and more.
Filed Under: Cables & connectors, News
