LONDON--(EON: Enhanced Online News)--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.
“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”
This research report titled ‘T&D Equipment Market in Europe 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research, “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. 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.
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The market research analysis categorizes the T&D equipment market in Europe into three major product segments. They are:
- Power cables
T&D equipment market in Europe by 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.
T&D equipment market in Europe by 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.
T&D equipment market in Europe by 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:
- General Cable
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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