Freedonia: Large, Rapidly Industrializing Countries to Drive
CLEVELAND, Feb. 12, 2020 /PRNewswire/ -- 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.
Transformers to be fastest growing product group
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 Freedonia 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.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group