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The global power transmission market has been forecast to increase at a compound annual growth rate (CAGR) of 11.3% over the next eight years, increasing from a value of US$127 billion in 2012, to hit a market value of US$301 billion by 2020.
Power transmission is the bulk transfer of electrical energy, from generating power plants to electrical substations located near demand centres. This is distinct from the local wiring between high-voltage substations and customers, which is typically referred to as electric power distribution.
Transmission lines, when interconnected with each other, become transmission networks. In the US, these are typically referred to as "power grids" or just "the grid." In the UK, the network is known as the "National Grid." North America has three major grids, the Western Interconnection, the Eastern Interconnection and the Electric Reliability Council of Texas (ERCOT) grid, often referred to as the Western System, the Eastern System and the Texas System.
The power transmission market will see growth in the coming years, thanks to the ambitions of the emerging Asia-Pacific region, and the maintenance and upgrade of existing infrastructure in the developed world.
Though the industry grew throughout the recession, its pace of expansion will speed up during the economic recovery. As companies across all industries ramp up their production, demand for electricity will rise.
Operators will also continue to benefit from federal stimulus funding for the development of a national smart grid and for the improvement of the electricity grid. Furthermore, after several highly publicised blackouts in the early part of the decade, legislation will encourage utilities companies to invest in new infrastructure.
The market for Transmission and Distribution (T&D) equipment has matured, with few technological or product innovations now taking place, but renewed demand from emerging economies has helped the market to continue to achieve substantial revenue growth.
Energy efficiency is vital for ambitious countries attempting to reach the limits of their power capacities. The demand for energy-efficient transformers is expected to increase, as aging T&D equipment provides opportunities for the replacement market, with infrastructural upgrades necessary to cope with increased electricity generation and consumption.
For more information on the power transmission market, see the latest research: Power Transmission Market
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