Global Transmission And Distribution Equipment Market Size & Share Analysis - Industry Research Report

Global Transmission And Distribution Equipment Market Size and Share

Market Overview

Study Period	2020 - 2030
Market Size (2025)	USD 500.24 Billion
Market Size (2030)	USD 699.63 Billion
Growth Rate (2025 - 2030)	6.94% CAGR
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Global Transmission And Distribution Equipment Market Summary — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Global Transmission And Distribution Equipment Market Analysis by Mordor Intelligence

The Global Transmission And Distribution Equipment Market size is estimated at USD 500.24 billion in 2025, and is expected to reach USD 699.63 billion by 2030, at a CAGR of 6.94% during the forecast period (2025-2030).

Growth stems from simultaneous grid-modernization mandates in North America and Europe, large-scale ultra-high-voltage (UHV) buildouts in Asia, and surging demand from data centers and green-hydrogen facilities. Power cables hold the largest equipment position, supported by rapid renewable integration, while utilities remain the main buyers as they upgrade aging assets and expand capacity for new loads. Supply-chain pressures on electrical-grade steel and copper, together with lengthy permitting cycles in OECD nations, pose near-term headwinds; however, the shift to digital substations and SF₆-free switchgear is opening new revenue pools for market leaders.

Key Report Takeaways

By equipment type, power cables led with 25-30% of the transmission and distribution equipment market share in 2024, while SF₆-free switchgear is projected to grow at 8% CAGR to 2030.
By voltage level, the high-voltage (35-220 kV) class held 40-45% revenue share in 2024; the ultra-high-voltage segment is poised for the fastest 9.5-10.5% CAGR through 2030.
By installation type, upgrade and replacement projects accounted for 55-60% of the transmission and distribution equipment market size in 2024; new greenfield builds are expanding 8-8.5% CAGR between 2025-2030.
By end-user, utilities contributed 50-55% share of the transmission and distribution equipment market size in 2024 and are advancing at a 7.5-8% CAGR through 2030.
By geography, Asia-Pacific captured 45-50% of the transmission and distribution equipment market in 2024 and is growing at 8-8.5% CAGR, the fastest worldwide.

Global Transmission And Distribution Equipment Market Trends and Insights

Drivers Impact Analysis

Driver	(~) % Impact on CAGR Forecast	Geographic Relevance	Impact Timeline
Grid-modernization mandates	1.80%	North America, Europe	Medium term (2-4 years)
Expansion of UHV lines	2.10%	China, India	Long term (≥ 4 years)
Utility capex for digital substations & SF₆-free gear	1.20%	Global (early Europe focus)	Medium term (2-4 years)
Electrification of large industrial loads	1.50%	North America, Europe, Asia-Pacific	Long term (≥ 4 years)

Source: Mordor Intelligence

Accelerated grid-modernization mandates in North America & Europe

Utilities across the United States plan USD 121 billion of transmission upgrades between 2023-2026 as reliability and renewable integration crunch existing networks.^{[1]U.S. Department of Energy, “Grid Modernization and Resilience Programs,” energy.gov} Public-private funding packages such as the USD 3.46 billion Grid Resilience program channel capital toward advanced conductors, dynamic line ratings and power-flow controllers that lift capacity by 20-40% at a fraction of new-line costs. Europe follows a similar path, with national regulators approving multi-year spending plans that bundle sensor-enabled lines, synchrophasor networks and cyber-secure control centers. These initiatives not only stimulate direct equipment orders but also accelerate adoption of digital-ready designs that offer long-life upgrade paths.

Expansion of ultra-high-voltage lines in Asia

China’s national grid strategy hinges on ±800 kV DC and 1,000 kV AC corridors that move western renewables eastward. State Grid Corporation alone has earmarked CNY 500 billion (USD 70 billion) for UHV work through 2025, adding bulk capacity while curbing transmission losses. India mirrors this trajectory with 765 kV trunk routes that link solar hubs in Rajasthan and Gujarat to industrial belts. The scale of these megaprojects drives demand for transformers, bushings, reactors and composite insulators qualified for extreme voltages, prompting domestic OEMs to scale production and global suppliers to localize manufacturing. ^{[3]State Grid Corporation of China, “Investment Plan for UHV Transmission 2023-2025,” stategrid.com.cn}

Utility capex shift toward digital substations & SF₆-free switchgear

Digital substations replace analog signals with fiber-optic links, remote IEDs and standardized communication protocols, trimming physical footprint by up to 30% while enabling real-time asset analytics. Early European deployments report OPEX savings from predictive maintenance and shorter outage recovery. In parallel, environmental rules are phasing out SF₆ gas—one of the most potent greenhouse gases—prompting OEMs to commercialize vacuum-based or clean-air insulated gear. Siemens commissioned its 8DAB 24 blue GIS in Davos in 2025, proving climate-neutral performance under alpine conditions.^{[2]Siemens, “Blue GIS with Clean Air Technology,” siemens.com}

Electrification of large industrial loads (green hydrogen, data centers)

Data-center clusters, particularly in Northern Virginia, Dublin and Singapore, demand multi-gigawatt connections that rival metropolitan loads. U.S. projections indicate data centers could supply 8-12% of nationwide electricity demand by 2030, intensifying the need for robust sub-transmission and high-capacity feeders. Hydrogen electrolyzer parks add similar spikes, often requiring short development cycles that push utilities toward flexible interconnection schemes, synchronous condensers and STATCOMs to stabilize voltage under rapid ramping.

Restraints Impact Analysis

Restraint	(~) % Impact on CAGR Forecast	Geographic Relevance	Impact Timeline
Volatile prices of electrical-grade steel & copper	-1.20%	Global	Short term (≤ 2 years)
Lengthy permitting for new transmission corridors	-0.90%	North America, Europe	Long term (≥ 4 years)

Source: Mordor Intelligence

Volatile prices of electrical-grade steel & copper

Sharp swings in copper and grain-oriented electrical steel (GOES) raise transformer and cable cost baselines and elongate lead times as mills reprice contracts quarterly. U.S. GOES supply covers just one-fifth of demand, prompting import reliance that exposes utilities to tariff shifts and logistics disruptions. OEM order backlogs have lengthened, and some utilities now pre-order spare units years ahead to secure slots.

Lengthy permitting for new transmission corridors in OECD markets

In the United States and parts of Europe, multi-agency reviews, public consultations and land-use litigation extend greenfield line approvals by 5-10 years, far exceeding construction windows. The result is a growing queue of renewable projects awaiting interconnection. Policymakers are experimenting with regional-level planning, fast-track routes along highways and surplus interconnection rights to relieve bottlenecks, yet permitting remains a structural drag on buildouts.

Segment Analysis

By Equipment Type: Power Cables Strengthen Lead as Digital Components Expand

The power-cable segment commanded 25-30% of the transmission and distribution equipment market in 2024 and is forecast to post an 8% CAGR through 2030, reflecting large offshore-wind links, city-center tunneling projects and intra-PV-cluster feeders. Over the same period, transformers face capacity bottlenecks, with new core materials and on-line monitoring systems gradually easing manufacturing constraints. Switchgear is migrating to compact gas-insulated layouts, and OEM roadmaps prioritize SF₆-free variants to meet European climate standards.

Intensifying undergrounding programs in dense megacities, together with longer HVAC and HVDC submarine runs, propel high-capacity XLPE and superconducting cables. As utilities quantify the service-life benefits of fiber-embedded cables for distributed temperature sensing, digital accessories such as partial-discharge sensors and IoT joint enclosures gain traction. The rest of the portfolio—towers, arresters, capacitors, regulators and shunt reactors—follows the same digitalization curve, embedding edge computing and cybersecurity layers to support future self-healing grids.

Global Transmission And Distribution Equipment Market — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

By Voltage Level: UHV Corridors Redefine Bulk Transmission

High-voltage equipment (35-220 kV) held the largest 40-45% share of the transmission and distribution equipment market size in 2024, underpinning regional backbones in most countries. Yet ultra-high-voltage hardware above 800 kV will capture the fastest 9.5-10.5% CAGR to 2030 as China, India and Saudi Arabia select long-distance corridors over multiple lower-voltage loops. Utility planners cite 30-40% reduction in right-of-way demand and lower line losses as decisive advantages.

As UHV gains prominence, extra-high-voltage (220-765 kV) lines remain crucial for cross-border interconnectors and bulk renewable evacuation. Medium-voltage levels continue to modernize via solid-state reclosers and sectionalizers that isolate faults within milliseconds, enhancing reliability metrics. At the distribution edge, low-voltage equipment evolves toward bidirectional power flow, hosting vehicle-to-grid charging, rooftop PV exports and behind-the-meter storage.

By Installation Type: Upgrade Wave Dominates but Greenfield Builds Accelerate

Upgrade and replacement programs captured 55-60% of the transmission and distribution equipment market size in 2024 as utilities swapped end-of-life switchgear and wooden poles dating back to the 1970s. Condition-based maintenance regimes, supported by LiDAR patrols and digital twin models, help rank asset criticality and justify capex. Funding mechanisms such as performance-based ratemaking further tilt budgets toward reliability-enhancing retrofits.

New-build projects, forecast to rise at 8-8.5% CAGR, support offshore-wind connections in Europe, inter-regional HVDC corridors on the U.S. Plains and multipurpose power-highway plans across ASEAN. Developers increasingly award turnkey EPC contracts bundling line, substation and reactive-power assets, consolidating demand for package solutions from OEMs. Faster execution methods—pre-fabricated stations and inductive tower bases—are shortening deployment cycles and lowering total installed cost per circuit-kilometer.

By End-User: Utilities Anchor Demand While Industrial Loads Diversify

Utilities retained 50-55% of transmission and distribution equipment market share in 2024 and will expand at a 7.5-8% CAGR as electrification of transport and heating accelerates peak loads. Transmission system operators lead with multiyear network-development plans that embed synchronous condensers, FACTS devices and wide-area monitoring. Distribution companies are simultaneously upgrading feeder automation and load-break switches to manage rooftop PV volatility.

Industrial consumers—oil and gas, metals, chemicals—adopt electrification pathways that call for dedicated substations, flexible interconnectors and harmonic filters. Data-center operators negotiate directly with utilities for 200-400 MW blocks and invest in on-site static VAR compensators to meet stringent voltage-step criteria. Commercial campuses and healthcare facilities insert microgrids and grid-forming inverters, driving niche demand for medium-voltage GIS and modular substations engineered for rapid set-up.

Global Transmission and Distribution Equipment Market Share by End-user — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Geography Analysis

Asia-Pacific dominated the transmission and distribution equipment market in 2024 with 45-50% share, propelled by continuous UHV rollouts and fast-rising urban electricity demand. China’s commissioning of multi-gigawatt northwest-to-east links anchors equipment orders for capacitors, composite insulators and 1,000 kV breakers. India scales 765 kV networks and hybrid STATCOM systems to stabilize solar corridors. Favorable manufacturing incentives further localize production of power cables and distribution transformers.

North America ranks second, focusing on modernization and resiliency. Utilities replace aging 138 kV and 230 kV lines with advanced conductors and reconductor spans to manage wildfire and hurricane exposure. The region also sees rapid deployment of grid-enhancing technologies such as dynamic line ratings and modular SVC-Lite units, aligning with performance-based regulatory frameworks.

Europe channels investment toward decarbonization targets, prioritizing submarine HVDC links connecting offshore-wind hubs in the North Sea and Baltic Sea. National programs encourage utilities to adopt climate-neutral switchgear, and digital hub pilots in Germany and France showcase cyber-secure substation blueprints. At the distribution level, heavy EV uptake spurs transformer reinforcements and LV feeder monitoring.

The Middle East and Africa region pursues interconnectors to trade surplus solar power and improve reliability. Gulf Cooperation Council nations extend 400 kV loops, while South Africa implements 765 kV expansions to integrate renewables. Emerging economies in West Africa adopt modular, containerized substations to shorten rural electrification timelines.

South America advances transmission corridors that unlock hydro resources and new solar basins. Brazil’s national auction model awards long-distance 500 kV AC and ±800 kV DC concessions, stimulating demand for reactors and HVDC valves. Argentina, Chile and Colombia focus on grid reinforcement to mitigate congestion and meet renewable targets.

Competitive Landscape

The transmission and distribution equipment market displays moderate concentration: ABB, Siemens Energy, Schneider Electric, Hitachi Energy and GE Vernova together hold roughly 40-45% share. These leaders scale global manufacturing, invest in digital twins and expand SF₆-free portfolios. Recent alliances include Hitachi Energy’s acquisition of eks Energy for advanced power-electronics capability and Siemens Energy’s 2025 HVDC contract in Scotland, reflecting consolidation around system-level solutions.

Tier-two firms such as Mitsubishi Electric, Hyundai Electric and LS Electric fill regional gaps with medium-voltage GIS, pad-mounted transformers and flexible distribution automation. Local specialists—CG Power in India, Hyosung Heavy Industries in South Korea—leverage domestic content rules and quick-turn projects to capture market niches. Software providers integrate load-forecasting AI and edge-analytics platforms, enabling OEMs to bundle hardware and subscription services.

Competition increasingly pivots on supply-chain resilience. Extended delivery timelines for core materials push utilities to favor vendors with vertically integrated steel laminations or localized coil winding. Early movers in additive-manufactured conductors and solid-state breaker technology position for future performance-based procurement. Cybersecurity, once peripheral, now features as a differentiator, with LS Electric releasing switchgear hardened against IEC 62443 threats.

Global Transmission And Distribution Equipment Industry Leaders

ABB Ltd.
Siemens Energy AG
Schneider Electric SE
Mitsubishi Electric Corp.
Eaton Corp. plc
*Disclaimer: Major Players sorted in no particular order

Global Transmission and Distribution Equipment Market Concentration — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

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Recent Industry Developments

May 2025: Hitachi Energy acquired eks Energy to strengthen digital grid capabilities, particularly in renewable integration.
April 2025: Siemens Energy won a contract for HVDC converter stations that will connect Scottish offshore-wind farms to the mainland grid.
March 2025: ABB launched ABB Ability digital switchgear for secondary distribution networks, boosting real-time monitoring.
February 2025: Schneider Electric unveiled its AI-enabled EcoStruxure Grid platform for predictive maintenance and optimization.

Table of Contents for Global Transmission And Distribution Equipment Industry Report

1. Introduction

1.1 Study Assumptions & Market Definition
1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

4.1 Market Overview
4.2 Market Drivers
- 4.2.1 Accelerated Grid-Modernization Mandates in North America & Europe
- 4.2.2 Expansion of Ultra-High-Voltage (UHV) Lines in Asia
- 4.2.3 Utility Capex Shift Toward Digital Substations & SF?-Free Switchgear
- 4.2.4 Electrification of Large Industrial Loads (Green Hydrogen, Data-Centers)
- 4.2.5 Rapid Urban Electrification in Middle-Income Economies (ASEAN, Africa)
- 4.2.6 Replacement Cycle of Legacy Oil-Filled Transformers ?40 Years Old
4.3 Market Restraints
- 4.3.1 Volatile Prices of Electrical-Grade Steel & Copper
- 4.3.2 Lengthy Permitting for New Transmission Corridors in OECD Markets
- 4.3.3 Delayed Utility Cashflows Owing to Tariff Freezes in Emerging Economies
- 4.3.4 Skilled-Labour Shortage for High-Voltage Field Services
4.4 Supply-Chain Analysis
4.5 Regulatory Outlook
4.6 Technological Outlook
4.7 Recent Trends & Developments
4.8 Investment Analysis
4.9 Porter's Five Forces
- 4.9.1 Bargaining Power of Suppliers
- 4.9.2 Bargaining Power of Buyers
- 4.9.3 Threat of New Entrants
- 4.9.4 Threat of Substitutes
- 4.9.5 Intensity of Rivalry

5. Market Size & Growth Forecasts

5.1 By Equipment Type
- 5.1.1 Transformers
- 5.1.1.1 Power Transformers (≥72.5 kV)
- 5.1.1.2 Distribution Transformers (<72.5 kV)
- 5.1.2 Switchgear
- 5.1.2.1 Gas-Insulated Switchgear (GIS)
- 5.1.2.2 Air-Insulated Switchgear (AIS)
- 5.1.2.3 Other Switchgears
- 5.1.3 Power Cables
- 5.1.3.1 Transmission Cables
- 5.1.3.2 Distribution Cables
- 5.1.4 Transmission Towers
- 5.1.4.1 Towers
- 5.1.4.2 Poles
- 5.1.5 Voltage Regulators
- 5.1.6 Insulators
- 5.1.7 Capacitors
- 5.1.8 Shunt Reactors
- 5.1.9 Other Equipment Type
5.2 By Voltage Level
- 5.2.1 Low Voltage ( <1 kV)
- 5.2.2 Medium Voltage (1-35 kV)
- 5.2.3 High Voltage (35-220 kV)
- 5.2.4 Extra-High Voltage (220-765 kV)
- 5.2.5 Ultra-High Voltage (>800 kV)
5.3 By Installation Type
- 5.3.1 New Build/Greenfield
- 5.3.2 Upgrade and Replacement
5.4 By End-User
- 5.4.1 Power Utilities (Transmission System Operators, Distribution Utilities, Renewable Plant Owners & IPPs)
- 5.4.2 Industrial (Oil & Gas, Metals & Mining, Petrochemicals)
- 5.4.3 Commercial
- 5.4.4 Residential
5.5 By Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Spain
- 5.5.2.5 Italy
- 5.5.2.6 Nordic Countries
- 5.5.2.7 Russia
- 5.5.2.8 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 India
- 5.5.3.3 Japan
- 5.5.3.4 South Korea
- 5.5.3.5 ASEAN Countries
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 South America
- 5.5.4.1 Brazil
- 5.5.4.2 Argentina
- 5.5.4.3 Colombia
- 5.5.4.4 Rest of South America
- 5.5.5 Middle East and Africa
- 5.5.5.1 Saudi Arabia
- 5.5.5.2 United Arab Emirates
- 5.5.5.3 South Africa
- 5.5.5.4 Egypt
- 5.5.5.5 Rest of Middle East and Africa

6. Competitive Landscape

6.1 Market Concentration
6.2 Strategic Moves (M&A, Partnerships, PPAs)
6.3 Market Share Analysis (Market Rank/Share for key companies)
6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
- 6.4.1 ABB Ltd.
- 6.4.2 Siemens Energy AG
- 6.4.3 Schneider Electric SE
- 6.4.4 Mitsubishi Electric Corporation
- 6.4.5 Eaton Corporation plc
- 6.4.6 Hitachi Energy Ltd.
- 6.4.7 GE Vernova
- 6.4.8 Toshiba Energy Systems & Solutions
- 6.4.9 Hyundai Electric & Energy Systems
- 6.4.10 LS Electric Co., Ltd.
- 6.4.11 Hyosung Heavy Industries
- 6.4.12 CG Power & Industrial Solutions
- 6.4.13 Fuji Electric Co., Ltd.
- 6.4.14 Powell Industries
- 6.4.15 Meidensha Corporation
- 6.4.16 NARI Technology
- 6.4.17 Bharat Heavy Electricals Ltd.
- 6.4.18 WEG SA
- 6.4.19 Arteche Group
- 6.4.20 Ormazabal
- 6.4.21 Trench Group
- 6.4.22 NOJA Power

7. Market Opportunities & Future Outlook

7.1 White-Space & Unmet-Need Assessment

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Global Transmission And Distribution Equipment Market Report Scope

Transmission and distribution (T&D) systems are essential for delivering electricity from power plants to end-users. Transmission involves high-voltage lines that transport electricity over long distances to substations, where the voltage is stepped down. Distribution then carries this lower voltage electricity to homes and businesses through a network of lines and transformers. Key components include transformers, switchgear, cables, towers, poles, and various protective devices. Ensuring reliability, efficiency, and modernization of T&D infrastructure is crucial for a stable and efficient power supply.

The global transmission and distribution equipment market is segmented by equipment type (transformer (power transformer and distribution transformer), switchgear (air-insulated switchgear and gas-insulated switchgear), power cables (focus on transmission and distribution cables), transmission towers (towers (covers circuit, waist type, etc.) And poles), voltage regulators, insulators, capacitors, shunt reactors, and other equipment). The report also covers the market sizes and forecasts for the global transmission and distribution equipment market across major regions. The report offers market size and forecast for the global transmission and distribution equipment market in revenue (USD) for all the above segments.

By Equipment Type	Transformers	Power Transformers (≥72.5 kV)
		Distribution Transformers (<72.5 kV)

	Switchgear	Gas-Insulated Switchgear (GIS)
		Air-Insulated Switchgear (AIS)
		Other Switchgears

	Power Cables	Transmission Cables
		Distribution Cables

	Transmission Towers	Towers
		Poles
	Voltage Regulators
	Insulators
	Capacitors
	Shunt Reactors
	Other Equipment Type
By Voltage Level	Low Voltage ( <1 kV)
	Medium Voltage (1-35 kV)
	High Voltage (35-220 kV)
	Extra-High Voltage (220-765 kV)
	Ultra-High Voltage (>800 kV)
By Installation Type	New Build/Greenfield
	Upgrade and Replacement
By End-User	Power Utilities (Transmission System Operators, Distribution Utilities, Renewable Plant Owners & IPPs)
	Industrial (Oil & Gas, Metals & Mining, Petrochemicals)
	Commercial
	Residential

By Geography	North America	United States
		Canada
		Mexico

	Europe	Germany
		United Kingdom
		France
		Spain
		Italy
		Nordic Countries
		Russia
		Rest of Europe

	Asia-Pacific	China
		India
		Japan
		South Korea
		ASEAN Countries
		Rest of Asia-Pacific

	South America	Brazil
		Argentina
		Colombia
		Rest of South America

	Middle East and Africa	Saudi Arabia
		United Arab Emirates
		South Africa
		Egypt
		Rest of Middle East and Africa

By Equipment Type

Transformers	Power Transformers (≥72.5 kV)
	Distribution Transformers (<72.5 kV)
Switchgear	Gas-Insulated Switchgear (GIS)
	Air-Insulated Switchgear (AIS)
	Other Switchgears
Power Cables	Transmission Cables
	Distribution Cables
Transmission Towers	Towers
	Poles
Voltage Regulators
Insulators
Capacitors
Shunt Reactors
Other Equipment Type

By Voltage Level

Low Voltage ( <1 kV)

Medium Voltage (1-35 kV)

High Voltage (35-220 kV)

Extra-High Voltage (220-765 kV)

Ultra-High Voltage (>800 kV)

By Installation Type

New Build/Greenfield

Upgrade and Replacement

By End-User

Power Utilities (Transmission System Operators, Distribution Utilities, Renewable Plant Owners & IPPs)

Industrial (Oil & Gas, Metals & Mining, Petrochemicals)

Commercial

Residential

By Geography

North America	United States
	Canada
	Mexico
Europe	Germany
	United Kingdom
	France
	Spain
	Italy
	Nordic Countries
	Russia
	Rest of Europe
Asia-Pacific	China
	India
	Japan
	South Korea
	ASEAN Countries
	Rest of Asia-Pacific
South America	Brazil
	Argentina
	Colombia
	Rest of South America
Middle East and Africa	Saudi Arabia
	United Arab Emirates
	South Africa
	Egypt
	Rest of Middle East and Africa

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Key Questions Answered in the Report

What is the current size of the transmission and distribution equipment market?

The market is valued at USD 500.24 billion in 2025 and is forecast to reach USD 699.63 billion by 2030.

Which equipment segment leads in revenue?

Power cables lead with 25-30% share in 2024, supported by strong demand for renewable-integration corridors.

Why is ultra-high-voltage equipment growing fastest?

UHV platforms above 800 kV minimize line losses and unlock long-distance transfers, especially in China and India, driving a projected 9.5-10.5% CAGR.

How are utilities addressing supply-chain delays?

Utilities pre-order critical transformers years in advance and favor OEMs with localized steel and copper sourcing to mitigate lead-time risks.

What role do SF₆-free technologies play in future growth?

Stringent environmental regulations push utilities toward vacuum- and clean-air switchgear, creating new revenue streams and accelerating digital-substation adoption.

Which region is expected to grow the fastest through 2030?

Asia-Pacific will grow at 8-8.5% CAGR, driven by massive UHV investments and expanding electrification in emerging economies.