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Freedonia Group, a subsidiary of the International Market Research Institute MarketResearch.
com, recently released a report saying that the overall global demand for transmission and distribution equipment totaled $141 billion in 2018 and is expected to grow at an annual rate of 4.
0% to $172 billion by 2023
.
The main factors for the steady growth in global demand for power transmission and distribution equipment are the growth
of demand in developing countries led by China and India.
China is the world's largest market for power transmission and distribution equipment, and the acceleration of industrialization and urbanization and the construction of large-scale UHV and other power infrastructure are continuing to drive the growth
of demand in the Chinese market.
At the same time, the rapid industrialization of India will also stimulate the growth
of demand for power transmission and distribution equipment.
In recent years, as the economy has grown, India's power infrastructure investment has increased to meet growing demand, and ambitious renewable energy plans also require sufficient transmission and distribution infrastructure to be integrated into
the existing grid.
As a result, India will contribute 33%
to global new demand growth by 2023.
By 2023, India's demand for transmission and distribution equipment will reach US$15.
8 billion, with an average annual growth rate of 8.
2%.
"India has set targets to diversify its energy sources to include renewable energy sources such as solar, wind and hydropower, which will require the installation of more transmission capacity
," the report states.
”
Freedonia Group, a subsidiary of the International Market Research Institute MarketResearch.
com, recently released a report saying that the overall global demand for transmission and distribution equipment totaled $141 billion in 2018 and is expected to grow at an annual rate of 4.
0% to $172 billion by 2023
.
The main factors for the steady growth in global demand for power transmission and distribution equipment are the growth
of demand in developing countries led by China and India.
China is the world's largest market for power transmission and distribution equipment, and the acceleration of industrialization and urbanization and the construction of large-scale UHV and other power infrastructure are continuing to drive the growth
of demand in the Chinese market.
At the same time, the rapid industrialization of India will also stimulate the growth
of demand for power transmission and distribution equipment.
In recent years, as the economy has grown, India's power infrastructure investment has increased to meet growing demand, and ambitious renewable energy plans also require sufficient transmission and distribution infrastructure to be integrated into
the existing grid.
As a result, India will contribute 33%
to global new demand growth by 2023.
By 2023, India's demand for transmission and distribution equipment will reach US$15.
8 billion, with an average annual growth rate of 8.
2%.
"India has set targets to diversify its energy sources to include renewable energy sources such as solar, wind and hydropower, which will require the installation of more transmission capacity
," the report states.
”
