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World demand to rise 6.7% annually through 2017
Global demand for electric transmission and distribution equipment is forecast to rise 6.7 percent per year to nearly $178 billion in 2017. Sales growth will accelerate relative to the 2007-2012 period, aided by both continued strong growth in electricity consumption in developing regions and economic recovery in developed countries. China, which accounted for 32 percent of global demand in 2012, will continue to be the largest and fastest growing national market for electric transmission and distribution equipment.
Offshore wind turbines to boost niche market demand
Offshore wind power installations are becoming increasingly common, especially in the North Sea. Such projects consume a variety of electric transmission and distribution equipment, including power transformers and distribution transformers. Offshore wind projects also commonly are linked to high voltage direct current (HVDC) transmission lines, which consume specialized transformers and advanced switchgear.
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Industrial, nonutility markets to outpace electric utilities in developed areas
At the global level, gains in demand in the key electric utilities market will be similar to gains in the industrial and nonutility generators market. However, these markets will typically exhibit different trends in developed regions than in developing regions. In developed areas, particularly North America and Western Europe, gains are expected to be fastest for industrial and nonutility generators, as independent power producers (IPPs) flourish. In developing regions, investment in large-scale expansion of basic electrification infrastructure will drive above-average gains in the electric utilities market, although liberalization of electricity sectors will also benefit electric transmission and distribution demand in the industrial and nonutility segment.
Asia/Pacific region to remain fastest growing market
The Asia/Pacific region, led by China, will continue to post the fastest gains in consumption of electric transmission and distribution equipment. India and Indonesia will also see rapid increases, ranking second and third, respectively, for projected demand growth through 2017. These countries will benefit from both expansion of basic electrification infrastructure and increased electricity consumption in their industrial and manufacturing sectors. Japan, which held the world’s fourth largest market for electric transmission and distribution equipment in 2012, will see improved gains through 2017, though growth will continue to be well below the regional average.
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In North America and Western Europe, advances will be driven by increasing proliferation of renewable energy projects, which will require significant quantities of electric transmission and distribution equipment in order to integrate with electric grids. In Western Europe, investment in electric transmission and distribution equipment will be driven by the need to connect new energy sources to meet the aggressive renewable energy targets set by the EU for 2020.
Profiles global players such as ABB, Alstom, Hitachi, Mitsubishi Electric, Schneider Electric and Siemens
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