Global Electric Power Transmission Equipment Market to Reach US$ 29.1 Billion by 2031, Driven by Grid Modernization and Rising Electricity Demand | QY Research

Market Overview -

The global Electric Power Transmission Equipment market was valued at US$ 23,091 million in 2024 and is projected to reach US$ 29,101 million by 2031, expanding at a CAGR of 3.3% during the forecast period 2025-2031.

According to QY Research, the newly released report titled "Electric Power Transmission Equipment Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031" provides a comprehensive analysis of market size evolution, competitive dynamics, regional demand patterns, and long-term growth drivers shaping the global power transmission equipment industry.

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Industry Scope and Equipment Definition
Electric Power Transmission Equipment is designed for the high-voltage transfer of bulk electricity from power generation plants to substations, forming the backbone of national and regional grid infrastructure. Unlike distribution equipment, which operates at lower voltages closer to end users, transmission equipment must ensure system stability, safety, and uninterrupted power flow over long distances.

The industry primarily includes transformers, switchgear, and associated high-voltage components. Among these, switchgear plays a critical role in protection, control, and isolation of electrical systems, while transformers enable efficient voltage regulation and energy transfer across the grid.

Competitive Landscape
The global market is relatively concentrated, with leading multinational players accounting for a significant share of total revenue. Major companies profiled in the report include Hitachi (ABB), Siemens, GE, Schneider Electric, and Eaton. Collectively, the top five players account for approximately 55% of global market value, reflecting strong technological leadership and global project execution capabilities.

In addition, regional and national manufacturers such as BHEL, TBEA, HYOSUNG, China XD Group, Mitsubishi Electric, Toshiba, and Shanghai Electric continue to strengthen their positions through capacity expansion and participation in large-scale grid projects.

Product and Application Trends
Among product segments, switchgear emerged as the largest category, accounting for around 40% of global market share in 2024. Its importance stems from the growing need for operational safety, fault protection, and system reliability in increasingly complex power grids. Transformers and other equipment continue to support grid stability by enabling efficient voltage conversion and load management.

From an application perspective, residential infrastructure represents the dominant demand segment, holding approximately 65% of total market share in 2024. Rapid urbanization, housing development, and electrification programs are sustaining strong demand for reliable transmission systems. At the same time, fossil fuel-fired power generation and renewable energy projects are contributing steadily to market expansion, supported by global efforts toward energy transition and decarbonization.

Regional Outlook
The Asia-Pacific region leads global consumption, accounting for about 43% of total demand. This dominance is driven by rapid industrialization, population growth, and large-scale investments in power infrastructure across China, India, and Southeast Asia. Ongoing grid expansion, rural electrification, and renewable energy integration continue to generate substantial demand for transmission equipment in the region.

North America and Europe also represent important markets, supported by grid modernization initiatives, aging infrastructure replacement, and the integration of renewable energy sources into existing transmission networks.

Growth Drivers and Market Challenges
Key growth drivers for the Electric Power Transmission Equipment market include:
► Rising global electricity demand across residential, industrial, and utility sectors
► Increasing investment in grid modernization and expansion projects
► Accelerating renewable energy integration, requiring new and upgraded transmission solutions
► Technological advancements leading to more efficient, compact, and safer switchgear and transformer designs

However, the market also faces several challenges. High initial investment costs for transmission infrastructure can limit adoption, particularly in developing regions. Complex regulatory frameworks and lengthy approval processes may delay project execution.

Additionally, raw material price volatility and supply chain uncertainties for specialized electrical components can affect production costs and delivery schedules, requiring careful planning by market participants.

Market Segmentation Highlights

By Type
► Transformers
► Switchgear
► Others

By Application
► Fossil Fuel Fired Power
► Renewable Energy
► Others

By Region
► North America
► Europe
► Asia Pacific
► South America
► Middle East & Africa

The report provides detailed revenue forecasts and competitive analysis for each segment, supporting strategic decision-making for manufacturers, utilities, and investors.

Why This Report Matters
► Comprehensive global and regional market forecasts from 2020 to 2031
► Detailed company market share and ranking analysis
► Insights into grid modernization, renewable integration, and policy impacts
► Identification of high-growth regions and application segments
► Strategic guidance for investment, expansion, and technology planning

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Table of Content:

1 Market Overview
1.1 Electric Power Transmission Equipment Product Introduction
1.2 Global Electric Power Transmission Equipment Market Size Forecast (2020-2031)
1.3 Electric Power Transmission Equipment Market Trends & Drivers
1.3.1 Electric Power Transmission Equipment Industry Trends
1.3.2 Electric Power Transmission Equipment Market Drivers & Opportunity
1.3.3 Electric Power Transmission Equipment Market Challenges
1.3.4 Electric Power Transmission Equipment Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Electric Power Transmission Equipment Players Revenue Ranking (2024)
2.2 Global Electric Power Transmission Equipment Revenue by Company (2020-2025)
2.3 Key Companies Electric Power Transmission Equipment Manufacturing Base Distribution and Headquarters
2.4 Key Companies Electric Power Transmission Equipment Product Offered
2.5 Key Companies Time to Begin Mass Production of Electric Power Transmission Equipment
2.6 Electric Power Transmission Equipment Market Competitive Analysis
2.6.1 Electric Power Transmission Equipment Market Concentration Rate (2020-2025)
2.6.2 Global 5 and 10 Largest Companies by Electric Power Transmission Equipment Revenue in 2024
2.6.3 Global Top Companies by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Electric Power Transmission Equipment as of 2024)
2.7 Mergers & Acquisitions, Expansion
3 Segmentation by Type
3.1 Introduction by Type
3.1.1 Transformers
3.1.2 Switchgear
3.1.3 Others
3.2 Global Electric Power Transmission Equipment Sales Value by Type
3.2.1 Global Electric Power Transmission Equipment Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global Electric Power Transmission Equipment Sales Value, by Type (2020-2031)
3.2.3 Global Electric Power Transmission Equipment Sales Value, by Type (%) (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Fossil Fuel Fired Power
4.1.2 Renewable Energy
4.1.3 Others
4.2 Global Electric Power Transmission Equipment Sales Value by Application
4.2.1 Global Electric Power Transmission Equipment Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Electric Power Transmission Equipment Sales Value, by Application (2020-2031)
4.2.3 Global Electric Power Transmission Equipment Sales Value, by Application (%) (2020-2031)
5 Segmentation by Region
5.1 Global Electric Power Transmission Equipment Sales Value by Region
5.1.1 Global Electric Power Transmission Equipment Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Electric Power Transmission Equipment Sales Value by Region (2020-2025)
5.1.3 Global Electric Power Transmission Equipment Sales Value by Region (2026-2031)
5.1.4 Global Electric Power Transmission Equipment Sales Value by Region (%), (2020-2031)
5.2 North America
5.2.1 North America Electric Power Transmission Equipment Sales Value, 2020-2031
5.2.2 North America Electric Power Transmission Equipment Sales Value by Country (%), 2024 VS 2031
5.3 Europe
5.3.1 Europe Electric Power Transmission Equipment Sales Value, 2020-2031
5.3.2 Europe Electric Power Transmission Equipment Sales Value by Country (%), 2024 VS 2031
5.4 Asia Pacific
5.4.1 Asia Pacific Electric Power Transmission Equipment Sales Value, 2020-2031
5.4.2 Asia Pacific Electric Power Transmission Equipment Sales Value by Region (%), 2024 VS 2031
5.5 South America
5.5.1 South America Electric Power Transmission Equipment Sales Value, 2020-2031
5.5.2 South America Electric Power Transmission Equipment Sales Value by Country (%), 2024 VS 2031
5.6 Middle East & Africa
5.6.1 Middle East & Africa Electric Power Transmission Equipment Sales Value, 2020-2031
5.6.2 Middle East & Africa Electric Power Transmission Equipment Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Electric Power Transmission Equipment Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Electric Power Transmission Equipment Sales Value, 2020-2031
6.3 United States
6.3.1 United States Electric Power Transmission Equipment Sales Value, 2020-2031
6.3.2 United States Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.3.3 United States Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Electric Power Transmission Equipment Sales Value, 2020-2031
6.4.2 Europe Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Electric Power Transmission Equipment Sales Value, 2020-2031
6.5.2 China Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.5.3 China Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Electric Power Transmission Equipment Sales Value, 2020-2031
6.6.2 Japan Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Electric Power Transmission Equipment Sales Value, 2020-2031
6.7.2 South Korea Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Electric Power Transmission Equipment Sales Value, 2020-2031
6.8.2 Southeast Asia Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Electric Power Transmission Equipment Sales Value, 2020-2031
6.9.2 India Electric Power Transmission Equipment Sales Value by Type (%), 2024 VS 2031
6.9.3 India Electric Power Transmission Equipment Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 Hitachi (ABB)
7.1.1 Hitachi (ABB) Profile
7.1.2 Hitachi (ABB) Main Business
7.1.3 Hitachi (ABB) Electric Power Transmission Equipment Products, Services and Solutions
7.1.4 Hitachi (ABB) Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.1.5 Hitachi (ABB) Recent Developments
7.2 Siemens
7.2.1 Siemens Profile
7.2.2 Siemens Main Business
7.2.3 Siemens Electric Power Transmission Equipment Products, Services and Solutions
7.2.4 Siemens Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.2.5 Siemens Recent Developments
7.3 GE
7.3.1 GE Profile
7.3.2 GE Main Business
7.3.3 GE Electric Power Transmission Equipment Products, Services and Solutions
7.3.4 GE Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.3.5 GE Recent Developments
7.4 Schneider Electric
7.4.1 Schneider Electric Profile
7.4.2 Schneider Electric Main Business
7.4.3 Schneider Electric Electric Power Transmission Equipment Products, Services and Solutions
7.4.4 Schneider Electric Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.4.5 Schneider Electric Recent Developments
7.5 Eaton
7.5.1 Eaton Profile
7.5.2 Eaton Main Business
7.5.3 Eaton Electric Power Transmission Equipment Products, Services and Solutions
7.5.4 Eaton Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.5.5 Eaton Recent Developments
7.6 BHEL
7.6.1 BHEL Profile
7.6.2 BHEL Main Business
7.6.3 BHEL Electric Power Transmission Equipment Products, Services and Solutions
7.6.4 BHEL Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.6.5 BHEL Recent Developments
7.7 TBEA
7.7.1 TBEA Profile
7.7.2 TBEA Main Business
7.7.3 TBEA Electric Power Transmission Equipment Products, Services and Solutions
7.7.4 TBEA Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.7.5 TBEA Recent Developments
7.8 HYOSUNG
7.8.1 HYOSUNG Profile
7.8.2 HYOSUNG Main Business
7.8.3 HYOSUNG Electric Power Transmission Equipment Products, Services and Solutions
7.8.4 HYOSUNG Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.8.5 HYOSUNG Recent Developments
7.9 China XD Group
7.9.1 China XD Group Profile
7.9.2 China XD Group Main Business
7.9.3 China XD Group Electric Power Transmission Equipment Products, Services and Solutions
7.9.4 China XD Group Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.9.5 China XD Group Recent Developments
7.10 Mitsubishi Electric
7.10.1 Mitsubishi Electric Profile
7.10.2 Mitsubishi Electric Main Business
7.10.3 Mitsubishi Electric Electric Power Transmission Equipment Products, Services and Solutions
7.10.4 Mitsubishi Electric Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.10.5 Mitsubishi Electric Recent Developments
7.11 Toshiba
7.11.1 Toshiba Profile
7.11.2 Toshiba Main Business
7.11.3 Toshiba Electric Power Transmission Equipment Products, Services and Solutions
7.11.4 Toshiba Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.11.5 Toshiba Recent Developments
7.12 Crompton Greaves
7.12.1 Crompton Greaves Profile
7.12.2 Crompton Greaves Main Business
7.12.3 Crompton Greaves Electric Power Transmission Equipment Products, Services and Solutions
7.12.4 Crompton Greaves Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.12.5 Crompton Greaves Recent Developments
7.13 Prolec GE (SPX Transformer Solutions)
7.13.1 Prolec GE (SPX Transformer Solutions) Profile
7.13.2 Prolec GE (SPX Transformer Solutions) Main Business
7.13.3 Prolec GE (SPX Transformer Solutions) Electric Power Transmission Equipment Products, Services and Solutions
7.13.4 Prolec GE (SPX Transformer Solutions) Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.13.5 Prolec GE (SPX Transformer Solutions) Recent Developments
7.14 Fuji Electric
7.14.1 Fuji Electric Profile
7.14.2 Fuji Electric Main Business
7.14.3 Fuji Electric Electric Power Transmission Equipment Products, Services and Solutions
7.14.4 Fuji Electric Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.14.5 Fuji Electric Recent Developments
7.15 Shanghai Electric
7.15.1 Shanghai Electric Profile
7.15.2 Shanghai Electric Main Business
7.15.3 Shanghai Electric Electric Power Transmission Equipment Products, Services and Solutions
7.15.4 Shanghai Electric Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.15.5 Shanghai Electric Recent Developments
7.16 Baoding Tianwei
7.16.1 Baoding Tianwei Profile
7.16.2 Baoding Tianwei Main Business
7.16.3 Baoding Tianwei Electric Power Transmission Equipment Products, Services and Solutions
7.16.4 Baoding Tianwei Electric Power Transmission Equipment Revenue (US$ Million) & (2020-2025)
7.16.5 Baoding Tianwei Recent Developments
8 Industry Chain Analysis
8.1 Electric Power Transmission Equipment Industrial Chain
8.2 Electric Power Transmission Equipment Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Electric Power Transmission Equipment Sales Model
8.5.2 Sales Channel
8.5.3 Electric Power Transmission Equipment Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer

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