Electric Power Transmission Equipment Market to Reach US$ 29.1 Billion by 2031, Driven by Grid Modernization, Urban Electrification, and Renewable Integration | QY Research

Market Summary -

The global Electric Power Transmission Equipment Market is experiencing steady expansion as utilities and governments worldwide invest in resilient, high-voltage grid infrastructure to meet rising electricity demand. According to the latest study, "Electric Power Transmission Equipment Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031," the market was valued at US$ 23,091 million in 2024 and is projected to reach US$ 29,101 million by 2031, growing at a CAGR of 3.3% during the forecast period.

Electric power transmission equipment-comprising transformers, switchgear, and related high-voltage components-is essential for the safe, stable, and efficient transfer of bulk electricity from power generation plants to substations. Unlike distribution equipment, transmission assets operate at much higher voltages over long distances, making reliability, safety, and continuity paramount for modern power systems.

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Market Structure and Segment Performance -

Among product segments, switchgear leads the market, accounting for approximately 40% of global revenue in 2024. Switchgear plays a critical role in system protection, control, and fault isolation, supporting uninterrupted power flow across transmission networks. Transformers and other associated devices complement this ecosystem by enabling voltage regulation and stable energy delivery across long distances.

By application, residential electrification dominates with around 65% market share in 2024, reflecting rapid urbanization, housing development, and the ongoing need for dependable power supply in residential complexes. Transmission equipment demand is also supported by fossil fuel-fired power assets and a growing pipeline of renewable energy projects as grids adapt to variable generation sources.

Regional Insights -

The Asia-Pacific region is the largest consumer, representing about 43% of global demand. This leadership is driven by industrialization, population growth, and large-scale power infrastructure investments in China, India, and Southeast Asia. North America and Europe continue to invest in grid renewal, digital substations, and interconnections, while South America, the Middle East, and Africa are expanding transmission capacity to support electrification and economic growth.

✔ North America (U.S., Canada, China)
✔ Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
✔ Asia-Pacific (Japan, South Korea, China Taiwan, Southeast Asia, India)
✔ Middle East, Africa, Latin America (Brazil, Mexico, Turkey, Israel, GCC Countries)

Competitive Landscape -

The market is moderately consolidated, with the top five manufacturers accounting for roughly 55% of global market value. Leading companies include Hitachi (ABB), Siemens, GE, Schneider Electric, and Eaton. Competition centers on technology leadership, project execution capability, lifecycle services, and compliance with evolving grid standards.

Hitachi (ABB)
Siemens
GE
Schneider Electric
Eaton
BHEL
TBEA
HYOSUNG
China XD Group
Mitsubishi Electric
Toshiba
Crompton Greaves
Prolec GE (SPX Transformer Solutions)
Fuji Electric
Shanghai Electric
Baoding Tianwei

Growth Drivers -

Several structural trends are underpinning market growth:

Rising global electricity demand across residential, industrial, and utility sectors

Grid modernization programs, including digital substations and smart protection systems

Renewable energy integration, requiring new transmission capacity and advanced switchgear

Urban development and electrification in emerging economies

Technological advancements delivering more compact, efficient, and safer equipment

The report also evaluates the impact of tariff adjustments and international strategic countermeasures on cross-border supply chains, capital allocation, and regional manufacturing footprints.

Market Constraints -

Despite favorable fundamentals, challenges persist. High upfront capital costs for transmission assets and grid upgrades can delay projects, particularly in budget-constrained regions. Complex regulatory and permitting processes may extend timelines, while raw material price volatility and supply-chain uncertainties for specialized electrical components can affect production and delivery schedules.

Scope of the Report -

This report provides a comprehensive analysis of the global electric power transmission equipment market, covering sales revenue, company market share and ranking, and competitive dynamics. It delivers detailed insights by region and country, by type (transformers, switchgear, others), and by application (fossil fuel-fired power, renewable energy, others). Based on 2024 as the base year, with historical data from 2020-2024 and forecasts through 2031, the study combines quantitative and qualitative analysis to help stakeholders assess competitive positioning, identify growth opportunities, and make informed strategic decisions in a rapidly evolving power infrastructure landscape.

Market Segmentation and Regional -
By Type

Transformers
Switchgear
Others

By Application

Fossil Fuel Fired Power
Renewable Energy
Others

The report provides valuable insights into the key segments of the global Electric Power Transmission Equipment market, with a strong focus on CAGR, market size, market share, and future growth potential. The market is comprehensively segmented by product type, application, and region, with each segment thoroughly analyzed to identify growth prospects, demand patterns, and emerging trends. This detailed segmental analysis plays a crucial role in uncovering high-growth and high-return opportunities across the market. By offering precise data on product- and application-level demand, the report enables businesses to prioritize profitable segments and develop targeted strategies within the global Electric Power Transmission Equipment market.

Reasons to Procure this Report: -

►The research would help top administration/policymakers/professionals/product advancements/sales managers and stakeholders in this market in the following ways.

►The report provides Electric Power Transmission Equipment market revenues at the worldwide, regional, and country-level with a complete analysis to 2028 permitting companies to analyze their market share and analyze projections, and find new markets to aim.

►The research includes the Electric Power Transmission Equipment market split by different types, applications, technologies, and end-uses. This segmentation helps leaders plan their products and finances based on the upcoming development rates of each segment.

►Electric Power Transmission Equipment market analysis benefits investors by knowing the scope and position of the market giving them information on key drivers, challenges, restraints, and expansion chances of the market and moderate threats.

►This report would help to understand competition better with a detailed analysis and key strategies of their competitors and plan their position in the business.

►The study helps evaluate Electric Power Transmission Equipment business predictions by region, key countries, and top companies' information to channel their investments.

Key questions answered in the report include:

►This Electric Power Transmission Equipment report gives all the information about the industry analysis, revenue, and overview, of this market.

►What will be the rate of increase in Electric Power Transmission Equipment market size and growth rate by the end of the forecast period?

►What are the major global Electric Power Transmission Equipment market trends influencing the development of the market?

►What are the vital results of SWOT analysis of the major players operating in the Electric Power Transmission Equipment market?

►What are the potential growth opportunities and threats faced by Major competitors in the Electric Power Transmission Equipment market?

►What are the market opportunities and threats faced by vendors in the Global Electric Power Transmission Equipment market?

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Table of Contents - Major Key Points:

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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