The global power transmission equipment market is analyzed in this report across product type, current type, voltage level, end user industry, and region, highlighting major trends and growth forecasts for each segment.

Introduction

The global power transmission equipment market is undergoing a period of transformation, fueled by rising energy demand, accelerated industrialization, and the critical need for efficient and reliable electricity distribution systems. Power transmission equipment plays a central role in enabling low loss electricity delivery from generation sources to end users. Ongoing advancements in smart grid technologies, renewable integration, and automation are reshaping the sector. Applications span high voltage power transmission across long distances, load fluctuation management, and grid resilience enhancement.

The market is poised for significant expansion, with a projected valuation of USD 328 billion by 2030. Key drivers include the global shift toward cleaner energy, large scale government investments in modernizing aging infrastructure, and continued grid expansion. Additionally, the need for uninterrupted power across residential, commercial, and industrial sectors is driving adoption of advanced transmission solutions. Valued at approximately USD 225 billion in 2024, the market is expected to grow at a CAGR of 6.5% over the forecast period.

Market Dynamics

The global power transmission equipment market is expanding rapidly, driven by several interrelated factors shaping its evolution. Central to this growth is rising electricity demand, large scale infrastructure development, and growing public and private investment in modernizing transmission networks. As countries transition to cleaner energy sources, the need for highly efficient, resilient transmission systems becomes increasingly critical.

Key technological advancements particularly in high voltage direct current (HVDC) systems, smart grids, and automated grid management are revolutionizing the sector. These innovations are enhancing energy efficiency, minimizing losses, and enabling seamless integration of intermittent renewable sources across large distances. The adoption of smart technologies also contributes to real time monitoring, predictive maintenance, and grid stability, all of which are vital for next generation power systems.

Emerging opportunities are concentrated in high efficiency transformers, switchgear, circuit breakers, and digital substations, especially in emerging markets undergoing aggressive grid expansion. Renewable energy integration continues to drive demand for adaptive transmission systems capable of managing fluctuating loads and maintaining system balance. The growing presence of microgrids, energy storage, and decentralized networks is pushing the market toward intelligent, flexible transmission infrastructure.

The integration of IoT, artificial intelligence, and data analytics into grid systems is gaining momentum. These technologies are enabling enhanced fault detection, dynamic load optimization, and more efficient energy flow management. Leading companies like Hitachi Energy and Siemens AG are pioneering digital substations and smart grid solutions aimed at improving performance and operational reliability. At the same time, there is an increasing focus on sustainability, with eco efficient designs and SF₆ free switchgear gaining ground. As utilities worldwide prioritize grid modernization and decarbonization, the market is set to play a vital role in the global energy transition.

Segment Highlights and Performance Overview

By Product Type

Transformers lead the product type segment, accounting for roughly 40% of the market. As essential components for voltage regulation and transmission across varying voltage levels, transformers are indispensable in both conventional and renewable powered grids. Their wide deployment, coupled with ongoing innovations in energy efficiency and environmentally sustainable designs, supports their dominant market share.

By Current Type

HVAC (High Voltage Alternating Current) systems hold a commanding position, representing approximately 88% of the current type segment. Their widespread adoption is attributed to long standing infrastructure compatibility, lower installation costs, and flexibility in accommodating a range of transmission scenarios.

By Voltage Level

The 69 kV to 230 kV range constitutes the largest share within the voltage level category, contributing around 60% to the global market. This voltage band is commonly used for both regional and inter regional transmission systems, offering a favorable balance between cost efficiency and capacity, and proving adaptable to diverse urban and industrial needs.

By End User

Electric utilities represent the leading end user group, comprising about 50% of the market. As key stakeholders in electricity generation, transmission, and distribution, utilities continue to invest in advanced transmission infrastructure. Growing focus on grid resilience, renewable integration, and transmission loss reduction is reinforcing utility demand for modernized, intelligent equipment.

Geographical Analysis

The global power transmission equipment market is examined across key regions, including North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa.

Asia Pacific holds the dominant position in the global power transmission equipment market, capturing approximately 41% of total market share. This leadership is driven by rapid urbanization, expanding industrial activity, and significant government funding directed toward grid infrastructure upgrades. Major markets such as China and India are leading efforts to boost renewable integration and enhance transmission capabilities to meet surging energy demand.

Meanwhile, the Middle East & Africa region is projected to record the highest CAGR, estimated between 7% and 9% over the forecast period. Growth in this region is supported by widespread electrification initiatives, ongoing grid development, and rising investments in large scale utility and infrastructure projects.

Competition Landscape

The global power transmission equipment market is shaped by a competitive mix of major electrical equipment manufacturers, technology innovators, and regional players. Industry participants are pursuing product innovation, strategic partnerships, and grid modernization projects to strengthen their foothold.

Competition is intensifying with increased demand for energy efficiency, digitalization, and integration of renewables into legacy transmission systems. Key market players include Hitachi Energy, Siemens AG, General Electric, Schneider Electric, Mitsubishi Electric, Prysmian Group, Nexans, Hyosung Heavy Industries, Shanghai Electric, and ABB Ltd. These companies are actively advancing solutions tailored to modern grid challenges, including smart switchgear, HVDC systems, and digital substations.

Key Developments

• In July 2024, Hyosung developed a 200 MW voltage source HVDC system, marking its entry into the global elite of domestic HVDC manufacturers. This innovation supports large scale renewable integration and strengthens global HVDC supply chains, helping accelerate regional and international decarbonization goals.
• In July 2024, Mitsubishi Electric secured an order from Kansai Transmission and Distribution, Inc. for its 84 kV dry air insulated switchgear. The equipment uses synthetic dry air instead of SF₆ a potent greenhouse gas highlighting the industry’s shift toward sustainable, low impact technologies. This advancement is spurring further innovation in eco-friendly transmission equipment across the competitive landscape.

Segments included in the report:

By Product Type:

• Transformers
• Switchgear
• Insulators & Fittings
• Cables & Lines
• Others

By Current Type:

• HVAC (High Voltage Alternating Current)
• HVDC (High Voltage Direct Current)

By Voltage Level:

• Up to 1 kV
• 1 kV to 69 kV
• 69 kV to 230 kV
• 230 kV to 800 kV
• Above 800 kV

By End User Industry:

• Electric Utilities
• Industrial Sector
• Renewable Energy Sector
• Transportation and Infrastructure
• Commercial and Residential Buildings

Companies:

• Hitachi Energy
• Siemens AG
• General Electric
• Schneider Electric
• Mitsubishi Electric 
• Prysmian Group
• Nexans
• Hyosung Heavy Industries
• Shanghai Electric 
• ABB Ltd