Significant Rise in Investments and Government Support to Bolster North America & Europe Power Distribution Component Market
Power transmission and distribution technologies, particularly in North America have garnered considerable attention over the past few years, as there is a consistent need for upgrading and expansion due to which, the demand for power distribution components has increased at a steady pace. The surge in the overall power loads coupled with outdated power transmission equipment in several parts of North America and Europe have led to a steady rise in the demand for newly developed power distribution components that are in primarily developed in line with current requirements. The increasing risk of power outages and blackouts across the North American region is another factor that is expected to augment the sales of power distribution components.
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Over the past few decades, lack of adequate investments coupled with the growing demand for efficient power transmission and distribution has led to the development of power distribution components. Increasing government investments, along with the surge in private investments have led to significant rise in the demand for power distribution components worldwide. Moreover, as governments across North America and the European Union continue to emphasize on the modernization of electric transmission & distribution systems, the demand for power distribution components is on the rise– a trend that is expected to continue during the forecast period and drive the North America & Europe power distribution component market.
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Regulatory Oversight Coupled with Various Economic Drivers to Influence Market Growth
The growth of the North America & Europe power distribution component market is likely to be influenced by various factors, including regulatory oversight, economic drivers, new technologies, and a range of organizational structures such as federal, municipal, and state governments. Although government regulations are expected to influence the growth of the North America & Europe power distribution component market, power transactions majorly occur on lines that are owned by investor-owned regulated utilities (IOUs). However, in deregulated areas, transmission and distribution of power are likely to be operated by a range of entities. As more number of players involved in the North America & Europe power distribution component market are increasingly focusing on providing electricity to end users via privately owned distribution systems in an efficient and reliable manner, the demand for power distribution components across the regions is on the rise.
Due to reliability and economic factors, the long-distance power transmission distribution space has grown at a rapid pace in North America and Europe. In addition, to cater to this growth, new wholesale markets for electricity have gradually gained center stage due to which, the demand for power distribution components is increasing.
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Production to Slow Down amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is likely to have a moderate impact on the expansion of the global power distribution component market in 2024. Delay in the delivery of raw materials required to develop power distribution components, restrictions on cross-border trade, trade war between the U.S. and China, and plateauing investments for the development of new power distribution components due to the novel COVID-19 crisis are anticipated to have a strong influence on the North America & Europe power distribution component market in 2024. While movement across the market is projected to remain slow in terms of deployment of new technology and manufacturing, the North America & Europe power distribution component market is expected to show signs of recovery toward the end of 2024.
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