The global power industry is expected to witness major growth driven by leading companies invested in digital technological advancements in their production facilities and operations. The increasing population, urbanization, and growing emphasis on manufacturing worldwide, especially in large heavily-populated economies such as China and India; the global power requirement has risen significantly in recent years.
The global energy demand is predicted to grow by a massive 30% by the end of the year 2040. This is the equivalent of adding another China and a new India on the current energy demand map. Therefore, the rising demand and supply energy equation is expected to result in lucrative opportunities for all players in the electric transmission and distribution equipment market.
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High Regulatory Standards and Guidelines for Electric Transmission and Distribution Equipment can Pose Manufacturing Challenges
While the electric transmission and distribution equipment market is expected to face significant opportunities over the forecast period, it also faces several challenges. The electric transmission and distribution equipment market has been growing at a robust pace, and its growth has made it more susceptible to government monitoring and inspection. In order to ensure the robust working of electrical distribution, governments are putting in place more regulations to ensure reliability and stability of electricity grids. Various regulatory bodies around the world have approved some guiding principle and standards for electric transmission and distribution market players.
Thereby, adhering to a series of mandatory reliability standards related to the planning and operations of power systems is essential for addressing security concerns. These can often be related to the critical electrical transmission and distribution, and can lead to increased manufacturing budget for electric transmission and distribution equipment market players. This is likely to pose some challenges to major manufacturing players in the electric transmission and distribution equipment market.
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