Power Transmission Component Market 2021: Strategic Assessment

Posted by Komal Boudhh on June 1st, 2021

According to Market Research Future (MRFR), the global power transmission component market is anticipated to grow at 6.55 % CAGR from 2016 to 2023 (forecast period). The report describes the strengths, opportunities, threats, and possible business risks and provides a precise overview of the global market situation with the influence of COVID-19.

Transmission component refers to products used in systems that move parts from a power generating site like a power plant to an electrical substation. Power transmission components are designed to allow long-term savings by offering an uninterrupted power supply. 

Market Dynamics

The market for power transmission components will experience growth as a result of the ongoing refurbishment and retrofit of existing grid infrastructure around the globe. Increasing investment, combined with a favorable political outlook towards the expansion of the cross-border electric grid, will further fuel product demand.

Favorable policy interventions, along with government efforts to minimize carbon emissions, may accelerate the growth of the transmission network. Despite the substantial increase in generation capacity, countries across the globe are still prone to a power deficit situation. Henceforth, regulatory inclination, along with a rise in the adoption of sustainable technologies, will stimulate global market growth.

The global market for power transmission components is expected to rise at a high rate during the assessment period, primarily due to the expansion of smart grid networks and the refurbishment of existing grid infrastructure. As per the International Energy Agency (IEA), the US will need to spend USD 2.1 trillion by 2035 to modernize the grid infrastructure, including 579 GW of new generation capacity and extensive refurbishment of the transmission network. In the same way, India has set up a National Smart Grid mission that will lead to major investments in smart grid infrastructure in India. These initiatives will, in turn, fuel the growth of the market for power transmission components.

Market Segmentation

The global power transmission component market has been segmented based on component, voltage, and current level. 

Based on components, the global power transmission component market has been segmented into transformer, circuit breaker, isolator, insulator, arrestor, transmission line, and transmission tower. The circuit breaker segment of the global market for power transmission components is expected to have the highest growth rate over the assessment period.

Based on voltage, the global power transmission component market has been classified into 132 kV, 220 kV, 440kV, 660kV, and >764 kV. 132 kV segment held the most significant market share globally in 2017. Continuing commercial establishments and growing urbanization, combined with the continued growth of smart grid networks, will have a positive impact on the market for power transmission components. Rampant industrial expansion, due to the adoption of bulk manufacturing practices by major industry participants, will further boost the market growth.

Based on the current level, the global power transmission component market has been segmented into HV AC and HV DC.

Regional Analysis

Region-wise, the global power transmission component market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. 

The global market for power transmission components is expected to see significant growth during the forecast period due to rapid urbanization and commercialization across developing regions, which would lead to favorable growth in the market for power transmission components. In addition, efforts to minimize the carbon footprint will fuel the need for efficient transmission components in the coming years. For example, the US is likely to reduce its greenhouse gas emissions, which would improve the demand for transmission components in the North American power industry. North America also has the largest share in the market for power transmission components, while countries such as the United States and Canada are undergoing retrofitting and revamping existing grid infrastructure.

Key Players

The key participants of the global power transmission component market are ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (US), Schneider (France), Emerson (US), Crompton Greaves (India), Toshiba (Japan), Sterlite (India), and Hitachi (Japan), among others.

Browse Complete Details @ https://www.marketresearchfuture.com/reports/power-transmission-component-market-7251

About Market Research Future:

Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.

The best part is they know their work inside out and possess the expertise to guide the client in the right direction and achieve results on a tight deadline. We are a one-stop solution for all your data research needs. Our team does not believe in the “one size fits all” approach to creating a report that is detailed and concise. We handle 13 industry verticals including Healthcare, Chemicals and Materials, Information and Communications Technology, Semiconductor and Electronics, Energy and Power, Food, Beverages & Nutrition, Automobile, Consumer and Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging & Transport, Construction, and Agriculture. With our unique approach for every market report, we aim to reach the zenith in qualitative business intelligence and syndicated market research. 

Our Forte 

  • Strong industry focus
  • Robust methodology
  • Tailor-made solutions
  • Disruptive research
  • Cutting-edge detailed reports
  • Competitive pricing
  • Domain expert researchers
  • Timely delivery
  • Ground-breaking approach
  • Advanced and transparent research methodology
  • Cover latest trends and innovations 

Contact Us:

Market Research Future

Office No. 524/528, Amanora Chambers

Magarpatta Road, Hadapsar

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email: sales@marketresearchfuture.com

Like it? Share it!

Komal Boudhh

About the Author

Komal Boudhh
Joined: July 17th, 2020
Articles Posted: 121

More by this author