ID: MRFR/E&P/5784-HCR | 111 Pages | Published By Anshula Mandaokar on April 2023
The power transmission component market is projected to register a CAGR of 6.5% from 2022 to 2030. Power transmission components are used in moving parts that connect a power-generating facility to an electrical substation. These are intended to save money over time by guaranteeing a consistent power supply. The power transmission component market size is expected to reach approximately USD Significant Value by 2030.The market is predicted to grow as current grid infrastructure is repaired and retrofitted worldwide. Increased investment and favorable government backing for installing cross-border electric networks will likely enhance product demand even more.
The inclusion of renewable energy networks has forced utilities and installers to restructure the current electrical infrastructure. Conventional systems are being developed and improved based on resonating frequencies and bandwidth to maintain the unpredictability of renewable networks.
The COVID-19 pandemic has had a major impact on the power transmission component business due to reduced manufacturing and manpower shortages. Regulatory authorities have instituted lockdowns and social distancing measures to prevent the virus's impact in their various countries. As a result, industries have seen a corresponding decline in product portfolio demand. However, the start of multiple effective vaccination efforts by local agencies to reduce the damage has returned business activities to normalcy. Furthermore, due to rising power demand, demand for transmission components will rise substantially shortly.
The market will increase due to ongoing improvements relating to the construction of efficient grid infrastructure in response to the rapidly changing climate scenario. The ongoing rehabilitation of damaged power supply equipment and the deployment of improved transformers and transmission towers will influence the industry scenario. The increasing demand for distributed energy technology, together with the increasing integration of renewable energy supplies, will have an impact on the business picture
For example, the Middle East & Africa market is expected to expand rapidly through 2030. Increased investments in deploying a sustainable power supply network and favorable government policies relating to rural electrification will support industry growth.
The market will expand significantly as the current grid infrastructure is repaired and retrofitted worldwide. An increase in investments and a favorable political outlook for expanding cross-border electric networks will enhance product demand even more. Furthermore, rising commercialization and urban migration in developing countries such as India, China, and Brazil have generated a favorable corporate environment.
Power transmission infrastructure adoption is hampered by emerging and impoverished countries' limited financial allocation. As a result, the power transmission components market is expected to increase slowly during the forecast period.
Governments around the world are offering incentives for installing new age power transmission components to achieve large energy savings, creating many growth prospects for major players in the power transmission components market in the coming years.
The power transmission component market segmentation, based on component, is transformer, insulator, arrestor, transmission line, circuit breaker, isolator, transmission tower, and others. The power transmission component market growth was prominently high under the transformer category in 2021. This expansion can be ascribed to technology breakthroughs and capital-intensive standards. Grid sustainability, reliability, and the proliferation of microgrid networks have resulted in the deployment of effective conductor technologies to improve and maintain network parity, propelling the business environment. High mechanical strength, flux leakage, and iron losses are major functional parameters driving technology adoption. The transmission line segment would experience the largest CAGR increase during the projection period, owing to rising energy consumption in grid-disconnected regions and manufacturing centers.
The power transmission component market segmentation, based on voltage level, is (> 132 kV to ≤ 220 kV, > 220 kV to ≤ 440 kV, > 440 kV to ≤ 660 kV, > 660 kV to ≤ 765 kV, and > 765 kV. The > 132 kV to 220 kV power transmission component segment held the greatest market share in 2021 and is anticipated to rise at the fastest CAGR during the forecast period. The growing use of renewable energy in the residential sector and the rapid expansion of microgrid networks will impact industrial growth. The increased need for a compact transmission component for indoor applications and the introduction of high-capacity products will drive market expansion. residential expansion and growing urbanization will accelerate product deployment.
Based on current level, the market is segmented into HVAC and HVDC. Due to its faster integration across transmission infrastructures than HVDC lines, the HVAC segment held a larger market share in 2021 and is also expected to rise at the highest CAGR till 2030. Furthermore, the ease of voltage transfer and lower terminal costs will accelerate HVAC component deployment growth. Modernization and refurbishment of old grid infrastructures and favorable legislative reforms on expanding current networks will aid in the deployment of HVAC products.
Global Power Transmission Component Market Share, by Region, 2021 (%)
By region, the power transmission component market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share, and Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The highest market share in 2021 belonged to the North American area. Government initiatives to minimize carbon emissions and carbon footprints will likely improve the North American market for power transmission components. The region's corporate outlook has improved due to the continuing upgrade and renovation of the current electric system.
The Asia-Pacific region is expected to develop at the fastest CAGR during the projection period. The increase in the adoption of transmission components in the Asia-Pacific area will be aided by regional efforts to upgrade facilities to smart grid infrastructure. Increased energy demand in emerging power markets and rising investments to incorporate a sustainable grid infrastructure would drive growth in the company.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Toshiba Energy Systems & Solutions Corporation, Siemens Energy, Hitachi Energy, General Electric, CG Power & Industrial Solutions, Schneider Electric, ZTT, and Mitsubishi Electric Corporation dominate the market due to product differentiation, strategic developments, financial stability, and diversified regional presence. Power transmission component firms are developing new and inventive methods to make facility assets and services relevant and necessary for improving customer experience, business administration, occupational physiology, and supporting their core business. Property management services are tailored to property owners' short and long-term financial goals. Service and solution providers develop strategic property operations plans for their customers based on a zero-based operating budget and capital plan. To expand their market footprint and acquire more clients, these market players are investing in R&D and engaging in marketing strategies such as partnerships & collaborations, mergers & acquisitions, product launches, and developments.
Major players in the power transmission component market research are Toshiba Energy Systems & Solutions Corporation, Mitsubishi Electric Corporation, Sterlite Power, Siemens Energy, Hitachi Energy, General Electric, CG Power & Industrial Solutions, Schneider Electric, ZTT, Elsewedy Electric, Hyosung Heavy Industries, Eaton, Bharat Heavy Electricals Limited, KEC International, Hyundai Electric & Energy Systems, Larsen & Toubro Limited, WEG, Raychem RPG Private, IMEFY GROUP and ARTECHE, among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the power transmission component market report segmented by component, voltage level, and current level by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the power transmission component market forecast between 2022 and 2030.
To identify and infer the drivers, restraints, opportunities, and challenges in the power transmission component market growth
To find out the factors which are affecting the power transmission component market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 89007.68 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Voltage Level, Current Level|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Toshiba Energy Systems & Solutions Corporation, Mitsubishi Electric Corporation, Sterlite Power, Hitachi Energy, General Electric, Siemens Energy|
|Key Market Opportunities||Incentives for installation of new-age power transmission|
|Key Market Drivers||Ongoing repair and retrofitting of existing grid infrastructure|
The power transmission component market forecast period is 2022 - 2030
The market is expected to register a CAGR of 6.5% over the next 10 years, according to the power transmission component market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD Significant Value by 2030.
Toshiba Energy Systems & Solutions Corporation, Hyundai Electric & Energy Systems, KEC International, Siemens Energy, Hitachi Energy, General Electric, Elsewedy Electric, Hyosung Heavy Industries, WEG, CG Power & Industrial Solutions are the major companies operating in the market.