ID: MRFR/E&P/5784-HCR | February 2021 | Region: Global | 111 pages
Power transmission component market is expected to grow at ~6.55 % CAGR during the forecast period.
Transmission component refers to the products that are used in systems with moving parts from a power generating site such as a power plant to an electrical substation. Power transmission components are designed to render long-term savings by providing uninterrupted power supply. The power transmission component market would experience growth subject to the ongoing refurbishment and retrofitting of existing grid infrastructure across the globe. Rising investments coupled with favorable political outlook towards the expansion of cross border electric networks would further boost the product demand
Favorable policy interventions along with government initiatives to curb carbon emission would escalate the growth of transmission network. Despite the significant growth in generation capacity, countries across the globe are still prone to the power deficit situation. Henceforth, regulatory inclination along with increase in the adoption of sustainable technologies would stimulate the global market growth.
The global power transmission component market is projected to grow at a high rate during the forecast period, mainly due to the expansion of smart grid networks and refurbishment of existing grid infrastructure. According to International energy Agency (IEA), US would need to invest USD 2.1 trillion by 2035 to modernize the grid infrastructure, including 579 GW of new generating capacity, and extensive refurbishment of transmission network. Similarly, India established National Smart Grid mission which would lead to huge investments in smart grid infrastructure in India. These initiatives would in turn boost the growth of power transmission component market.
Global power transmission component market has been segmented based on component, voltage, current level, and region. Based on voltage, the market is classified into 132 kV, 220 kV, 440kV, 660kV, and >764 kV. 132 kV segment held the highest market share globally in 2017. Ongoing commercial establishments and rising urbanization coupled with a continuing expansion of smart grid networks would have a positive impact on the power transmission component market. Rampant industrial expansion owing to the adoption of bulk manufacturing practices by large industry participants would further fuel the market growth. The global power transmission component market is further segmented based on component, including transformer, circuit breaker, isolator, insulator, arrestor, transmission line, and transmission tower. Circuit Breaker segment of the global power transmission component market is estimated to register the highest growth rate during the forecast period.
The key players of global power transmission component market are ABB (Switzerland), Siemens (Germany), Schneider (France), Emerson (US), General Electric (US), Eaton (Ireland), Crompton Greaves (India), Toshiba (Japan), Sterlite (India), and Hitachi (Japan), among others.
Global power transmission component market is expected to witness substantial growth during the forecast period owing to rapid urbanization and commercialization across the developing regions which would lead to favorable growth in power transmission component market. Moreover, initiatives to reduce carbon footprint would drive the need for efficient transmission components in the coming years. For instance, the US is likely to reduce its greenhouse gas emission which would boost the demand for transmission components in power industry in North America. Also, North America holds the largest share in the power transmission component market as countries such as US and Canada are undergoing retrofitting and revamping of existing grid infrastructure.
|Market Size||2030: Significant Value|
|CAGR||6.55 % CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component and Voltage|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Siemens (Germany), Schneider (France), Emerson (US), General Electric (US), Eaton (Ireland), Crompton Greaves (India), Toshiba (Japan), Sterlite (India), and Hitachi (Japan)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The power transmission component market can thrive at a high CAGR across the study span.
The power transmission component market can worth a decent valuation in the review period.
ABB (Switzerland), Schneider (France), Siemens (Germany), General Electric (US), and Emerson (US) are key players of the power transmission component market.
132 kV, 440kV, 220 kV, 132 kV, 660kV, and >764 kV are voltages at which power transmission component is available.
The increase in deployment of smart grids can impel the power transmission component market in APAC.