Global Power Transmission Component Market Overview
Power transmission refers to a movement of energy from its place of generation to a place of application. A transmission component is a product used in systems with moving parts from a power plant or an electrical substation. A power transmission component is designed to perform long-term savings by providing an uninterrupted power supply.
As per the MRFR report, the power transmission component market is estimated to exhibit a CAGR of 6.55% during the assessment period. One of the primary factors contributing to market augmentation is the rapid refurbishment of the existing grid infrastructure across the globe. Power Transmission Component Market Size, Share, Trends, Growth, Analysis Report Segmented by Component (Transformer, Circuit Breaker, Isolator, and Others), Voltage (132 kV, 220 kV, 440kV, 660kV, >764 kV), Current Level (HVAC, HVDC), and Region.
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NOTE: This report takes into account the current and future impacts of COVID-19 on this industry and offers you an in-dept analysis of Power Transmission Component Market.
Key Players analyzed in the Power Transmission Component Market Research Report are:
The power transmission component market currently exhibits a presence of numerous notable players who hold incredible market shares for power transmission components. Some of these key players, as profiled by MRFR include ABB (Switzerland), Siemens (Germany), Schneider (France), Emerson (US), General Electric (US), Eaton (Ireland), Crompton Greaves (India), Toshiba (Japan), Sterlite (India), and Hitachi (Japan).
Industry Overview
Further, a rise in the demand for power, coupled with rising awareness towards environment-friendly energy generation sources are estimated to promote positive market growth. Also, an increase in the investments along with favourable political and government support towards the expansion of cross-border electric networks is expected to promote profitable growth in the power transmission component market.
Furthermore, favourable government initiatives towards limiting the amount of carbon emissions are foreseen to escalate the growth of transmission network, hence, driving the market. However, despite the rapid growth in the generation capacity, some economies worldwide are still prone to facing power deficiencies, increasing the adoption of sustainable technologies, hence, fuelling significant market growth. With the expansion of smart grid networks, the global power transmission component market is likely to witness robust growth during the assessment period.
Segmental Analysis
The global Power Transmission Component Market is segmented on the basis of component, voltage, and current level by the Market Research Future (MRFR).
By voltage, the market is segmented into 132 kV, 220 kV, 440kV, 660kV, and >764 kV. The 132-kV segment based on voltage boasted the largest market share for power transmission component in 2017 and is expected to showcase noteworthy growth during the forecast period.
By component, the power transmission component market is segmented into transformer, isolator, insulator, circuit breaker, transmission line, transmission tower, and arrestor. Based on current level, the market has been segmented into HVAC and HVDC.
Detailed Regional Analysis
By geography, the Power Transmission Component Industry is segmented into North America, South America, the Middle East and Africa (MEA), Europe, and Asia Pacific (APAC).
The global power transmission component market is expected to grow at an exponential rate during the forecast period due to rapid urbanization and commercialization in numerous developing countries across the globe. North America has spearheaded the global power transmission component market in 2017 and is expected to do the same during the forecast period of 2018-2023.
The U.S. and Canada are likely to be the frontrunners in the country-specific power transmission component market, owing to major revamping projects for existing grid infrastructure. Asia Pacific is anticipated to record the fastest growth rate during the forecast period, owing to proliferation in investments in the smart grid projects in countries like India, and rapid refurbishment and retrofitting of existing grid infrastructure.
Industry Update
April 2019: ABB has developed a solid-state circuit breaker concept which meets the highest demands of next-generation power applications. It is a low-voltage circuit breaker concept that will prove to be a revolutionary product in the power application industry. The concept will be revealed to the public at the Hannover Messe in Germany. The product is estimated to be on sale in early 2020.
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