The global power transmission component market is
estimated to expand at ~6.55% CAGR during the forecast period.
Transmission
component refers to the products that are used in transmission network 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. Rising investments
coupled with favorable political outlook towards the expansion of cross border
electric networks would further boost the product demand.
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Prominent Players:
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.
Industry
Highlights:
The growing demand for power transmission component market
is attributed to the increasing energy demand and refurbishment of existing
grid infrastructure. According to the New Energy Outlook 2018 by Bloomberg NEF,
global electricity demand would reach 38,700 terawatt-hours by 2050 from 25,000
terawatt hours in 2017, owing to rising urbanization, growing population, rise
in infrastructure activities, and enhanced access to electricity across the
globe. This would accelerate the demand for power transmission component
market. One of the major restraints for the global power transmission component
market is the high cost of initial investment in transmission components.
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Segmental
Analysis:
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.
Regional
Analysis:
Region wise, North America held the
largest market share of the global power transmission component market in 2017.
It is estimated that Asia-Pacific region would be the fastest growing market
during the forecast period, mainly due to the rising investment in smart grids
and investment in refurbishment of existing grid infrastructure.
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