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.
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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Key
Players
The key players of the global power
transmission 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.
Industry
Segmentation
Based on component, the market is
segmented as transformer, circuit breaker, isolator, insulator, arrestor,
transmission line, transmission tower. Circuit Breaker segment is estimated to
dominate the market during the forecast period s they are installed to minimize
the loss of electricity during transmission. Considering the voltage, the
market is segmented as 132 kV, 220 kV, 440kV, 660kV, and >764 kV. 132 kV
power transmission component market is expected to be the largest during the
forecast period. Ongoing commercial establishments and urbanization coupled
with ongoing expansion of smart grid networks will positively influence the
product demand.
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Regional
Outlook
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.
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.
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