Power Transmission Component Market Overview
A
transmission component is a product which is used in systems with moving parts
from a power generating site like a power plant to an electrical substation.
Power transmission components are designed to deliver long-term savings through
the provision of uninterrupted power supply. A power transmission component
market is estimated to witness fast-paced growth during the forecast period, as
per analysts at Market Research Future (MRFR) in their latest report. Ongoing
refurbishment and retrofitting of existing grid infrastructure across the globe
are some of the primary factors driving the global power transmission component
market. Further, accelerating investments coupled with favorable political
outlook towards the expansion of cross-border electric networks is expected to
boost the growth further.
Moreover,
favorable policy interventions, coupled with stringent government policies to
curb the emission of carbon are anticipated to foster the growth for power
transmission component market. However, even though the market is exhibiting
remarkable growth opportunities for future prospects, countries all over the
world are still witnessing shortage of power. From now on, a regulatory
inclination and a rise in the adoption of sustainable technologies are anticipated
to stimulate the market growth for power transmission components. The global
power transmission component market is anticipated to ascend at 6.55% CAGR
between 2018-2023.
Market Segmentation
The
global power transmission components market, as showcased in the latest MRFR
analysis, is studied for various segments on the basis of component, voltage,
current level, and region. Based on the component, the global power
transmission components market is segmented into transformer, isolator, circuit
breaker, arrestor, transmission tower, transmission line, and insulator. Among
these segments, the circuit breaker segment is estimated to register the
highest CAGR during the forecast period.
Based
on voltage, the global power transmission component market is segmented into 132
kV, 220 kV, 440kV, 660kV, and >764 kV. Among these segments, the
global power transmission components market is led by the 132 kV segment, which
held the largest market share in the base year. Ongoing commercial
establishments and upscaling urbanization, coupled with a continuous industrial
expansion are setting the market on an impressive growth trajectory over the
forecast period. This can be causative to the adoption of bulk manufacturing
practices by market giants who are further fueling market growth for power
transmission components.
Based
on current level, the global power transmission component market is segmented
into HV AC and HV DC.
Regional
Analysis
The Power
Transmission Component Market Share is segmented into the regions of
North America, Latin America, the Middle East & Africa, Asia Pacific, and
Europe. North America is estimated to witness significant appreciation in the
power transmission components market, boasting the largest market share. Asia
Pacific, on the other hand, is estimated to upscale at an accelerated rate
through the forecast period. This can be owed to the rapid urbanization and
commercialization across the emerging economies across the globe.
Moreover, initiatives undertaken by
governments in these regions to bring down the carbon emission levels are
projected to drive the need for efficient transmission components in the
forthcoming years. Within North America, the US is expected to spearhead the
country-specific market for power transmission component over the assessment
period. The US is likely to reduce its greenhouse gas emission, which in turn,
is likely to propel the growth in demand for power transmission components from
the power generation industry residing in the region.
Key
Players
Some significant players impacting
the power transmission component market include ABB (Switzerland), Siemens
(Germany), Schneider (France), Emerson (US), General Electric (US), Eaton
(Ireland), Crompton Greaves (India), Toshiba (Japan), Sterlite (India), and Hitachi
(Japan).
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