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.
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.
Access Full Report at: https://www.marketresearchfuture.com/reports/power-transmission-component-market-7251
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