Power Transmission Component Market Scenario
Power transmission components are designed to render long-term savings by providing uninterrupted power supply. The power transmission component market would experience growth subject to the ongoing refurbishment and retrofitting of existing grid infrastructure across the globe. 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 favourable political outlook towards the expansion of cross border electric networks would further boost the product demand.
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Industry Highlights
The growing demand for Industrial 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.
Power Transmission Component 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.
The power transmission component market has been segmented based on voltage into 132 kV, 220 kV, 440kV, 660kV, and >764 kV. Among these voltage ranges, 132 kV is the fastest growing segment in the power transmission component market due to ongoing commercial establishments and rising urbanization coupled with a continuing expansion of smart grid networks.
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Leading 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.
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