Power Transmission Components Market revenue will witness a high surge over the coming years, driven by the increasing power supply needs of the exponentially rising global population. Furthermore, rapid expansion of smart grid infrastructure due to high demand for renewable energy will further boost industry trends over the coming timeframe. As per Global Market Insights, Inc., study “Power transmission components industry is projected to record a CAGR of 6% over 2016-2024.” Intense efforts to enhance the bulk transmission capacity of grid infrastructure is anticipated to promote the growth of market over the coming years.
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Transmission Towers, Insulators, Circuit Breakers, Transmission Lines, Arrestors, Transformers, and Isolators are the key components of power transmission. Transmission towers market is anticipated to make substantial contributions to the industry share over the coming years, driven by the rising demand for electricity across developed countries. Transformer market is anticipated to contribute more than USD 2 billion towards overall revenue by 2024. High urge to upgrade aging infrastructure will favorably influence the revenue. Transmission lines in power transmission components industry is forecast to grow at a CAGR of 6% over 2016-2024, driven by rising global need to expand existing grid network.
Below are the regional trends impacting power transmission components industry over 2016-2024:
- U.S. Power transmission components market revenue is forecast to register an annual growth of 4% over the coming timeframe, driven by strict legislations to avoid transmission and distribution losses.
- Growing power supply requirements along with high need to increase the existing grid network capacity is predicted to boost China power transmission components market over the next few years.
- India power transmission components market size is anticipated to surpass USD 4 billion by 2024. Various schemes introduced by the Indian government to promote electrification in rural areas will stimulate the regional growth.
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- High spending capacity along with population rise is projected to propel power transmission components business growth in Saudi Arabia.
- Stringent norms set by the French government to prevent frequent blackouts as a result of grid network failures will fuel France power transmission components industry size over the period of 2016 to 2024.
Market players will make tremendous efforts to increase their ROI by applying key business strategies such as product development, joint ventures, and strategic collaborations. Major industry participants include Schneider Electric, ABB Group, Siemens AG, Toshiba Corporation, Eaton Corporation, General Electric Corporation, Hitachi, Mitsubishi Electric Corporation, and Emerson Electric.
Browse key industry insights spread across 145 pages with 244 market data tables & 11 figures & charts from the report, “Power Transmission Components Market” in detail along with the table of contents:
Global Power Transmission Components, By Product
- Circuit Breakers
- Transmission lines
- Transmission towers
Global Power Transmission Components, By Current Level
Global Power Transmission Components, By Voltage Level
- 132 kV
- 220 kV
- 440 kV
- 660 kV
- 765 kV & Above
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America
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- Power Transformer Market Size By Product (501 MVA to 800 MVA, 100 MVA to 500 MVA, 801 MVA to 1200 MVA), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022
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