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 favourable political outlook towards the expansion of cross-border electric networks is expected to boost the growth further.
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Moreover, favourable 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.
Global Power Transmission Component 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.
Power Transmission Component Regional Industry Analysis
The power transmission component market 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.
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).
May 2019: Timken recently presented its new collection of bearing solutions and power transmission components to reduce the turbine downtime.
Browse Summary of Power Transmission Component Market Research Report at: https://www.marketresearchfuture.com/reports/power-transmission-component-market-7251
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