“The paradigm shift within the power industry from generating energy using conventional resources to focusing on using renewables for a sustainable development yet another cue for key players in the take,” reports the lead author of this research report. Mitsubishi Electric Corporation, for instance, is making a dedicated effort to manufacture and promote power transmission components that will benefit the environment by reducing electricity losses. Such independent power generation methods and efforts to use resources in an optimum way will prove to be a successful strategy for companies.
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New Power Transmission Components Make Smaller Carbon Footprint Achievable
The demand for transmission infrastructure has leaped tremendously as the energy crisis across the globe has deepened. This has coaxed economies to grow through sustainable solutions, which has provided an impetus to the power transmission components market. The biggest advantage of installing the modern power transmission components is that they allow power transmission at higher capacities, thereby offering a seamless electric supply. The adoption of power transmission components is also receiving a stimulus from various government institutions that are offering incentives to power generation plants for using the sophisticated components that promise energy-efficient solutions and lesser carbon footprint.
The need to modernize existing infrastructure to cater to the power demands of the developing world is anticipated to boost the installations of power transmission components. The technological advancements in the transmission infrastructure and the related components have also created a fair amount of opportunities for this market. Collectively, these developments promise energy security through reliable energy systems minus the unwanted power cuts. The future will also witness an effective deployment of power transmission components as countries across the world are focusing on building energy efficient economies.
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The top five players to have marked their leadership in the global power transmission components market are ABB Group, Mitsubishi Electric Corporation, Eaton Corporation, Siemens, and Emerson Electric Company. The cumulative share of these companies in the market accounted for 61.8% in 2014. The stronghold of these companies is explained by Transparency Market Research to be a result of their product innovation that is aimed towards reducing downtime of power transmission systems in end user industries.