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 favorable political outlook towards the expansion of cross border electric networks would further boost the product demand.
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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.
The growing demand for 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.
Global power transmission component market has been segmented based on component, voltage, current level, and region.
Based on voltage, the market is classified into 132 kV, 220 kV, 440kV, 660kV, and >764 kV. 132 kV segment held the highest market share globally in 2017. Ongoing commercial establishments and rising urbanization coupled with a continuing expansion of smart grid networks would have a positive impact on the power transmission component market. Rampant industrial expansion owing to the adoption of bulk manufacturing practices by large industry participants would further fuel the market growth.
The global power transmission component market is further segmented based on component, including transformer, circuit breaker, isolator, insulator, arrestor, transmission line, and transmission tower. Circuit Breaker segment of the global power transmission component market is estimated to register the highest growth rate during the forecast period.
Region wise, North America held the largest market share of the global power transmission component market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in smart grids and investment in refurbishment of existing grid infrastructure.
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