High demand for sustainable energy resulting in large-scale expansion of grid network infrastructure will push Power Transmission Components Market growth. Furthermore, escalating need for electricity as a result of the rapid rise in population will further stimulate the industry trends. According to Global Market Insights, Inc., “Power transmission Components market size is slated to surpass USD 35 billion by 2024.” High requirement for replacing old grid infrastructure with smart grid to improve the grid security will favorably influence the market. China’s State Grid Corporation recently signed a deal of USD 4.5 billion with CPFL Energia, one of the leading renewable energy suppliers in Brazil, to improve the current grid infrastructure of Brazil.
Insulators, Transformers, Transmission Towers, Circuit Breakers, Isolators, Arrestors, and Transmission Lines are some of the major power transmission components. Transmission towers segment, which contributed over USD 8 billion towards power transmission components market revenue in 2015, is expected to drive the industry growth over the years to come. Installation of multi circuit towers across developed economies will boost the revenue. Transformers segment is expected to contribute substantially towards the industry share over the coming timeframe. Growing need for upgrading the aging grid network will spur the demand for transformers.
Europe Power Transmission Components Market size, by voltage, 2013 - 2024 (USD Bn)
Regional highlights pertaining to power transmission components market over 2016-2024 are as below:
Market participants will try to expand their regional presence as well as product portfolio through product innovations and formation of strategic partnerships. Key industry players include Siemens AG, Emerson Electric Company, General Electric Corporation, Tebian Electric Apparatus Stock, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Group, Eaton Corporation, Hitachi Limited, and Toshiba Corporation.
Written By : Dhananjay Punekar