Power Transmission Component Market – Global Industry Analysis and Forecast (2023-2029) by Type, Application and Region

Power Transmission Component Market size was valued at US$ 86.97 Bn. in 2022. The global Power Transmission Component Market size is estimated to grow at a CAGR of 6.8% over the forecast period.
Power Transmission Component Market Overview:
The components used in systems with moving parts from a power generating facility, such as a power plant, to an electrical substation are referred to as power transmission components. These are designed to save money in the long run by ensuring a constant power supply. Because of the increasing repair and retrofitting of existing grid infrastructure across the globe, the power transmission component market is expected to develop. Product demand is expected to be boosted even more by increased investment and favorable governmental support for the construction of cross-border electric networks.

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Power Transmission Component Market Dynamics:
Because of the continuing repair and retrofitting of existing grid infrastructure across the globe, the power transmission component market will grow significantly. Product demand will be boosted even more by rising investments and a favorable political outlook for the growth of cross-border electric networks. In addition, growing commercialization and urban migration across developing nations like India, China, and Brazil have created an advantageous business environment.

Industry growth will be accelerated by favorable policy interventions and supportive sectoral reforms that assist the integration of energy-efficient components. Despite huge increases in generation capacity, countries across the globe continue to face electricity shortages. The utilities suffer an overall deprivation in terms of energy and revenue realization as transmission and AT&C losses accumulate.

The market share of energy transmission components is expected to grow as new and ultra-high network infrastructure is built to reduce accumulated line losses. Asynchronous connections that are more efficient, have fewer losses, have lower short-circuit currents, and are more controllable have a lot of potential for future energy transmission components. The growth of transmission networks will be aided by a mix of favorable regulatory measures and the government's efforts to reduce carbon dioxide emissions. Countries all across the globe are still vulnerable to energy shortages, despite huge increases in power-producing capacity. The global market will be driven by sustainable technology.

With the rise of EHV networks in recent years, the market for transmission components has exploded in order to avoid cumulative losses caused by the remote power supply.
Power Transmission Component Market Segment Analysis:
Based on the Component, the Power Transmission Component Market is segmented into Transformer, Circuit Breaker, Isolator, Insulator, Arrestor, Transmission Line, and Transmission Tower. The Transformer segment held the largest market share accounting for 26% in 2021. A few crucial factors that will fuel the industry's growth are long-term mechanical strength, low flux leakage, and reduced iron losses. Additionally, capital-intensive standards, as well as continual technology advancements, have increased product penetration.

Due to rising industrialization and commercial developments across the globe, switchgear is expected to increase at a steady rate. The global market will benefit from the expansion of transmission networks favored by flexible product applications across primary and secondary grid channels.

Based on the Voltage Level, the Power Transmission Component Market is segmented into 132 kV, 220 kV, 440 kV, 660 kV, and ≥ 765 kV. The 132 kV power transmission Voltage segment is expected to grow by more than 6.7%. Product demand will be positively influenced by increasing business establishments and urbanization, along with the continued growth of high-tension grid networks. The adoption of bulk manufacturing processes by significant industry participants will fuel rapid industrial expansion, which will fuel business growth. Furthermore, the continued construction of utility-based grid infrastructure to meet increased electricity demand will spur product adoption.

In recent years, the 765 kV power transmission voltage segment has seen significant growth due to the establishment of ultra-high-tension networks to mitigate losses from long-route electrical supplies. The sector will be propelled by favorable regulatory and customer attitudes toward the implementation of HVDC networks to meet cross-border electricity demand.

Based on the Component, the Power Transmission Component Market is segmented into HVAC and HVDC. Due to the low-cost structure and ease of processing, the HVAC power transmission component market has acquired significant market penetration over the years. Product adoption will be aided by its lightweight, effective ductility and malleability, as well as the ability to operate safely over circuits with reduced amperage ratings. In addition, product penetration will be boosted by the ease of voltage change, which is favored by lower terminal costs across these circuits.

The HVDC power transmission component market share will be boosted by the ongoing deployment of additional and ultra-high-tension grid infrastructure to lower total accumulated line losses. Over the anticipated timeline, HVDC components have enormous potential due to effective asynchronous connectivity, lower losses, negligible short-circuit current, and increased controllability.
Power Transmission Component Market Regional Insights:
North American region held the largest market share accounting for 34.6% in 2021. The government actions to reduce carbon emissions and reduce carbon footprints are expected to boost the market for power transmission components in North America. The ongoing upgrading and renovation of the current electric system have instilled a positive corporate perspective in the region. The combination of an effective grid support mechanism and quick technical improvements will benefit corporate growth. The industrial outlook is expected to be bolstered by rising infrastructure investments and rising energy demand.

Due to severe energy efficiency regulations and the growing amount of renewable electricity in Europe, the power transmission component market is expected to experience significant growth through the forecast period. Investments in the country's power generating, transmission, and distribution networks have been properly channeled by regulators. Streamlining investments toward a secure and adaptive infrastructure to maintain increased energy demand and renewable integration, including rewarding consumer products and energy-efficient equipment, are among the regional frameworks to buttress support for the EU's policy objective.

The Asia Pacific region is expected to grow at a CAGR of 6.7% during the forecast period. The adoption of new transmission components in the Asia Pacific will be aided by efforts in the region to upgrade their facilities to smart grid infrastructure. The business will increase because to rising energy consumption in emerging power markets such as India, as well as rising investments to incorporate a sustainable grid infrastructure. With the upgrading of their current electrical grids and the continued construction of micro-grid networks, developed economies such as Japan and South Korea present significant economic opportunities.

The objective of the report is to present a comprehensive analysis of the Power Transmission Component Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Power Transmission Component Market dynamics, structure by analyzing the market segments and projecting the Power Transmission Component Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Power Transmission Component Market make the report investor’s guide.
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Power Transmission Component Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 86.97 Bn.


Forecast Period 2023 to 2029 CAGR:
6.8%
Market Size in 2029:
US $ 137.85 Bn.


 Segments Covered:
by Component
• Transformer
• Circuit Breaker
• Isolator
• Insulator
• Arrestor
• Transmission Line
• Transmission Tower


by Voltage Level
• 132 kV
• 220 kV
• 440 kV
• 660 kV
• ≥ 765 kV


by Current Level
• HVAC
• HVDC


by End-User
• Industrial
• Commercial



Power Transmission Component Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Power Transmission Component Market Key Players:
• Toshiba
• ABB
• EATON
• Siemens
• Crompton Greaves
• General Electric
• Hitachi
• Schneider
• Mitsubishi
• Hyundai
• BHEL
• Emerson
• ZTT
• L&T
• Tebian Electric Apparatus Stock
• Apar
• Sterlite
• KEC International
• SAE
• Aster

FAQ's

1] What segments are covered in the Power Transmission Component Market report?
Ans. The segments covered in the Power Transmission Component Market report are based on Component, Voltage Level, Current Level, and End-Use.

2] Which region is expected to hold the highest share in the Power Transmission Component Market?
Ans. North America region is expected to hold the highest share in the Power Transmission Component Market.

3] What is the market size of the Power Transmission Component Market by 2029?
Ans. The market size of the Power Transmission Component Market by 2029 is US$ 137.85 Bn.

4] What is the forecast period for the Power Transmission Component Market?
Ans. The Forecast period for Power Transmission Component Market is 2023-2029.

5] What was the market size of the Power Transmission Component Market in 2022?
Ans. The market size of the Power Transmission Component Market in 2022 was US$ 86.97 Bn.