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Power Transmission Component Market a Comprehensive Analysis report Market Share & Forecast, 2017 – 2024
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This billion-dollar industry primarily generates its revenue from the demand of power transmission components that are massively deployed in refurbishment and retrofitting projects of existing and new grid infrastructure across the globe.
Speaking of governmental refurbishment initiatives, it would be important to take note of one of the ambitious smart grid infrastructure initiatives that is currently underway in the US and China. Smart grids in these regions are seen as an effective way to increase efficiency of the electric network, reduce energy consumption, and better accomplish electricity generation from renewable sources. On these grounds, the US Department of Energy, in 2016, announced an investment of USD 3.3 billion in deploying smart grid technology to harness more flexible, resilient, reliable, secure, and efficient electrical power.
Key Highlights of this report:
• Historical data coverage: 2013 to 2016.
• Growth Projections: 2017 to 2024.
• Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
• 6-7-year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Reports also reveal that the DOE invested an additional amount of USD 685 million in smart grid regional and energy storage demonstration projects, which resulted into significant power transmission component market demand. According to industry analysts, U.S. power transmission component market has been characterized as a favorable business sphere, having attained a valuation of over USD 5 billion in 2016.
Delving deeper into the regional landscape of power transmission component industry, Korea, India, and Japan have also witnessed significant and long-term governmental initiatives where the deployment of smart meters and renewable energy power generation are the defining foundations of the energy domain. India’s recently established National Smart Grid Mission has outlined a deployment schedule of smart grids for the next ten years, in which the total investment was estimated to be raised around USD 44.9 billion for smart grid infrastructure deployment.
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According to industry experts, India is undergoing rapid transformation to develop its power sector and is therefore seen as one of the largest potential smart grid markets for domestic as well as international vendors. Reports cite that, the initiatives taken by the NSGM will significantly propel the regional power transmission component industry share, as they broadly cover the deployment of smart grids, AMI, monitoring and control of distribution transformers, sub-station renovation and modernization, and distributed generation in terms of solar PV.
Analyzing the pace of smart grid-related developments and investments on a global scale, it has been speculated that the power transmission component industry players will exercise some tried-and tested growth strategies such as product development, M&As, joint ventures, and investment in R&D activities. Mitsubishi Electric Corporation, for instance, is investing millions of dollars in an effort to design & manufacture power transmission components that will reduce electric losses, which in turn would prove beneficial for the environment. Industry analysts deem such product development methods to emerge successful for companies to bolster their presence in power transmission component market.
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This mega hydropower generation project is further likely to draw tremendous demand for power distribution networks, in turn fortifying power transmission component industry share. In fact, it has been reported that the global power transmission component market size will exceed USD 100 billion by 2024, with an annual growth of 6% over 2017-2024. Analysts speculate such vibrant growth strategies and governmental interventions to be imperious in the generation of lucrative growth avenues that would further shape the future of power transmission component market in the worldwide energy sector.
Report Content
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Power Transmission Component Industry Insights
Chapter 4. Power Transmission Component Market, By Component
Chapter 5. Power Transmission Component Market, By Voltage level
Chapter 6. Power Transmission Component Market, By Current level
Chapter 7. Power Transmission Component Market, By Region
Chapter 8. Company Profiles
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